Interim Measures On The Transfer Of Insurance Business Management

Original Language Title: 保险公司保险业务转让管理暂行办法

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201112/20111200359081.shtml

Interim measures on the transfer of insurance business management

    (August 26, 2011, China insurance regulatory Commission announced 2011 of 1th come into force October 1, 2011) first in order to regulate the transfer of insurance business, protect the legitimate rights and interests of policyholders, insured persons and beneficiaries, maintaining the order of insurance market, according to the People's Republic of China insurance (hereinafter referred to as the Insurance Act), these measures are formulated.

    Second, China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) and authorized by the State Council according to the law, supervise and administer the transfer of insurance business.

    The third insurance company transfers all or part of the insurance business, should be approved by the China insurance regulatory Commission.

    Referred to in the preceding paragraph "insurance business" standard, shall be determined separately by the China insurance regulatory Commission.

    Fourth insurance company transfer of insurance business shall follow the voluntary, principles of openness, fairness and justice.

    Fifth insurance company transfer of insurance business shall not disclose trade secrets and personal privacy was informed of this process, without prejudice to the legitimate rights and interests of policyholders, insured persons and beneficiaries.

    Sixth transfer of insurance business from the two sides should be based on consultation on an equal footing for insurance business transfer agreement.

    Article seventh insurance the insurer shall be liable for the transferor insurance companies pursuant to the insurance contract to the insured, the insured and the beneficiary's obligations.

    Eighth insurance business insurance companies shall comply with the following conditions:

    (A) the insurance business within the scope of its business;

    (B) the company's perfection of the management structure and internal control system;

    (C) the solvency and the insurance business, its solvency in accordance with relevant provisions of China insurance regulatory Commission;

    (D) free from financial regulators in the last 2 years a significant record of administrative penalties;

    (E) with branches in the business Office originally issued;

    (Vi) has conducted the management study on the feasibility of the business;

    (VII) other conditions stipulated by the Circ.

    Nineth transfer of insurance business from both sides should be to hire law firms, accounting firms and other professional intermediaries, the transfer of insurance business value assessment, compliance and so on.

    Article tenth insurance business transfer of both parties shall, in accordance with the relevant provisions of the China insurance regulatory Commission, to assess the transfer of operational reserve to ensure adequate, reasonable.

    11th transfer of an insurance company or the insurance business shall be approved by the Board of directors or the shareholders ' meeting, shareholders; transfer of all insurance business, should be approved by the shareholders, the shareholders.

    12th the transfer of insurance business the Parties shall submit the following documents in triplicate to the CIRC:

    (A) the basic situation of both the transfer of insurance business;

    (B) insurance business transfer agreement;

    (C) the transfer of insurance business procedures;

    (D) the feasibility of insurance programmes in business management;

    (E) assessment of professional intermediaries;

    (F) transfer of operational reserves assessment report;

    (VII) the solvency of insurance companies last year reporting and the business impact on transferee solvency analysis reports;

    (VIII) transfer of insurance business from both the Board of directors or shareholders, general meeting of shareholders to approve the transfer of insurance business agreement files;

    (IX) other materials submitted by the Circ.

    Among them, (c), (e) and (f) must both sign it.

    Article 13th after the China insurance regulatory Commission approved the transfer of insurance business, transfer party company shall promptly make insurance basic information, the transfer of programme outlines responsibilities and other related matters in writing inform the policyholder, the insured and the consent of the insured, the insured agrees; life insurance contract the insured person's death, shall notify the transferor insurance companies and with the consent of the beneficiary.

    Transfer of insurance business from both sides should be proper implementation of business transfer programme, proper disposal business related matters.

    Article 14th after the China insurance regulatory Commission approved the transfer of insurance business, transfer of insurance business from both sides should be appointed by the China insurance regulatory Commission in a newspaper announcement bulletin number shall be not less than three times simultaneously in their respective Internet site for announcements, notice period of not less than one month.

    15th insurance company transfers all insurance business ceases its business activities according to law, shall transfer agreement fulfilled to the China insurance regulatory Commission within 15 working days from the date of cancellation insurance licenses and related formalities to the Administrative Department for industry and commerce.

    Insurance company transfers part of its insurance business, changes in matters involving insurance license shall be transferred within 15 working days from the date of the agreement are fulfilled, in accordance with the relevant regulations of the China insurance regulatory Commission change procedures.

    16th an insurance company violates these measures for the transfer of insurance business, by the China insurance regulatory Commission be ordered to rectify and punish according to law.

    Article 17th insurance code article 28th of reinsurance, 92nd, 139th provided for the transfer of insurance business, this approach is not applicable.

    Transfer of insurance business of insurance companies, insurance law is not inconsistent with the 89th of the provisions of the second paragraph of article.

    Article 18th provisions of China insurance regulatory Commission on the transfer of insurance business from its provisions.

    19th article this way by the China insurance regulatory Commission is responsible for the interpretation. 20th article of the rules take effect on October 1, 2011.