Administrative Measures For Insurance Clauses And Insurance Rates Of Property Insurance Companies

Original Language Title: 财产保险公司保险条款和保险费率管理办法

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201007/20100700258991.shtml

Administrative measures for insurance clauses and insurance rates of property insurance companies

    (February 5, 2010, China insurance regulatory Commission announced 2010 3rd come into force on April 1, 2010) Chapter I General provisions

    First in order to improve and strengthen the property insurance clauses and insurance rates of supervision and management, and protect the legitimate rights and interests of policyholders, insured persons and beneficiaries, maintaining competition in the insurance market order, encourage the innovation of property insurance companies, according to the People's Republic of China insurance, these measures are formulated.

    Article insurance companies mentioned in these measures refers to by the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) approved the establishment of, and property insurance companies registered under the law.

    Insurance companies mentioned in these measures refers to property insurance company and its affiliates. Circ article in accordance with the insurance institutions of insurance clauses and insurance rates of exercising supervision and management.

    Agency of the China insurance regulatory Commission (hereinafter referred to as Agency) in the exercise of authority within the scope of authority of the Circ.

    Fourth insurance company shall, in accordance with the law and administrative regulations and the relevant provisions of China's insurance clauses and insurance rates, and corresponding liability for the insurance clauses and insurance rates.

    Insurance companies shall, in accordance with the regulations, by the head office reporting to the CIRC insurance clauses and insurance rates of approval or for the record. Article fifth social public interest insurance, insurance compulsory insurance by law the insurance clauses and premium rates, the insurance company shall, in accordance with the regulations approved by the Circ.

    Other insurance clauses and insurance rates of insurance, the insurance company shall, in accordance with provisions of the measures reported to the China insurance regulatory Commission for the record.

    Sixth China insurance regulatory committee perform supervision and administration of insurance clauses and insurance rates of duties, consistent with protection of the public interest and prevent unfair competition principles, follow the solvency regulation and corporate governance regulation, principles of market conduct regulatory coordination.

    Chapter II approval

    Seventh should an insurance company be of the following types of insurance clauses and insurance rates of Circ approval:

    (A) in accordance with the laws and administrative regulations of mandatory insurance coverage;

    (B) another public interest identified by the China insurance regulatory Commission of insurance.

    Article eighth submitted to the approval of insurance clauses and insurance rates of insurance companies, shall submit the following materials:

    (A) the application documents;

    (B) two copies of form;

    (C) the insurance clauses and insurance rates of text;

    (D) the insurance clauses and insurance rates of the illustrative material, including the insurance clauses and insurance rates of the main characteristics, market risk and operational risk analysis;

    (V) actuarial insurance rate actuarial reports signed by the responsibility, including actuarial assumptions, methods, formulas, and measurement processes;

    (F) actuarial statement of responsibility;

    (G) Declaration of legal person;

    (VIII) meet the format requirements of the sending material electronically;

    (IX) other materials stipulated by the Circ. Nineth revision of an approved insurance clauses and insurance rates of insurance companies, submitted for approval shall, in accordance with these measures.

    Submit the revised insurance clauses and insurance rates of insurance companies, submitted in addition to the provisions of article eighth material, shall also submit the revision and modification of content before and after comparison.

    Article tenth provincial branches can be adjusted, within the limits prescribed by the China insurance regulatory Commission and its head office reported to the examination and approval of insurance rates, but should be approved by the head office agreed, and with the Corporation within ten working days after the formal approval by agency of the location of the report.

    Provincial branches of insurance companies adjust their head office reported to the examination and approval of insurance rates beyond the scope stipulated by the CIRC, shall be submitted by the Head Office of China insurance regulatory Commission approval.

    Article 11th provincial branch report to the local agency of the article tenth premium rate under the first paragraph shall be submitted to the approval of the China insurance regulatory Commission on the Corporation's files, these measures under article eighth material, and stamped with the company seal of official approval documents.

    12th shall declare their approval of the insurance clauses and premium rates, prior to the approval of the China insurance regulatory Commission, the insurance company shall operate.

    Chapter III filing

    Article 13th this article seventh provisions for other types of insurance clauses and insurance rates, and shall, within ten working days after use in the operation of the China insurance regulatory Commission records.

    Insurance company insurance to have the record in terms of insurance or modify premium rate adjustment, should be re-Circ record.

    14th insurance companies to the China insurance regulatory Commission reported the insurance clauses and premium rates, shall submit the following materials:

    (A) two copies of the application form;

    (B) the insurance clauses and insurance rates of text;

    (C) statement of legal person;

    (D) actuarial statement of responsibility;

    (E) meet the format requirements of the sending material electronically;

    (Vi) other materials stipulated by the Circ.

    15th Circ shall receive within 20 working days from the date of reporting materials, made according to the following circumstances:

    (A) the reported materials are not complete, notify the insurance company within ten working days correction material;

    (B) reporting full list of materials or correction material of insurance companies, CIRC shall seal number, the application form, an archive, a refund of insurance companies.

    Fourth chapter modular and common administration of insurance clauses and insurance rates

    16th insurance agency can have approval or for the record the insurance clauses and premium rates for combined operations.

    Business combined insurance clauses and insurance rates of insurance institutions, have approval or for the record the insurance clauses and premium rates without modification, no need to submit for approval or for the record.

    Business combined insurance clauses and insurance rates of insurance institutions, have approval or for the record the insurance clauses and premium rates revised, shall be in accordance with the provisions of the measures submitted for approval or for the record.

    Insurers submit combined insurance clauses and insurance rates of approval or for the record, in addition to the materials as provided herein shall be submitted, shall also submit the combined name of insurance clauses and insurance rates and policy design.

    17th business combined insurance clauses and insurance rates of insurance institutions, each Party shall set out in the insurance premium and the insured amount of the corresponding articles.

    18th in total insurance, other insurance companies direct access to the Chief underwriters by the China insurance regulatory Commission for approval or for the record the insurance clauses and premium rates, do not need to be declared separately.

    Fifth chapter legal liability and actuarial liability person

    19th insurance company shall designate a legal person and one actuary responsible, respectively, for insurance clauses and insurance rates of the legal and actuarial services.

    Insurance companies shall apply to legal liability and actuarial liability provided their necessary information, with full respect for the legal person liable and responsible for the actuarial professional advice. Insurance companies should strengthen the legal and actuarial responsibility of people management, establish and perfect the legal person and the actuary responsible for internal control and accountability mechanisms.

    Insurance liabilities and actuarial responsibility for internal management systems shall be submitted to the China insurance regulatory Commission. Article 20th person designated liabilities and actuarial liabilities, should be approved by the China insurance regulatory Commission.

    Responsible for the legal, actuarial liability without the approval of China insurance regulatory Commission and its agencies do not recognize its legal responsibility to issue a statement, actuarial statement of responsibility, as well as other relevant report signed by him.

    21st insurance company legal person shall meet the following conditions:

    (A) in the People's Republic of China territory of residence;

    (B) belongs to the company employees and department heads and above positions within the company;

    (C) pass the bar exam or the national unified judicial examination, or had other experiences good enough to prove their legal expertise;

    (D) have three years national insurance or legal experience;

    (E) in the past two years have not been subject to administrative punishment for illegal practice;

    (Vi) not subjected to criminal punishment;

    (VII) other conditions stipulated by the Circ.

    22nd insurance company applies for approval of legal person shall submit the following materials to the China insurance regulatory Commission:

    (A) the eligibility application form;

    (B) the proposed identity proof and address proof;

    (C) the certified copy of diploma and professional qualifications of the service;

    (D) national insurance or legal experience;

    (E) the description of the company;

    (Vi) other materials stipulated by the Circ.

    23rd Actuarial liability of the insurance company shall meet the conditions, the insurance company applies for approval of actuarial liability when the materials should be submitted to the China insurance regulatory Commission, shall be determined separately by the China insurance regulatory Commission. 24th insurance company shall by law in accordance with the regulations issued by the responsible person of the legal person's statement.

    Legal responsibility for insurance assume the following responsibilities:

    (A) the insurance provisions in line with the People's Republic of China insurance law and other laws, administrative regulations and the relevant provisions of the China insurance regulatory Commission;

    (B) insurance clause without prejudice to the public interest, does not infringe upon the legitimate rights and interests of policyholders, insured persons and beneficiaries;

    (C) insurance contracts elements of complete and accurate text, language, expression serious;

    (D) other responsibilities stipulated by the Circ. 25th of an insurance company shall be submitted in accordance with the regulations signed by actuarial liabilities actuarial report and issued by the actuarial statement of responsibility.

    Actuarial responsibilities assume the following responsibilities:

    (A) the actuarial report is complete;

    (B) actuarial assumptions and actuarial methods consistent with General actuarial principles and relevant provisions of the Circ;

    (C) products of interest shows, interest calculation method in accordance with common actuarial principles and relevant provisions of the Circ;

    (D) determined the appropriate premium rate, the result satisfies the adequacy, appropriateness and fairness;
(E) other responsibilities stipulated by the Circ.

    Supervision and administration of the sixth chapter

    26th insurance clauses and insurance rates of the insurance company shall meet the following requirements:

    (A) clear structure, the text is accurate, precise and easy to understand;

    (B) elements of a complete, yet fair, does not infringe upon the legitimate rights and interests of policyholders, insured persons and beneficiaries, without prejudice to the public interest;

    (C) the premium rate determined in accordance with the principle of risk reasonable, not to endanger the solvency or impede fair competition in the market;

    (D) the premium rate can fluctuate, clear premium rates should be adjusted condition;

    (E) the People's Republic of China insurance law and other laws and administrative regulations and other requirements stipulated by the Circ.

    27th insurance agencies should be strictly enforced by the CIRC approval or for the record the insurance clauses and premium rates, subject to changing the insurance clauses and premium rates as provided herein. 28th an insurance company needs to modify the approval or for the record the insurance clauses and premium rates shall be in accordance with the provisions of these measures submitted for approval or for the record.

    By the China insurance regulatory Commission after approval or for the record again, insurance companies be allowed to use the original insurance contracts entered into in new insurance clauses and insurance rates.

    29th insurance agreements underwritten by insurance agencies, such as the agreement on approval or for the record the insurance clauses and premium rates be revised, shall, in accordance with the relevant provisions of the measures submitted for approval or for the record.

    30th the insurance terms of insurance agencies or insurance rate is found to have violated laws, administrative regulations or the provisions of article 26th, by the CIRC or its agency ordered to stop using, modifying the deadline are serious, you can prohibit reporting within a certain period of insurance clauses and insurance rates.

    31st an insurance company and their liability persons engaged or clientage, actuarial liability discharge shall lift employment or Commission report in writing within ten working days from the date of the China insurance regulatory Commission.

    Insurance companies and their legal responsibility, actuary responsible for termination of the hire or Commission, the legal person liable or responsible for the actuarial qualification from lifting hire or Commission from the date of lapse.

    32nd article legal responsibility people violation this approach 24th article provides of, and fine is responsibility people violation this approach 25th article provides of, by China Circ ordered corrected and can requirements its submitted written check; two years two times violation above provides of, China Circ except can in accordance with this approach 40th article of provides revoked its legal responsibility people or fine is responsibility people qualification outside, also can since found second times violations of day up two years within no longer approved its legal responsibility people or fine is responsibility people qualification.

    Article 33rd Insurance Association of China should effectively implement insurance clauses and insurance rates of self management, establish a self-discipline mechanism and risk prevention mechanism.

    China's insurance industry associations should actively promote the insurance clauses and insurance rates of popularization and standardization, establishment of data platform and industry standard products database.

    The seventh chapter legal liability

    34th an insurance company fails to comply with the requirements for approval of insurance clauses and insurance rates, by the China insurance regulatory Commission ordered corrective action and fines of between 50,000 yuan and 300,000 yuan in serious cases, may limit the scope of business, shall be ordered to stop accepting new business or revoke their business licenses.

    35th of an insurance company, one of the following acts, a rectification by the CIRC; fails, between 100,000 yuan and 10,000 yuan the following fines:

    (A) failing to submit insurance clauses and insurance rates for the record;

    (B) failing to submit or storage and insurance terms, premium rates related to the reports, statements, documents, information, or failing to provide relevant information and materials.

    36th insurance company, one of the following acts, by the China insurance regulatory Commission ordered corrective action and fines of between 100,000 yuan and 500,000 yuan in serious cases, may limit the scope of business, shall be ordered to stop accepting new business or revoke business licenses:

    (A) submit for approval and record the insurance clauses and premium rates, preparation of reports, statements, documents, or provide false information;

    (B) when submitted to the authorized legal liabilities, actuarial liabilities, preparation of reports, statements, documents, or provide false information.

    37th insurance company violates these rules, qualifications for appointment does not have liability and actuarial responsibility, by the China insurance regulatory Commission ordered corrective action and fines of less than 20,000 yuan and 100,000 yuan.

    38th insurance agency has violated the provisions of article 27th, the CIRC or its agency ordered corrective action and fines of between 100,000 yuan and 500,000 yuan in serious cases, may limit the scope of business, shall be ordered to stop accepting new business or revoke their business licenses.

    39th Circ or its agency in accordance with the provisions of the present article 30th, ordered insurance companies to stop using or modifying the time limit the insurance clauses and premium rates, insurance institution fails or is not discontinued, fines of between 50,000 yuan and 300,000 yuan in serious cases, limit the scope of its business, is ordered to stop accepting new business or revoke their business licenses.

    40th article insurance institutions violation this approach provides of, China Circ or its sent institutions except in accordance with legal, and administrative regulations and this approach of provides on the units give punishment outside, on its directly is responsible for of competent personnel, and has directly responsibility of legal responsibility people, and fine is responsibility people and other directly responsibility personnel, depending on plot law be warning, and at 10,000 yuan above 100,000 yuan following of fine; plot serious of, revoked served qualification or practitioners qualification, and can ban its must term until lifelong into insurance.

    The eighth chapter by-laws

    41st insurance clauses and insurance rates of Circ approval process, legal and actuarial liability human approval process, application of the People's Republic of China on administrative licensing law and the China insurance regulatory Commission on administrative licensing provisions of the implementation measures. 42nd before the implementation of these measures has been approved by the China insurance regulatory Commission legal person qualification and the qualification of the actuarial liability remains in force.

    After the implementation of this approach, does not comply with the provisions of legal responsibility and actuarial liabilities and insurance company in this way should be adjusted within one year from the date of execution.

    43rd liability insurance and agricultural insurance clauses and insurance rates apply to these measures.

    Branch of a foreign insurance clauses and insurance rates apply the measures for the administration of the provisions of the Insurance Corporation.

    44th article property insurance company in China, Hong Kong, Macao insurance company branches, foreign property insurance companies to manage.

    Article 45th explain these measures by the China insurance regulatory Commission. 46th these measures shall come into force on April 1, 2010. China insurance regulatory Commission released on November 10, 2005, the property insurance clauses and insurance rates of regulations (insurance [2005]4) repealed simultaneously.