Reinsurance management regulation
~10 (May 21, 2010 2010 8th China insurance regulatory Commission promulgated as of July 1, 2010)
Chapter I General provisions
First in order to standardize and develop the reinsurance market, strengthen the management of reinsurance business, achieve healthy, balanced and sustainable development of the insurance industry, according to the People's Republic of China Insurance Act (hereinafter referred to as the Insurance Act), the People's Republic of China regulations on the management of foreign insurance companies, as well as the relevant laws, administrative regulations, this provision is enacted.
Reinsurance in the rules in article, refers to an insurer to combine its insurance business, some transfer to other operations of an insurer.
Direct insurance in these rules, also known as the original insurance, is the relative reinsurance insurance, directly by the insured and the insurer enters into an insurance contract of the insurance business.
Retrocession in these rules refers to insurance recipients into the insurance business, transferred to another insurer's business.
Treaty reinsurance in these rules refers to the insured and other insured contract in advance, agree to have a certain period of its insurance business, in part to other insurers Transact reinsurance business.
Facultative reinsurance in these rules refers to the insurer the provisional appointment with another insurer, its insurance business, in part to other insurers Transact reinsurance business.
Proportional reinsurance in these rules refers to as the basis for determining the amount of insurance-reinsurance reinsurance for reinsurance and reinsurance acceptor for reinsurance.
Non-proportional reinsurance in these rules refers to as the basis for determining the amount of compensation Cedant ego liability and reinsurance Acceptor reinsurance reinsurance of liability.
Reinsurance in the third article of the rules, and refers to its insurance business and part to another insurer insurer; reinsurance Acceptor in these rules refers to undertake other insurer to transfer insurance business of the insurer.
Separate business in these rules refers to Cedant transfer of insurance business; business in these rules refers to re take people into the insurance business.
Direct insurance companies in these rules, also known as the insurance companies are reinsurers, refers directly to the applicant enters into an insurance contract, the insurer.
Insurance cooperatives in these rules refers to working with individual insurers cannot afford special risks or huge insurance business or in accordance with international practice, consisting of two or more insurers formed, in accordance with its articles agree to carry on insurance business of the organization.
Insurance brokers in these rules refers to accepting Cedant commissioned, based on insurance benefits, for reinsurance and reinsurance Acceptor conducting reinsurance business to provide intermediary services, and according to the agreed Commission of insurance broking.
Fourth in the People's Republic of China territory (not including Hong Kong, Macao) established by the insurer, the insurance conglomerate, as well as insurance brokers or other insurance companies to conduct reinsurance business shall comply with these requirements.
Article fifth insurer, insurance associations and insurance broker for reinsurance business shall follow the principles of prudence and integrity.
Article sixth reinsurance and reinsurance accepted and insurance broker, handling the business secrets obtained in the reinsurance business, shall be confidential.
Seventh China insurance regulatory Committee (hereinafter referred to as the China insurance regulatory Commission) to encourage insurers and insurance associations and insurance brokers committed to agricultural insurance and earthquake, Typhoon, flood catastrophe insurance provides insurance and reinsurance services.
Article eighth of China insurance regulatory Commission on reinsurance supervision and management in accordance with law.
Chapter II business Nineth reinsurance reinsurance business is divided into life insurance and non-life reinsurance.
Insurer life insurance insurance and non-life reinsurance should be accounted for separately stated, respectively.
Tenth the insurer shall, in accordance with the provisions of the Insurance Act, each year total premiums and risks identified unit retained responsibility for any portion of, should go through reinsurance.
Article 11th except aerospace, nuclear insurance insurance, oil, insurance, credit insurance, direct insurance companies of treaty reinsurance and facultative reinsurance, shall comply with the following provisions:
(A) to separate the property proportional reinsurance insurance direct insurance business, each risk unit to a reinsurance Acceptor ratio shall not exceed reinsurance underwriting direct insurance contract of insurance amount or limit of liability of 80%;
(B) facultative reinsurance contracts to each applicant affiliated companies amount or limit of liability, shall not exceed the amount or limit of liability of the direct insurance business insurance 20%.
12th Division of the insurer the risk unit shall comply with the relevant provisions of China insurance regulatory Commission, and before March 31 in each year, to divide the risk unit Circ record.
13th the insurer shall, in accordance with the actual situation, scientific, reasonable arrangements for catastrophe reinsurance, and prior to June 30 of each year, the catastrophe risk arrangements Circ filed.
14th the insurer shall, in accordance with provisions of reinsurance by the CIRC, and carefully select the reinsurance acceptor, select the reinsurance Acceptor shall comply with the relevant regulations of the China insurance regulatory Commission. 15th Cedant shall effect reinsurance prices and conditions of the reinsurance reinsurance Acceptor shall inform on important information.
After the founding of reinsurance contracts, Cedant shall promptly to the reinsurance Acceptor provides significant claims information, loss reserves on the reinsurance Acceptor reserve establishment and payment information has a significant impact is expected. 16th insurers and insurance brokers can use financial instruments to develop new risk transfer products.
The insurer shall, in accordance with the relevant provisions to the CIRC report.
Article 17th professional reinsurance Acceptor in China, shall be equipped with domicile in China dedicated reinsurance underwriter and Insurance Examiner.
Chapter three reinsurance brokerage
18th insurance broker reinsurance brokerage business, credibility and legitimate rights and interests shall be without prejudice to the insurer.
19th insurance broker can be designed according to business needs or reinsurance contracts.
Article 20th insurance brokers shall be in accordance with the reinsurance contract, send billing, settlement and insurance payments in a timely manner, as well as the fulfilment of other obligations, not to misappropriate or withhold premiums, contributions to compensation, fees and recovered costs.
Insurance broker information about reinsurance Acceptor shall be timely and accurately inform the people of reinsurance.
21st be the reinsurance Acceptor requirements of insurance brokers shall be in accordance with the reinsurance contract, which knew of the Cedant's reinsurance responsibilities and the related direct insurance in writing inform the reinsurance acceptor.
Article 22nd Cedant or the reinsurance Acceptor requirements, an insurance broker shall cooperate in the claims settlement work as contracted.
Supervision and administration of the fourth chapter
Article 23rd unless approval of the China insurance regulatory Commission, foreign insurance companies not associated with corporate reinsurance business.
24th approved foreign insurance company shall submit the following materials to the China insurance regulatory Commission on a regular basis:
(A) foreign-funded insurance companies and their affiliated enterprises signed contracts of reinsurance contracts, should be one month after the effective date of the contract will be summary text of the reinsurance contract (Slip) reporting to the CIRC and, within one month after the end of each quarter, last quarter and an associated Enterprise signed the summary text of the facultative reinsurance contracts in force (Slip) reporting to the Circ.
(B) foreign insurance companies should be on its reinsurance transactions associated with each business for separate statistics, and requested by the China insurance regulatory Commission to submit relevant information.
25th the insurer for reinsurance business shall, in accordance with actuarial principles, methods, and assessment of reserves extracted in full and accurate and in accordance with the relevant regulations of the China insurance regulatory Commission, and carry down various reserves.
For the same amount of life insurance business under the Statutory reserves, reinsurance Acceptor and Cedant when evaluating the reserves should be used consistent evaluation methods and assumptions.
26th insurer solvency reports involve elements of reinsurance business, shall meet the requirements for solvency reporting rules on reparation.
27th branch of a foreign insurance company's solvency, and solvency in accordance with the Head Office finds.
Branch of a foreign insurance company reinsurance premiums are limited to their company directly authorized amount.
28th direct insurance company shall, before April 30 of each year, submit the following materials to the China insurance regulatory Commission:
(A) to proportion again insurance way separate property insurance directly insurance business Shi, except aviation space insurance, and nuclear insurance, and oil insurance, and credit insurance outside, Shang a fiscal year handle contracts points insurance and temporary points insurance of, each dangerous units points to with a again insurance accept people of business, over again insurance points access bearing insurance directly insurance contract part of insurance amount or responsibility limit 50% of trading situation;
(B) for the fiscal year in reinsurance contracts, for contracts signed after April 30, in reporting the following information within one month after the entry into force of the contract;
1, name and expiry date of the contract;
2 transfer, renewal or new situations;
3, text copy of reinsurance contracts, in which the insurance company just reported new or changed text copy of reinsurance contracts;
4, direct out: reinsurance Acceptor name (indicate the principal recipient, or the lion's share of recipients) and share capital, capital reserves, credit rating and enter into contracts of reinsurance where the recipient country or region;
5, organization of brokers: Broker name, share, your country or region, and through reinsurance brokers tell recipients about, including the reinsurance acceptor's name (indicate the principal recipient, or the lion's share of recipients) and share capital, capital reserves, credit rating, which signed the reinsurance Acceptor countries or regions.
(C) property insurance company in the previous fiscal year and the fiscal year maximum net retention for each risk unit;
(D) property insurance companies, life insurance companies this fiscal year changes in reinsurance arrangements, including reinsurance contracts to increase or decrease, Chief recipient of treaty reinsurance or the biggest share taker of change.
29th Insurance reinsurance information periodic reporting system should be established, according to the China insurance regulatory Commission regulations within one week after the end of each quarter, the situation reported in the previous quarter, China insurance regulatory Commission.
30th each year, the insurance company shall, prior to April 30, the following report to the China insurance regulatory Commission:
(A) the reinsurance operations of the previous fiscal year, mainly from reinsurance operations, fees and recovered, reparations and divide into separate, and two statements.
(B) signed by the Chief Actuary or actuarial liabilities and related reinsurance business of all kinds of extraction methods and amount of the reserve.
31st direct insurance companies should be significant insurance claims and reinsurance arrangements, reinsurance policy, the significant adjustment of timely reporting to the Circ.
Significant insurance claims referred to in the preceding paragraph refers to an insurance incident, more than 50 million yuan in compensation for loss of property or personal injury compensation claims in the more than 30 million Yuan.
32nd branch of a foreign insurance company shall submit a report to the China insurance regulatory Commission in accordance with the following requirements:
(A) before July 31 of each year, submit its company registration issued by the insurance regulatory authorities in accordance with local laws with respect to its parent company solvency opinion or management submissions;
(B) December 31 of each year, submit their company next year authorize the insured rights and lines of reinsurance premiums;
(C) before July 31 and January 31 of each year, submit reports on retrocession business, including reinsurance company names, business types, contract forms, Cedant, and recovered compensation recovered charges.
Article 33rd insurance cooperatives should be April 30 of each year, report to the China insurance regulatory Commission in the previous year's financial reports, business reports, as well as offshore reinsurance transactions.
The fifth chapter legal liability
34th insurance company, insurance broker in violation of the provisions of reinsurance business, by the China insurance regulatory Commission ordered corrective action, and a fine of 50,000 yuan and 300,000 yuan fine; the circumstances are serious, you can limit the scope of business, shall be ordered to stop accepting new business business or revoke their business licenses.
Is not in accordance with the provisions of reinsurance direct responsibility for the behavior of managers and other personnel directly responsible for warning and fines of between 10,000 yuan and 100,000 yuan in serious cases, revocation of qualification or qualifications; and to prevent the persons concerned until a certain time for life to enter the insurance industry.
The sixth chapter supplementary articles 35th insurer for reinsurance business in the light of policy application of this provision.
These provisions are not applicable, policy-oriented insurance company shall report to the China insurance regulatory Commission within 3 months of the situation.
36th article of the CIRC is responsible for interpretation. 37th article of the regulations come into force on July 1, 2010. China insurance regulatory Commission, released on October 14, 2005 the regulation of reinsurance business (insurance 2) repealed simultaneously.