China Insurance Regulatory Commission To Amend Part Of Regulation Decisions

Original Language Title: 中国保险监督管理委员会关于修改部分规章的决定

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201108/20110800347866.shtml

China insurance regulatory Commission to amend part of regulation decisions

    (December 3, 2010, China insurance regulatory Commission [2010] the 10th release come into force on the date of promulgation) according to the regulation on the notification of regulatory issues related to cleanup work (run [2010]28) requirements, I will be issued since the establishment of a clean up of the regulations in force, decided to make amendments to the following regulations:

    In the first, the following regulations and incompatible provisions of the Insurance Act amendments

    (A) of the interim measures for insurance of subordinated term debt management (insurance [2004]10) 29th article amended to "directly responsible to revoke the qualifications of senior managers of insurance companies".

    (B) the total management of Actuaries of insurance companies (insurance [2007]3) 12th article amended to read "administrative punishment by the revocation of qualification."

    By deleting the article 27th.

    By deleting the article 28th "addition to the case prescribed in the preceding paragraph the expression". (Three) will insurance company pension insurance business management approach (CIRC makes [2007]4,) 48th article modified for "on violation insurance provides by nutrition old gold insurance business, and yet constitute crime of behavior has directly responsibility of insurance company director, and prison thing and senior management personnel and other responsibility personnel, by China Circ or local sent institutions difference different situation give warning, and at 10,000 yuan above 100,000 yuan following of fine; plot serious of, revoked served qualification or practitioners qualification.

    ”

    By deleting the 45th and 46th.

    (D) the financial head of vocational qualification management regulation of insurance companies (insurance [2008]4) article 14th amendment as "administrative punishment by the revocation of qualification."

    Second, some changes to the rules, or inconsistent provisions

    (A) the implementing rules of the regulations on foreign insurance company management (insurance [2004]4) make the following modifications:

    1, 29th adapted to "applications for foreign insurance companies to set up branches, subject to the following conditions:

    (A) previous year's solvency, and solvency 2 straight quarters before submitting the application are adequate;

    (B) insurance companies with good corporate governance, internal controls and improve;

    (C) the applicant has good branch management system;

    (D) to be proved the feasibility of establishing a branch;

    (E) be domiciled outside the province, autonomous region and municipalities applying for establishing a branch other than the provincial branch, the provincial branches have been opened;

    (Vi) the applicant within the last 2 years free from financial regulators in records of major administrative penalties, there is no suspicion of serious illegal activities are subject to investigation by the Circ;

    (G) applying for establishing a branch other than the provincial branch, to be established within the provinces, autonomous regions and municipalities directly under the provincial branch in the last 2 years free from financial regulators in records of major administrative penalties, has established other branches within the last 6 months without significant insurance records of administrative penalties;

    (VIII) in charge of the preparation of the accreditation of the applicant; (IX) other conditions stipulated by the Circ.

    ”

    30th article 2, be modified to "establish branches should be foreign-funded insurance company to apply to the China insurance regulatory Commission, and to submit the following documents in triplicate:

    (A) the application form for the establishment;

    (B) for 2 consecutive quarters of solvency prior to the application report and prior year audited solvency report;

    (C) insurance companies annual corporate governance report internal control system by the applicant;

    (D) the branch establishment of feasibility study report, including the proposed branch 3-year business planning and market analysis, to set up branches and corporate risk management and which adapt internal instructions;

    (E) the applicant branch management system;

    (F) the applicant made its last 2 years free from financial regulators a major statement of administrative penalties;

    (VII) establishment of provincial branches of branches other than the applicant, submitted to the provincial branch of the last 2 years free from financial regulators a major statement of administrative penalties;

    (H) the proposed branch in charge of the preparation of a resume and relevant supporting documents; (IX) other materials submitted by the Circ.

    ”

    31st article 3, be modified to "CIRC shall from the date of receipt of complete application materials written review on the 30th to set up applications, does not comply with the provisions of article 29th, not to approve a decision and give written explanations; these provisions are consistent with 29th, notice in preparation to the applicant. The applicant shall, within 6 months from the date of receiving notice to build complete the establishment of branches.

    Start-up period not included in the administrative license within the time limit.

    Start-up period expires does not complete the preparation shall be established under this new application. Lead institutions in the start-up period shall not engage in any business activities.

    ”

    4, modify the articles 32nd to the "after completion of the preparation, preparing institutions meet the following conditions, the applicant may submit to the China insurance regulatory Commission to open inspection reports:

    (A) have a legitimate place, safety and fire protection facilities to meet the requirements;

    (B) establishing the necessary organization and improve the business, financial, risk management, asset management, management systems against money-laundering;

    (C) establish compatible with management information systems;

    (D) comply with the qualification of the proposed senior management personnel or major principal;

    (E) the induction training for staff;

    (Vi) does not engage in the insurance business during start-up period;

    (VII) other conditions stipulated by the Circ.

    Opening and inspection reports submitted by the applicant should attach the following documentation in triplicate:

    (A) on completion of the preparation report;

    (B) the proposed senior managers or Chief resumes and relevant certificates;

    (C) the proposed branch right of use or ownership of business premises to prove;

    (D) construction of computer system and network device configuration, application reports;

    (E) business, financial, risk management, asset management, anti-money laundering policy;

    (F) reports of institutions and practitioners, including staff training reports;

    (VII) fire proof in accordance with provisions to be established, without the need for fire approval or for the record, submitted that the applicant has taken the necessary measures to ensure the fire safety of written commitments; (VIII) other materials submitted by the Circ.

    ” 33rd article 5, be modified to "CIRC shall from the date of receiving the complete opening of the inspection report in the 30th, and opened for acceptance and make a decision to approve or not to approve.

    Acceptance of established, branches issued permit to operate insurance business; unqualified acceptance is not approved, it shall notify the applicant in writing and state the reasons. Approved the establishment of foreign-funded insurance companies branches shall have the approval document, and branches to carry on insurance business license, register with the Administrative Department for industry and commerce registration, license before they can operate.

    ” (B) the local Office of the China insurance regulatory Commission supervision regulations (insurance [2004]7 31st) section modified to "agency following administrative penalties, shall be submitted to the China insurance regulatory Commission for approval: (a) revoke a business license issued by the China insurance regulatory Commission, (ii) approved by the China insurance regulatory Commission to revoke the qualification.

    ”

    Third, the regulations referenced in the name does not correspond to the provisions of the following amendments

    The following regulations referenced in "the qualifications of Directors and senior managers of insurance companies regulations" is amended as "the insurance company directors, supervisors and senior management staff of vocational qualification management regulations":

    1, the total management of Actuaries of insurance companies (insurance [2007]3) eighth, tenth article.

    2, the insurance companies in charge of Finance of vocational qualification management regulations (insurance [2008]4) eighth, 28th.

    The insurance companies in charge of Finance of vocational qualification management regulations (insurance [2008]4 Nineth) section in the "application form for qualifications for directors and senior managers of insurance companies" is amended as "the insurance company directors, supervisors and senior management personnel qualifications application form".

    Four, don't fit the development of insurance market in the following regulations require provisions to be changed

    The indirect investment of insurance funds in infrastructure project management of pilot (CIRC [2006]1) in the 24th paragraph "applications for investments" is amended as "investment report". To modify the article 25th to "principal investments in a specific percentage of the investment plan, shall be determined separately by the China insurance regulatory Commission.

    ”

    By deleting the second paragraph of the second paragraph of article 24th, 43rd, 63rd. Regulations set out in this article will be republished under this decision.