险资债权计划中担保的作用及合规性分析——基于对资管新规第十三条部分条款的理解

Analysis on the Role of Guarantee and Compliance of the Debt Investment Plan of Insurance Funds-based on the Understanding of the 13th Section of the New Regulation of Assets Management

非标资产投资在保险资金配置中占有绝对重要地位,是保险资金独特优势及价值型投资的体现,主要形式包括债权计划、信托计划、股权计划、资产支持计划等。截至2018年底,债权投资计划和股权投资计划全年注册规模为4547.26亿元,其中债权计划注册规模超过4000亿,占投资计划总规模的92%,[1]债权计划作为代表性非标准化债权在险资运用的过程中有着极为重要的地位。决定债权计划的命运则是其中的增信措施,而资管新规的出台引发了行业对于债权计划中A类担保的合规性理解的争议。本文以资管新规为基础,结合债权计划项目结构,论述担保和增信措施的关系,并通过提供担保的主体和客体,以及目的和效果等方面对合规性做出分析判断。

Non-standard asset investment plays an absolutely important role in the allocation of insurance funds and reflects the particular advantage of insurance funds and value investment,including debt investment plan,trust plan,equity plan,asset support plan,etc.By the end of 2018,the registration of debt investment plan and equity plan of the whole year had amounted to 454.726 billion yuan,among which the debt investment plan had exceeded 400 billion yuan,accounting for 92% of the total investment plan.As a representative non-standardized debt,the debt investment plan plays an extremely significant role in the process of insurance funds usage.The fate of debt investment plan is decided by the mechanism of credit enhancement.Nevertheless,the release of new regulation of assets management has triggered controversy over understanding of the compliance of the class-A guarantee in the debt investment plan in the industry.Based on the new rules of asset management,this paper discusses the relationship between guarantee and credit enhancement measures together with the structure of the debt investment plan,and makes an analytical judgment of compliance in regards to the subject and object providing the guarantee,the objectives and the effectiveness,etc.