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中銀保監公布險資參與金融衍生產品政策 支持參與國債期貨交易
阿思達克 07-02 15:05
中國銀保監會公布,為支持保險資金參與國債期貨交易,有效防範風險,近日發布《保險資金參與國債期貨交易規定》,並同步修訂了《保險資金參與金融衍生產品交易辦法》和《保險資金參與股指期貨交易規定》。

《保險資金參與國債期貨交易規定》共17條,主要內容為:一是明確參與目的與期限,保險資金參與國債期貨應以對衝風險為目的,不得用於投機目的。二是明確保險資金參與方式,保險資金應以資產組合形式參與並開立交易賬戶,實行賬戶、資產、交易、核算等的獨立管理,嚴格進行風險隔離。三是規定賣出及買入合約限額,控制桿杆比例,強化流動性風險管理。四是強化操作、技術、合規風險管控。五是明確監督管理和報告有關事項。

《保險資金參與金融衍生產品交易辦法》調整的內容包括:一是明確保險資金運用衍生品的目的,刪除期限限制,具體期限根據衍生品種另行制定。二是強化資產負債管理和償付能力導向,根據風險特征的差異,分別設定保險公司委托參與和自行參與的要求。三是新增保險資金參與衍生品交易的總桿杆率要求。四是嚴控內幕交易、操縱證券和利益輸送等行為。

《保險資金參與股指期貨交易規定》調整包括一是調整對衝期限、賣出及買入合約限額和流動性管理相關要求。二是明確合同權責約定,委托投資和發行資管產品應在合同或指引中列明交易目的、比例限制、估值方法、信息披露、風險控制、責任承擔等事項。三是增加回溯報告,保險機構參與股指期貨須每半年報告買入計劃與實際執行的偏差。

《保險資金參與國債期貨交易規定》的發布,進一步豐富了保險資金運用風險對衝工具,有利於保險公司加強資產負債管理,增強風險抵御能力。中國下一步,銀保監會將有序推進保險機構參與國債期貨市場交易,促進國債期貨市場健康發展。同時,持續加強保險資金參與金融衍生品交易的監管,完善信息系統,做好風險監測、識別和預警。

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