June 11, 2025 — Han Kun Law Offices today released the Compliance Manual for Insurance Fund Operations (Second Edition), which is now available on the firm's official website.
Han Kun's initiative to compile the Manual stems from the recognition of the complexity of regulatory frameworks governing insurance fund operations. By systematically consolidating investment requirements and compliance considerations under the current regulatory regime, the Manual aims to achieve two key objectives—First, Comprehensive Regulatory Mapping: Organizing and summarizing major regulatory documents across different investment vehicles, presenting a holistic view of the compliance landscape for insurance fund deployment. Second, Clarity on Evolving Rules: Tracking updates and transitions in regulatory provisions to help insurance investment institutions better understand and navigate current compliance details for diverse asset classes. Since its inaugural release in February 2023, the Compliance Manual for Insurance Fund Operations (First Edition) has garnered significant industry attention, with peers acknowledging its practical value and providing invaluable feedback.
However, the insurance fund operations landscape has since undergone substantial changes over the past two years. Under the National Financial Regulatory Administration's "sharp-toothed" stringent supervision approach, new regulations have frequently emerged—reshaping the direction of investments (e.g., non-standard to standard asset transitions), altering investment models (e.g., debt-to-equity shifts), and highlighting risks where compliance gaps escalate into legal liabilities. In response, Han Kun commenced drafting the Second Edition in 2024.
Key improvements in the Second Edition:
1. Up-to-Date Regulatory Coverage: Thoroughly incorporates critical rules issued or revised as of April 2025, clarifying transitional provisions and current requirements.
2. Practical Compliance Tools: Adds actionable checklists for equity investments and real estate investments, offering insurers tangible frameworks to evaluate target assets.
3. Emerging Investment Frontiers: Introduces dedicated sections on ESG investing and overseas investments, addressing regulatory frameworks and sustainability imperatives.
The Manual's seven chapters provide systematic guidance:
Chapter 1: Fundamentals—insurance fund composition, investment governance frameworks, and permissible scope.
Chapters 2–6: Deep dives into compliance specifics for five core investment channels—bank deposits, securities, real estate, equities, and financial products.
Chapter 7: ESG-focused analysis, tracing policy evolution, and compliance considerations amid green finance growth.
Click to access the entire Compliance Manual for Insurance Fund Operations (Second Edition)
