Opinions of the China Insurance Regulatory Commission on Strengthening the Risk Management of Insurance Funds

中国保险监督管理委员会关于加强保险资金风险管理的意见

Promulgating Institution: China Insurance Regulatory Commission

Document Number: Bao Jian Fa [2006] No. 113

Promulgating Date: 10/31/2006

Effective Date: 10/31/2006

颁布机关: 中国保险监督管理委员会

文      号: 保监发[2006]113号

颁布时间: 10/31/2006

实施时间: 10/31/2006

To all insurance companies and insurance asset management companies,

With a view to conscientiously implementing the Certain Opinions of the State Council on the Reform and Development of the Insurance Industry (hereinafter referred to as the "Opinions"), establishing and improving the risk management system and operation mechanism for insurance funds, concretely guarding against insurance fund management risks, and promoting the fast and sound development of the insurance industry, the following opinions are hereby put forward:

    各保险公司、保险资产管理公司:

    为贯彻落实《国务院关于保险业改革发展的若干意见》(以下简称《若干意见》),建立健全保险资金风险管理体系和运行机制,切实防范保险资金管理风险,促进保险业又快又好发展,提出以下意见:

1. It is important to unify thinking, deepen understanding, and strengthen comprehensive risk management.

Over the last few years, the insurance industry has been conscientiously implementing the strategies and policies of the CPC Central Committee and the State Council. It has actively participated in the implementation of major national strategies, continuously accelerated the development of insurance business, expanded the scale of insurance funds and promoted insurance fund management to a new stage of development. Through the hard work of the entire industry, profound changes have been made to insurance fund management. Major breakthroughs have been achieved in the institutional reform while system building was continually improved and operation mechanism was gradually strengthened. Investment channels have expanded gradually and investment returns have been increasing steadily. These developments have lent great support to the financial reform, promoted economic development, and effectively enhanced the status of the insurance industry in national economic and social development.

With the deepening of the financial reform, more risk factors of insurance fund management have emerged, and cross-market and cross-industry risks begin to transmit to the insurance industry, with the possibility of some of them becoming systematic. As such, insurance institutions shall attach great importance to risk management. Given that China is relatively a late mover in insurance fund management, the construction of basic systems lags behind and the internal control mechanism is weak. The phenomenon of "emphasizing investment while neglecting internal control" and "emphasizing returns while neglecting risks" is prevalent, with frequent occurrences of irregular operation activities. These have become major hidden hazards for insurance fund safety that shall be effectively resolved.

Insurance fund management is not only the lifeline of risk prevention in the insurance industry, but also the major content and key link in strengthening risk management of the entire industry. Insurance institutions shall earnestly implement the Opinions and shall, from an overall and strategic point of view, unify thinking, strengthen the risk prevention awareness, and enhance the sense of responsibility and urgency for improving insurance fund risk management. It is necessary for them to improve systems, perfect mechanisms, standardize operations, and reinforce information disclosure. New methods and measures shall be employed by the insurance institutions to assess insurance fund management risks in a scientific manner, and gradually establish a new type of risk management system with comprehensive coverage, entire process management, and participation by all parties.

       一、统一思想,提高认识,加强全面风险管理

    近几年来,保险业认真贯彻落实党中央、国务院的方针政策,积极参与实施国家的重大战略,不断加快保险业务发展,扩大保险资金规模,推动保险资金管理进入新的发展阶段。经过全行业艰苦努力,保险资金管理发生了深刻变化,体制改革取得重大突破,制度建设不断完善,运行机制逐步健全,投资渠道日渐拓宽,投资收益稳步提高,有力地支持了金融改革,促进了经济发展,有效地提高了保险业在国民经济和社会发展中的地位。

    随着金融改革的深化,保险资金管理的风险因素正在不断增多,跨市场和跨行业的风险,开始向保险业渗透和传递,有些风险可能会形成系统性风险,必须引起保险机构的高度重视。我国保险资金管理起步较晚,基础制度建设滞后,内部控制机制薄弱,普遍存在重投资、轻内控,重收益、轻风险的现象,违规运作行为时有发生,已经成为保险资金安全的重大隐患,必须切实加以解决。

    保险资金管理是保险业防范风险的生命线,也是全行业加强风险管理的重要内容和关键环节。保险机构要认真贯彻落实《若干意见》,从全局和战略的高度,统一思想认识,强化风险意识,增强改善保险资金风险管理的责任感和紧迫感。要健全制度,完善机制,规范运作,强化披露,采取新的方式,运用新的手段,科学评估保险资金管理风险,逐步构建全面覆盖、全程管理、全员参与的新型风险管理体系。

2. It is necessary to specify objectives, assign responsibilities and establish a new management system

For an extended period of time in the future, insurance institutions shall take as the prominent tasks in management and operations the establishment and improvement of their insurance fund risk management system and the prevention of managerial and operational risks of insurance funds, making them the "booster" and "safety net" in promoting the fast development of the insurance industry.

Insurance institutions shall refine the guiding thoughts of insurance fund risk management. Insurance institutions shall comprehensively implement the Scientific Outlook on Development in accordance with the requirements of the Opinions. With protecting the fundamental interests of insurance parties as the basis, with serving economic development and the overall interests of the society as the starting point, and with strengthening the insurance fund risk management capacity building as the priority, insurance institutions shall continue strengthening the construction of fundamental systems, promote management system reform, establish a management mechanism where assets match debts and risks match returns, and transform risk management from passive prevention to proactive control, so as to steadily achieve a fundamental change of the insurance fund management mode.

Insurance institutions shall set the following objectives for strengthening insurance fund risk management: they shall establish a scientific concept of comprehensive risk management, build a rigorous risk management organizational system, perfect the risk management operating mechanism, further improve risk management techniques, gradually resolve the risks accumulated, effectively contain major risks, establish a fund risk management culture with insurance characteristics, and build the brand advantages of insurance fund risk management, so as to make risk management in insurance fund utilization an important source of profits for insurance institutions and continuously enhance the core competitiveness of the insurance industry.

Major tasks in promoting insurance fund risk management are as follows: insurance institutions shall strengthen corporate governance and the building of internal control systems, set up a risk management organizational structure featuring clear job responsibilities, reasonable division of work, as well as checks and balances, comprehensively standardize the operation workflow of insurance fund management, and improve the emergency response mechanism for major insurance fund management contingencies. Efforts shall be made to steadily implement the system of putting insurance funds in trust and specify the basic responsibilities of and legal relationships between and among the principal, trustee, manager, and other parties of insurance funds. It is imperative to further promote the asset-liability matching management, consummate risk management modes, optimize information technology systems, reinforce risk monitoring means, and enhance insurance fund risk management capabilities. In addition, insurance institutions shall improve the accountability mechanism to control and eradicate commercial briberies, enhance the quality of management personnel, and prevent managerial and operational risks.

       二、明确目标,落实任务,建立新的管理体系

    今后一个时期,保险机构要把建立健全保险资金风险管理体系,防范保险资金管理运营风险,摆上经营管理工作的重要位置,使之成为促进保险业快速发展的“助推器”和“安全网”。

    改进保险资金风险管理的指导思想:按照《若干意见》要求,全面贯彻落实科学发展观,以维护保险当事人切身利益为根本,以服务经济发展和社会全局为出发点,以加强保险资金风险管理能力建设为重点,继续加强基础制度建设,推进管理体制改革,建立资产与负债、风险与收益相匹配的管理机制,推进风险管理由被动防范向主动控制转化,稳步实现保险资金管理方式的根本转变。

    加强保险资金风险管理的工作目标:树立科学的全面风险管理理念,构筑严密的风险管理组织体系,完善风险管理运行机制,进一步改进风险管理技术,逐步化解累积风险,有效遏制重大风险,建立具有保险特色的资金风险管理文化,确立保险资金风险管理的品牌优势,使保险资金运用风险管理成为保险机构重要的利润来源,不断增强保险业核心竞争能力。

    推进保险资金风险管理的主要任务:加强公司治理和内控制度建设,建立职责明确、分工合理、相互制衡的风险管理组织架构,全面规范保险资金管理操作流程,完善保险资金管理重大突发事件应急处理机制。稳步实施保险资金托管制度,确定保险资金委托人、受托人、托管人及其他当事人的基本职责和法律关系。进一步推行资产负债匹配管理,改进风险管理方式,优化信息技术系统,强化风险监测手段,提高保险资金风险管理能力。健全责任追究机制,严格治理商业贿赂,提高管理人员素质,防范管理和运营风险。

3. It is imperative to reform the system of organization, improve the mechanisms, and build a risk management structure.

Improvement of organizational structure is an important foundation for strengthening insurance fund risk management. According to their own development strategies and following the principle of specialization and systemization, insurance institutions shall further straighten out the relationships involved in insurance fund management, optimize their corporate governance structure, and establish a long-term mechanism for insurance fund risk management.

Reform of the asset management system shall be accelerated. Insurance companies shall continue to promote specialized management and improve their operation models. They shall set up a centralized fund management system featuring unified arrangement, centralized utilization, and monitoring of the entire process, and effectively perform such responsibilities as strategic allocation of assets, investment monitoring, and performance appraisal. Trust agreements shall be entered into with relevant commercial banks in accordance with relevant State provisions to specify the responsibilities of both parties. Trustee banks shall be responsible for trust asset management, settlement and delivery, asset appraisal, and investment supervision, while third-party escrow of insurance assets shall be steadily applied. Insurance asset management companies shall learn from international management experience, actively bring in domestic and foreign strategic investors, improve corporate governance, strengthen internal control building, standardize operations, guard against management risks, manage entrusted assets in accordance with laws, regulations, and contractual agreements, and enhance management efficiency.

A risk management organizational structure shall be established. In accordance with the requirements of the Guiding Opinions on Regulating Governance Structure of Insurance Companies, insurance institutions shall further specify the responsibilities of the board of directors, the board of supervisors and the management team, strictly standardize the management procedures, establish and improve the mechanism whereby the decision-making power, operation power and supervision power are separated from each other and checks and balances are available in insurance fund management. The functions of the board of directors shall be strengthened and the board of directors shall be ultimately responsible for investment policies, risk control, and compliance management. A system of independent directors shall be established to reinforce their responsibilities, enhance the independence of the board of directors, and improve the scientific level of decision making. An investment decision-making committee and a risk management committee shall be established under the board of directors. The former shall mainly be responsible for reviewing and approving the strategic allocation of assets and investment strategies and making decisions on major investment issues. The latter shall mainly be responsible for reviewing and approving risk management systems and basic strategies, and supervising and assessing risk management implementation. The board of supervisors shall supervise the fund management activities of the board of directors and the management team in accordance with laws, administrative regulations, and relevant provisions of the China Insurance Regulatory Commission ("CIRC").

Insurance companies shall establish a specialized management support system and set up a dedicated asset management department which shall be responsible for formulating asset management policies, adjusting the strategic allocation of assets, formulating investment management guidelines, selecting specialized management institutions according to market principles, and establishing a performance appraisal mechanism for the specialized management institutions. Insurance fund management companies shall set up an independent risk management department which shall be responsible for formulating risk management systems, identifying, appraising, controlling, and managing all varieties of risks, and reporting the risk management situations on a regular basis.

Insurance asset management companies shall set up a position of chief risk management officer who shall report relevant information to the board of directors on a regular basis and prevent and resolve major risks in a timely manner. Once found, major hidden risks shall be immediately reported to insurance regulatory bodies. The chief risk management officer shall not concurrently take the position of chief investment management officer or the senior manager in charge of investment management. The appointment and replacement of chief risk management officers shall be reported to the CIRC.

       三、改革体制,健全机制,构建风险管理架构

    完善组织架构是加强保险资金风险管理的重要基础。保险机构要根据自身发展战略,按照专业化和系统化原则,进一步理顺保险资金管理关系,优化公司治理结构,建立保险资金风险管理的长效机制。

    加快资产管理体制改革。保险公司要继续推进专业化管理,改进运作模式,建立统一调度、集中运用、全程监控的资金归集管理制度,切实履行资产的战略配置、投资监控和绩效评估等职责。要按照国家有关规定,与有关商业银行签定托管协议,明确双方职责,委托银行办理托管资产存管、清算交割、资产估值、投资监督等事务,稳步实施保险资产的第三方托管。保险资产管理公司要借鉴国际管理经验,积极引进境内外战略投资者,改善公司治理,加强内控建设,规范运作行为,防范管理风险,按照法律法规及合同约定管理受托资产,提高管理效率。

    建立风险管理组织架构。保险机构要按照《关于规范保险公司治理的指导意见》要求,进一步明确董事会、监事会和经营管理层的职责,严格规范管理程序,建立和完善保险资金管理决策权、运营权、监督权相互分离和相互制衡的机制;要加强董事会建设,确立董事会对投资政策、风险控制、合规管理负有最终的责任。要建立独立董事制度,强化独立董事职责,增强董事会独立性,提高决策的科学性;董事会要内设投资决策委员会和风险管理委员会,投资决策委员会主要负责审定资产战略配置和投资策略,决定重大投资事项,风险管理委员会主要负责审定风险管理制度和基本战略,监督评估风险管理执行情况。监事会要根据法律、行政法规和保监会有关规定,监督董事会和经营管理层的资金管理行为。

    保险公司要建立专业管理支持体系,设置专门的资产管理部门,负责拟定资产管理政策,调整资产战略配置,制定投资管理指引,按照市场原则选择专业管理机构,建立专业管理机构绩效考核机制。保险资金管理公司要设置独立的风险管理部门,负责拟定风险管理制度,识别、评估、控制和管理各类风险,定期报告风险管理状况。

    保险资产管理公司要设立首席风险管理执行官,定期向董事会报告有关情况,及时防范和化解重大风险。发现重大风险隐患应及时向保险监管机构报告。首席风险管理执行官不得兼任首席投资管理执行官或主管投资管理的高级管理人员。首席风险管理执行官的聘任、更换应向中国保监会报告。

4. It is essential to strengthen internal control, refine processes, and standardize risk management activities.

Reinforcing the internal control of companies is an important measure to strengthen insurance fund risk management. Insurance institutions at all levels shall firmly establish the guiding thought of "internal control is the priority", formulate ironclad rules, carry out operations in compliance with laws and regulations, and enforce financial and economic discipline, to guard against fund management risks.

The building of the internal control system shall be strengthened. According to the principle of "clear division of work and independent operations with checks and balances", insurance institutions shall comprehensively revise and improve their internal policies and procedures from the perspectives of asset-liability matching, investment decision-making, instruction execution, transaction operations, risk management and control, and information disclosure. In addition, they shall strengthen ex ante precaution, interim supervision and control, and ex post management, regularly inspect and evaluate the implementation of internal control systems, play the supervisory role of internal check and external audit, and ensure the independence, effectiveness and continuity of the check and audit work.

The investment operation workflow shall be broken down into details. Insurance institutions shall formulate an operation workflow for fund management and clarify every link in the process, the connection mode of relevant positions, and the operational standards, so as to make the workflow cover the entire process of research, decision-making, transaction, settlement, risk control, performance appraisal, etc. Major risks in asset management shall be sorted out and disclosed. The job responsibilities of the front office, middle office, and back office of the investment business shall be strictly separated. Measures for effective risk prevention and control shall be formulated to ensure that risk assessment comes before investment. All staff members shall engage in operations in compliance with rules and are not allowed to violate any procedures.

An emergency management mechanism shall be established. Insurance institutions shall conscientiously abide by the Provisions on Emergency Response to Major Contingencies of the Insurance Industry and establish an emergency response system for major contingencies in insurance fund management. Upon discovery of any potential risks or major events that may cause fund losses, the emergency response mechanism shall be activated immediately to keep the situation under control. Meanwhile, relevant information shall be reported forthwith to the management team, after which, the management team shall urge relevant departments to make rectification immediately, and shall report the situation to the CIRC, including detailed information on the background of the incident, how it is handled, and the possible consequences.

       四、加强内控,细化流程,规范风险管理行为

    强化公司内部控制是加强保险资金风险管理的重要措施。各级保险机构要牢固树立“内控优先”的指导思想,制定铁的规则,依法合规运作,严格财经纪律,防范资金管理风险。

    加强内控制度建设。保险机构要按照“分工明确、独立制衡”的原则,从负债匹配、投资决策、指令执行、交易操作、风险管控、信息披露等方面入手,全面修订和完善内部规章制度,强化事前防范、事中监控和事后管理,定期检查、评估内控制度执行情况,发挥内部稽核和外部审计的监督作用,确保稽核审计工作的独立性、有效性和连续性。

    细化投资操作流程。保险机构要制定资金管理操作流程,明确流程各个环节、有关岗位的衔接方式及操作标准,使之覆盖研究、决策、交易、清算、风险控制和绩效评估等全部过程。要梳理和揭示资产管理的主要风险,严格分离投资业务前台、中台、后台的岗位责任,制定有效防范和控制风险的措施,做到风险评估在前,投资交易在后。所有工作人员必须合规运作,不得违反程序。

    建立应急管理机制。保险机构要认真落实《保险业重大突发事件应急处理规定》,建立保险资金管理重大突发事件应急处置预案制度。发现可能导致资金损失的风险苗头或重大事件,要立即启动应急机制,控制事态发展,及时向经营管理层报告,督促相关部门迅速整改,并向中国保监会报告,具体说明事件背景、处置状况和可能产生的后果。

5. It is required to improve techniques, perfect systems, and enhance risk management capabilities

Improving risk management techniques is an important measure to enhance insurance fund risk management. In light of their own actual situations, insurance institutions shall speed up the introduction of the risk management techniques and experience from mature markets, implement asset-liability matching management, improve technology support systems, and promote the risk management to shift from qualitative management to a combination of qualitative and quantitative management.

Asset-liability management shall be promoted. Insurance companies shall establish a mechanism for asset-liability matching management, improve the management system to manage assets of different insurance products under different designated accounts, and determine the best portfolio of asset management based on the characteristics of the liability coverage of different insurance products. Insurance companies and insurance asset management companies shall enhance the connection between investment products and insurance products, and establish a mechanism that coordinates the operations of product design, marketing and sales, and investment management. Insurance asset management companies shall take the initiative to participate in the initial design of insurance products, and by making full use of the advantages of their specialization in asset management and their understanding of other markets, they shall assist insurance companies in developing new types of insurance products and further preventing the pricing risks of insurance products. Entrusted assets shall be carefully managed in strict accordance with the requirements of strategic allocation of insurance assets by placing the emphasis on tactical allocation and portfolio management, so as to effectively prevent the risks resulting from mismatching of assets.

Risk management techniques shall be improved. Insurance institutions shall actively employ effective risk management methods and set up scientific risk monitoring indicators. By using tools such as value at risk, scenario analysis, and stress test, they shall assess, forewarn, and monitor the policy risks, market risks, credit risks, and liquidity risks of investment management, so as to achieve early detection, early reporting, early control, and early resolution. Insurance institutions shall strictly implement relevant laws and insurance fund management provisions, establish the budget for fund management risks, rationally determine the direction and proportion of investment, carry out operations within risk limits, and avoid getting involved in investment projects with big risks that are beyond their capability of management and risk control.

Information management systems shall be improved. Insurance institutions shall gradually establish a sound information management system, enhance the construction of an information technology support system, and regulate system development, operation and management, to improve the level of asset risk management. They shall establish a comprehensive risk management database, collect and integrate basic data of the insurance market and other markets, record the original data of insurance fund management and investment transactions, and build all the important factors of risk monitoring into the relevant information technology system, so as to minimize human elements and lower operational risks.

       五、改进技术,完善系统,增强风险管理能力

    改进风险管理技术是提高保险资金风险管理的重要举措。保险机构要结合自身实际,加快引进成熟市场的风险管理技术和经验,实施资产负债匹配管理,完善技术支持系统,推动风险管理由定性管理向定性与定量管理相结合方向转变。

    推行资产负债管理。保险公司要建立资产负债匹配管理机制,完善保险产品资产专户管理制度,根据不同保险产品负债特性,确定资产管理的最佳组合。保险公司和保险资产管理公司要加强投资产品与保险产品的衔接,建立产品设计、市场销售和投资管理协调运作的机制。保险资产管理公司要主动参与保险产品前期设计,发挥资产管理专长和了解其他市场的优势,协助保险公司开发新型保险产品,进一步防范保险产品的定价风险。要严格按照保险资产战略配置要求,以战术配置和组合管理为重点,精心管理受托资产,切实防范资产错配风险。

    改进风险管理技术。保险机构要积极采用有效的风险管理方法,设置科学的风险监控指标,运用风险价值、情景分析、压力测试等工具,评价、预警和监控投资管理的政策风险、市场风险、信用风险和流动性风险,做到早发现、早报告、早控制、早解决。要严格执行有关法律和保险资金管理规定,建立资金管理风险预算,合理确定投资方向和比例,按照风险限额运作,避免涉足风险较大、超出自身管理和风险控制能力的投资业务。

    完善信息管理系统。保险机构要逐步建立完善的信息管理系统,加强信息技术支持体系建设,规范系统开发、运行和管理,提高资产风险管理水平。要建立全面风险管理数据库,收集和整合保险市场和其他市场的基础资料,记录保险资金管理和投资交易的原始数据,将风险监控的各项要素固化到相关信息技术系统之中,最大限度地减少人为因素,降低操作风险。

6. It is crucial to specify responsibilities, reinforce management, and rigorously implement the accountability mechanism.

Rigorous implementation of the accountability mechanism is an important safeguard for strengthening insurance fund risk management. Insurance institutions at all levels shall attach great importance to staff education and professional training, establish the concept of management in compliance with laws and regulations, and continually improve the professional quality and ethics of managers at all levels.

Risk management responsibilities shall be specified. Insurance institutions shall assume various responsibilities such as fund management, risk control and investment operations in accordance with the principle of autonomous investment at their own risks. Regulatory bodies shall strengthen the construction of basic systems, lose no time in formulating relevant rules, strictly administer market access, regulate operations behaviors, and earnestly carry out regulatory duties, so as to create a fair, just and open market environment with clear responsibilities and an active, stable and organized market order.

Moral hazards shall be prevented in earnest. Insurance institutions shall establish management mechanisms for the review, appraisal, supervision and incentive of investment managers, improve the job self-review system, and appraise the business performance, management capability, professional integrity, and fulfillment of responsibilities during the term of office of all managers. Insurance institutions shall apply a strict audit system for outgoing senior asset managers and personnel in key positions, implement an anti-commercial bribery commitment system, strictly ban off-book accounts, and prohibit the acceptance or payment of commissions under any name or in cash. The collection of lawfully charged fund management fees shall be made by way of bank transfer according to the principles of openness, transparency and compliance, so as to conscientiously safeguard insurance institutions' social image of being credible and regulated.

An accountability mechanism shall be established. Insurance institutions shall, on a regular basis, carry out supervision and inspection of insurance fund risk management, examine and resolve the risks relating to weak links, critical areas, core business and key personnel in a timely manner, and make more efforts in the inspection against violations of laws and regulations. Existing problems shall be resolved promptly and shall be reported to the CIRC.

Insurance institutions shall earnestly implement insurance fund management policies and severely punish violations in accordance with relevant laws and regulations. Regardless of whether or not losses are caused, reasons behind any violation of laws and regulations shall be thoroughly ascertained and the responsibilities of relevant personnel and leaders shall be strictly investigated for. Senior management personnel of insurance institutions who engage in rule-violating investments such as insider trading shall be dismissed and replaced adamantly, and shall not be appointed to a position of the same level at a different location. Those who engage in criminal activities shall be referred to judicial organs in accordance with the law for investigation of criminal liabilities.

October 31, 2006

       六、明确职责,强化管理,严格责任追究机制

    严格执行问责制度是加强保险资金风险管理的重要保障。各级保险机构要高度重视员工教育和职业培训,树立依法合规管理观念,不断提高各级管理人员的业务素质和职业道德修养。

    明确风险管理责任。保险机构要按照自主投资、自担风险的原则,承担资金管理、风险控制和投资运作等各项责任。监管机构要加强基础制度建设,抓紧制定有关规则,严格市场准入,规范运作行为,切实履行监管职责,营造责任明晰和公平、公正、公开的市场环境,建立积极、稳健、有序的市场秩序。

    切实防范道德风险。保险机构要建立投资管理人员考察、评价、监督、激励等管理机制,完善述职制度,考核任期经营业绩、管理能力、职业操守和履职情况。要严格执行资产管理高级管理人员、重要岗位人员离任审计制度,实行反商业贿赂承诺制度,严禁私设账外账,不得以任何名义和现金方式接受或支付佣金。有关资金管理合法收取的费用,要坚持公开、透明、规范的原则,通过银行账户划转,切实维护保险机构诚信规范的社会形象。

    建立责任追究机制。保险机构要定期开展保险资金风险管理的监督检查,及时排查薄弱环节、要害部位、主要业务和重要人员的风险,加大违法违规事件的检查力度,及时解决存在问题,并向中国保监会报告。

    保险机构要依照有关法律法规,认真执行保险资金管理政策,严肃处罚违法违规行为。任何违法违规事项,无论是否造成损失,要彻底查明原因,严格追究有关人员和相关领导的责任。保险机构高级管理人员从事内幕交易等违规投资的要坚决撤换,不得易地同级任职,违法犯罪的要依法移交司法机关,追究其刑事责任。

二○○六年十月三十一日