国家金融监督管理总局：支持境内保险公司在香港发行“侧挂车”保险连接证券

Core Viewpoint - The National Financial Regulatory Administration has issued a notice to support domestic insurance companies in issuing "sidecar" insurance-linked securities in the Hong Kong market, aiming to enhance catastrophe risk management and diversify risk channels [1][3]. Group 1: Issuance of "Sidecar" Insurance-Linked Securities - The notice supports domestic insurance companies in issuing "sidecar" insurance-linked securities in Hong Kong, which allows for the transfer of catastrophe risks such as earthquakes, typhoons, and floods to specially established special purpose insurance companies [1][2]. - The issuance of these securities is part of a broader strategy to explore catastrophe bonds and effectively utilize reinsurance to mitigate risks [1]. Group 2: Management and Regulatory Requirements - The notice outlines management requirements for special purpose insurance companies, including the establishment and management of these entities, reinsurance arrangements, and securities issuance, in accordance with existing regulatory guidelines [2]. - It also specifies solvency requirements related to reinsurance receivables and reserves, ensuring compliance with solvency supervision regulations [2]. Group 3: Benefits of "Sidecar" Insurance-Linked Securities - The introduction of "sidecar" insurance-linked securities is expected to enhance China's catastrophe risk protection system by providing additional coverage from the Hong Kong capital market, complementing traditional reinsurance [3]. - These securities will improve the financial stability of insurance companies by allowing them to share catastrophe risks with the capital market, thus smoothing operational volatility and increasing resilience against catastrophic events [3]. - Additionally, "sidecar" insurance-linked securities will offer a new investment product in the Hong Kong market, characterized by low correlation with traditional financial assets and typically triggered by natural disasters, providing investors with diversified options [3].