New Type Of Life Insurance Product Information Disclosure On Management Approach

Original Language Title: 人身保险新型产品信息披露管理办法

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Read the untranslated law here: http://www.chinalaw.gov.cn/article/fgkd/xfg/gwybmgz/201004/20100400253008.shtml

New type of life insurance product information disclosure on management approach

    (September 25, 2009, China insurance regulatory Commission announced as of October 1, 2009, 2009 3rd) Chapter I General provisions

    First in order to promote the healthy development of life insurance business, protect the legitimate rights and interests of the insured, the insured, the beneficiary, to maintain social and economic order and the public interest, in accordance with the People's Republic of China insurance, these measures are formulated.

    Second new personal insurance products mentioned herein (hereinafter "product") refers to investment-linked life insurance, universal life insurance, bonus insurance and China insurance regulatory Commission (hereinafter "CIRC") identified other products.

    Article information disclosure in these measures refers to insurance company (hereinafter "insurance company") and its agents to the policyholder, the insured, the beneficiaries and the public description of new product features, presentation calculation of interest as well as the introduction of the policy of operating results, and other related information.

    Disclosure includes, but is not limited to, the following forms:

    (A) the description of the media, on the company's Web site and presentations;

    (B) instructions on the product description and presentation;

    (C) the sales description and presentation;

    (D) the customer service personnel return visit;

    (V) send report data on a regular basis.

    Fourth insurance company offered new products should make a written product brochures and insurance tips and information disclosure in accordance with the regulations. Fifth new product disclosure, plain language should be used, accurate description of product-related information.

    Insurance companies should be responsible for the objectivity of information disclosure and authenticity, no major omissions and may not be insured, the insured, beneficiaries and the public deception, misrepresentation and concealment. Sixth insurance company marketing of new products, shall provide the insured person insurance terms, product specification.

    Sales of new products to individuals, insured shall show the prompt book.

    Enter into an insurance contract, insurance company provides standard terms, insurance proposal form shall be attached to a standard clause provided to the policyholder, an insurer shall indicate to the applicant the contents of the contract.

    Sales of new products to individuals, insurance companies offer insurance application should include the applicant confirmation bar, and be signed by the applicant reproduced the following statement: "I have read the terms of insurance, product brochures and insurance tips, books, and understand the characteristics of the product and the uncertainty of policy interests."

    Article seventh in product brochures and other promotional material shows the policy interests, shall be in high, medium, low profile shows new interest payments in the future.

    Benefits presentations should adhere to prudent principles and interests of participating insurance and investment-linked insurance hypothesis demonstrates return on investment or the assumption of universal life insurance settlement interest rate shall not exceed the ceiling stipulated by the Circ.

    Eighth insurance company and the agent to new product information, you may not use ratios of index and other insurance products and simple comparison such as bank deposits, funds, Treasury bonds, nor to the insured, the insured, beneficiaries and the public give misleading publicity or false propaganda. Nineth outside of group insurance, an insurer shall establish new product return system in more than a year.

    Return system should include a return visit time, success rate, content, and handling of problems and so on. Article tenth visit to new products the applicant should be completed during the waiting period.

    Visit will be the first by phone, and made recordings; telephone interviews are not successful, or meeting with a letter or any other means can be used, but must obtain a signed receipt through all the above methods are not successful visit, an insurer shall return and not success return relevant content, such as a detailed record.

    Insurance companies shall keep visit recording and other supporting documents, period calculated from the date of termination of the insurance contract, the insurance period by 1 year of not less than 5 years, during more than 1 year of insurance shall not be less than 10 years.

    Chapter II administration of information disclosure

    11th insurance company legal person, chief actuary shall ensure that product brochures objective, real, no major omissions and in line with the requirements on information disclosure in these measures.

    Article 12th new product for additional information disclosure should be consistent with the insurance and product brochures.

    Article 13th in any way to the applicant, the insured, beneficiaries and the public presentation of new products of interest payments in the future, shall conform to the requirements of this approach.

    14th new product material should consist of an insurance company is responsible for the management of information disclosure. Insurance company branches at the provincial level new product disclosure materials for design, printing, shall be approved by the head office.

    In addition to provincial branch, the insurance company's other branches at all levels shall be designed, printed, and modified the new product disclosure material.

    15th of an insurance company shall not authorize his agent design, print, and change the new product disclosure material.

    Insurance agents may design, printing and changing its sales agent disclosure materials of the new model.

    16th insurance companies and their agents shall use inconsistent with the insurance terms of new products, product specifications for information disclosure.

    Chapter III information disclosure of investment-linked insurance Article 17th of investment-linked insurance gives insured persons hesitate to premiums into the investment account within the right of option, it should be stated in the application form and terms of insurance.

    Insurance companies shall indicate if the applicant indicated in the application form is waiting for insurance contracts during the period into the investment account.

    Select in hesitated period within will premium into investment account of policyholders, in hesitated period within lifted contract of, except policy cost fee and assets management fee yiwai, insurance company should returned account balance and other charged of the costs; select hesitated expires Hou will premium into investment account of policyholders, in hesitated period within lifted contract of, insurance company should returned except policy cost fee yiwai of other all premium.

    18th investment-linked insurance product package should contain the following elements:

    (A) the risk tip

    1, product specifications cover prominent position than the first bold text at least suggests that the product is an investment-linked insurance products investment risk borne by the policyholder.

    2, provide flexible payment methods should also note the insured stops payment risks and adverse consequences that may arise.

    (B) basic characteristics of products

    Principle of operation of the investment-linked insurance products insurance liability and exemption from liability.

    (C) the description of the investment account

    1, product links in various investment accounts asset allocation goals, principles, investment strategies, investment vehicles and proportion;

    2, product links in various investment accounts over the past 10 years the end of the month the account sold units pricing changes figure; investment accounts less than 10 years of operation, the duration for the account at the end of each month to sell unit price changes;

    3, various investment accounts extraction costs and time;

    4 investment value assessment methods;

    5, the main investment risks to the investment account;

    6, in the case of investment accounts set a performance baseline, indicating investment performance baselines and calculation methods.

    Commissioned by the commercial bank assets managed investment-linked products, it shall disclose the asset name of the custodian bank.

    (D) interest shows

    1, benefit shows should be in the form of forecasting investment of the future interest payments, and shall at least include the following items:

    (1) period or wholesale payment insurance, additional insurance and cumulative schemes;

    (2) the fees charged, including initial costs, policy administration costs, risk premium and other major expenses be itemized;

    (3) enter the value of the investment account;

    (4) assuming that investment returns on the investment account value, amount of death benefit and cash value.

    2, insurance periods of less than 10 years, must each year demonstrates the policy interests of the end of the policy year; period of insurance for more than 10 years, 10 years before the end of each policy year the policy interests of the yearly demonstration.

    3, benefit shows must specify that investment-linked insurance products correspond to the assumed return on investment of the assets, using bold fonts indicates that the interest based on the company's investment return assumption, does not represent the historical operating results of the company, does not mean that expectations for the company's future operating results, the actual investment returns may be negative.

    (E) the period of hesitation and surrender

    The meaning of 1, hesitate, starting time and number of days;

    2, the applicant waiting period options under different options and hesitate to terminate the insurance contract shall return the amount;

    3, hesitate to back insurance to be deducted expenses and surrender payment is calculated.

    Article 19th policy prior to the expiration policy account balance is insufficient to meet the current risk premium and other costs, an insurer shall notice the applicant in a timely manner, and told to pay costs associated with legal consequences.

    20th start-up investment-linked insurance insurance companies should be at least a week on the company's website or approved by the CIRC bulletin unit price of an investment account in the public media.

    Insurance companies should remain on the company's Web site for at least the last 10 years investment account unit price history information; less than 10 years of operation, investment-linked insurance products should be retained since it opened an investment account unit price history information.

    Insurance companies in the investment account unit price published on the website of historical information queries should be convenient to the public. 21st start-up investment-linked insurance insurance company should at least every six months on the company's website and approved by the China insurance regulatory Commission published an information bulletin on the public media.

    Information should include the following:

    (A) introduction to investment accounts, including investment strategies, investment tools and all kinds of assets;

    (B) brief description of the financial situation of the investment account;
(C) list each investment account since its inception, the annual return on investment;

    (D) the principles of valuation of assets of investment-linked insurance accounts, including publicly traded and unlisted trading securities valuation principles and methods;

    (E) investment-linked insurance accounts return on investments and other financial indicators of performance formula;

    (F) end of stock assets in the stock market and share;

    (G) the end book balances of the various types of bonds and bond assets ratio, different bonds with credit balance and proportion;

    (H) the end of the respective net asset value and share in the assets of the Fund;

    (I) the custodian for assets changes during the reporting period;

    (10) according to the China insurance regulatory Commission requested information should be publicly disclosed.

    22nd insurance companies engaged in investment-linked products, the matters stipulated by the CIRC shall issue an interim report, should be in accordance with the relevant provisions of the disclosure of information. 23rd each year an insurance company should be specified in the insurance contract to the insured person a copy policy status reports.

    Policy status report should include the following:

    (A) the insurance policy information, including product name, policy number, insurance policy effective date, names of the insured, the insured's name, the reporting period and so on;

    (B) the policy anniversary (policy anniversary date for valuation day) or the policy anniversary date the first valuation day (if the policy anniversary for non-asset valuation day) each investment account balances, including holding a number of units, unit value and total value accounts;

    (C) the number of investment units of the reporting period under the policy changes and investment account balances of the beginning and end of the reporting period;

    (Iv) listed one by one which occurred during the reporting period to pay or wholesale insurance premiums, some receive, account transfer, policy administration costs, insurance, additional insurance and risk of death;

    (E) the reporting period need to inform policyholders of other valuable information.

    Policy status reports may not be used for other purposes such as sales literature.

    24th return on investment linked insurance policyholders should include the following:

    (A) confirm that the applicant purchased the product and whether the applicant on the application form signed;

    (B) confirm that the applicant is aware of hesitate starting time, days and hesitate to enjoy the rights;

    (C) confirm that the applicant is aware of the insurance liability and exemption from liability;

    (D) confirm that the applicant is aware of the return on investment is an investment-linked insurance uncertainties, actual investment income loss may occur; promotional material shows of interest based on the assumption that only the investment income, does not represent the future of the actual income;

    (E) confirm that the applicant is aware of expense deductions and the deduction of percentage or amount;

    (F) verify that the applicant is aware of possible loss of surrender.

    Fourth chapter universal insurance disclosure

    25th universal life insurance product package should contain the following:

    (A) the risk tip

    1, product specifications cover prominent positions than the body at least prompted the first bold product for universal insurance, settlement, part of the interest rate exceeds the minimum guaranteed rate is uncertain.

    2, provide flexible payment methods, special notification the insured stops payment should be possible risks and adverse consequences.

    (B) basic characteristics of products

    The operation principle of universal life insurance, insurance liability, releases, policy interests, and universal insurance's investment strategy.

    (C) the policy account

    Calculation method of account value 1, policy;

    2, itemized fees, fee deduction (or amount) and charge time.

    (D) interest shows

    1, in the form of demonstrating universal life insurance policy benefits of the end of each policy year, tables should include at least the following elements:

    (1) period or wholesale payment insurance, additional insurance and cumulative schemes;

    (2) the fees charged, including initial costs, policy administration costs, risk premium and other major expenses be itemized;

    (3) into a universal policy account value;

    (4) under different settlement rates the end of policy year policy account balances, the amount of death benefit and cash value.

    2, insurance periods of less than 10 years, must each year demonstrates the policy interests of the end of the policy year; period of insurance is greater than 10, 10 years before the end of each policy year the policy interests of the yearly demonstration.

    3, and interests demonstrates Shi, must indicate for demonstrates of universal insurance of assumed settlement interest rate, and striking font indicate the interests demonstrates is based on company of fine is and the other assumed, not representative Company of history business performance, also not representative on company future business performance of expected, minimum guarantee interest rate on of investment returns is not determine of, actual policy account interests may below in the, and high-end interests demonstrates level.

    (E) the period of hesitation and surrender

    The meaning of 1, hesitate, starting time, the rights of the insured as well as the number of days waiting period;

    2, hesitate to back insurance to be deducted expenses and surrender payment is calculated.

    26th insurance companies shall publish on the company's Web site at least once a month the day of the month billing rates and clearing at an annual interest rate. Insurance companies should remain on the company's Web site for at least the last 10 years history of monthly billing rates, universal life insurance information, for the public to query.

    Less than 10 years of operation, universal life insurance should be retained since it opened the month settlement interest rate history information.

    27th the policy prior to the expiration of policy account balance is insufficient to meet the current risk premium and other costs, an insurer shall notice the applicant in a timely manner, and told to pay costs associated with legal consequences. 28th of an insurance company shall be specified in the insurance contract provided to the insured an insurance policy at least annually a status report.

    Policy status report should include the following:

    (A) the insurance policy information, including product name, policy number, insurance policy effective date, names of the insured, the insured's name, the reporting period and so on;

    (B) the account value of the policy changes during the reporting period:

    1, policy account value at beginning of period;

    Phase 2, the policy account value increases, including basic insurance, additional insurance, barge to pay insurance, additional insurance premiums, the total insurance premium, the initial cost (net), policy account settlement benefits, bonuses, etc;

    Phase 3, the policy account values decline, including risk premiums, policy fees and receive;

    4, the final policy account value;

    (C) settlement at an annual interest rate of each month during the reporting period.

    Policy status reports may not be used for other purposes such as sales literature.

    Article 29th visit to universal life insurance policyholders should include the following:

    (A) confirm that the applicant purchased the insurance product, does the applicant on the application form signed;

    (B) confirm that the applicant is aware of hesitate starting time, days and hesitate to enjoy the rights;

    (C) confirm that the applicant is aware of the insurance liability and exemption from liability;

    (D) prompted the insured exceeds the minimum guaranteed rate of return is uncertain, depending on the actual operating situation of the company;

    (E) confirm that the applicant is aware of expense deductions and the deduction of percentage or amount;

    (F) verify that the applicant is aware of possible loss of surrender.

    The fifth chapter participating insurance disclosure

    30th participating insurance product package should contain the following:

    (A) the risk tip Product specifications cover prominent position than the first bold text at least suggests that the products for participating insurance, its dividend is uncertain.

    Among them, increasing dividends, special bonus ending tips should be the conditions for obtaining it.

    (B) basic characteristics of products

    Product liability, exemption from liability, the policy of insurance benefits, and major investment in bonus insurance policy.

    (C) dividends and dividend

    1, product source of dividends, including the poor, poor Fei Cha, Lee, and give a brief explanation;

    2, the product distribution of dividends, which belongs to the cash dividend is a dividend increase, bonus ending with, and give a brief explanation;

    3, description, bonuses implementations, including direct payments received, withhold premiums, accumulate interest or other means;

    4, dividend policy and determine factors affecting the level of policy dividends.

    (D) interest shows

    1, in the form of shows participating insurance policy benefits of the end of each policy year, tables should include at least the following elements:

    (1) the annual premium and accumulated insurance premiums;

    (2) the maturity benefit, death benefit, surrender such guaranteed benefits;

    (3) when the non-guaranteed benefits such as annual bonuses, accumulated dividends. By increasing dividends, bonus ending can show in the table, but special note should be ending bonus conditions for obtaining.

    Shows the annual bonus and the end of bonuses accumulated may not exceed the ceiling stipulated by the Circ.

    2, insurance periods of less than 10 years, must each year demonstrates the policy interests of the end of the policy year insurance period is greater than 10, the end of the policy year of the last 10 years the policy interests of the yearly demonstration.

    3, benefit shows should be in bold font indicates that the demo is of interest based on the actuarial and other assumptions, do not represent the company's historical operating results, does not mean that expectations for the company's future operating results and the dividend policy is uncertain.

    Presentation 4, interest shall not be disclosed to demonstrate ROI for participating insurance.

    (E) the period of hesitation and surrender

    The meaning of 1, hesitate, starting time, the rights of the insured as well as the number of days waiting period;

    2, hesitate to back insurance to be deducted expenses and surrender payment is calculated.

    31st an insurance company may use bonus rates, return on investment ratio index described dividends dividend distribution of insurance. 32nd of an insurance company shall be specified in the insurance contract at least once a year to provide the applicant with a notice of dividend.

    Dividend notice should contain the following:
(A) the insurance policy information, including product name, policy number, insurance policy effective date, names of the insured, the insured's name, the reporting period and so on;

    (B) policy the annual insurance premium, as well as to the previous total Office is already designated as the policyholder dividends at the end of the year;

    (C) dividend policy;

    (D) this year's company line of dividend and the total dividend allocated to the policyholders;

    (E) this year allocated to the policyholders ' bonuses.

    In addition to providing dividends to the insured notice, the insurance company shall not be disclosed to the public or promotional bonus insurance operating results and dividend levels.

    Article 33rd visit by participating insurance policyholders should include the following:

    (A) confirm that the applicant purchased the insurance product, does the applicant on the application form signed;

    (B) confirm that the applicant is aware of hesitate starting time, days and hesitate to enjoy the rights;

    (C) confirm that the applicant is aware of the insurance liability and exemption from liability;

    (D) confirm that the applicant is aware of the promotional materials on the demo is of interest based on the actuarial assumptions of the company, the policy dividend is uncertain;

    (E) confirm that the applicant is aware of possible loss of surrender.

    The sixth chapter legal liability Article 34th insurance company fails the approach requires a return visit, or visit these procedures do not meet the requirements, by the China insurance regulatory Commission and its agencies shall be ordered to correct, given a warning and has illegally obtained illegal gains of more than 1 time fined not more than 3 times, but shall not exceed a maximum 30,000 yuan, no illegal proceeds of a fine of up to 10,000 yuan.

    Directly responsible for the charge and the other persons be given a warning, and a fine of up to 10,000 yuan. Article 35th of the approach provided about the visit, the insurance company was not disclosure of information in accordance with this approach, by the China insurance regulatory Commission and its agencies ordered to rectify; fails, fined not more than between 100,000 yuan and 10,000 yuan.

    Directly responsible for the charge and the other persons be given a warning, and a fine of less than 10,000 yuan and 30,000 yuan.

    The seventh chapter by-laws

    Article 36th of other new products, after the designated by the China insurance regulatory Commission, shall apply mutatis mutandis to this disclosure approach similar to that of most new products. 37th article of the rules take effect on October 1, 2009. From the date of implementation of this method, abolition of the interim measures for the management of new type of life insurance product information disclosure (CIRC [2001]6 number).