Authored by Dr. Zhan Hao ( zhanhao@anjielaw.com ) and Ms. Yu Dan ( yudan@anjielaw.com ）

Introduction

In 2004, with respect to the overseas use of foreign exchange insurance funds, China Insurance Regulatory Commission (hereinafter referred to as the "CIRC") and the People’s Bank of China (hereinafter referred to as the "PBC") made a joint distribution of Interim Measures for the Administration of Overseas Use of Foreign Exchange Insurance Funds (CIRC, PBC Fa [2004]No.9 ),allowing insurance companies to implement overseas investments with their self-owned foreign exchange in the prescribed scope of investment; in 2005, in order to further regulating overseas investments of insurance funds, CIRC issued Rules for the Implementation of Interim Administrative Measures for the Use Overseas of Foreign Exchange Insurance Funds(Bao Jian Fa [2005]No.77), which moderately released the foreign investments channels, and set limits to the relevant scope of investment and investment proportion of  the products.