Life Insurance Products Examination And Approval And For The Record Management

Original Language Title: 人身保险产品审批和备案管理办法

Read the untranslated law here: https://www.global-regulation.com/law/china/161087/.html

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(June 30, 2004, China insurance regulatory Commission promulgated as of July 1, 2004, 2004 6th) Chapter I General provisions article in order to standardize the products developed by the insurance company's approval and records management, in accordance with the People's Republic of China relevant provisions of the Insurance Act, these measures are formulated.     Second product mentioned in these measures refers to the People's Republic of China operating in the life insurance, health insurance, accident insurance and other business insurance company (hereinafter insurer) development and design of the life insurance products.     Third insurance company shall, in accordance with the law and administrative regulations and the relevant regulations of the China insurance regulatory Commission to develop products, and assume the corresponding responsibility.     Fourth China insurance regulatory Committee (hereinafter referred to as the China insurance regulatory Commission) of the insurance law for approval and record management.     Fifth of the insurance law for the day-to-day monitoring of the Circ.     Chapter II approval and record sixth insurance company range of products should be of the following reporting to the CIRC approval: (a) products of China insurance regulatory Commission finds that the relationship between the public interest, (ii) to impose insurance products and (iii) the China insurance regulatory Commission finds new life insurance products.     Seventh article this way except as provided in article sixth of other products shall be submitted to the China insurance regulatory Commission records.     Eighth law set for approval by the CIRC's scope and actual can be adjusted.     Nineth modifications have been approved by the CIRC or filing of an insurance company products, should be re-approval or for the record.     Chapter approval and filing tenth of an insurance company shall be submitted in accordance with this regulation to the CIRC approval or for the record of the application, and the substance responsible for the authenticity and integrity of the application materials. 11th article insurance company declared products approval should to China Circ submitted following material a type two copies: (a) life insurance products approval application table; (ii) life insurance products approval submitted material listing table; (three) products approval application of description material, should detailed column Ming products of main features and application approval of reasons; (four) insurance terms; (five) products rates table; (six) on has cash value of products, Must submitted contains cash value table (example) of written material and contains all age cash value full table of electronic document; (seven) this company fine is responsibility people signed of products fine is report; (eight) this company fine is responsibility people statement book; (nine) this company legal responsibility people statement book; (10) products feasibility report; (11) sales management approach, which should including products sales channel, and sales regional management approach, content; (12) financial management approach; (13) business management approach; (10     D) information disclosure management system (15) product specification document (16) CD or disks that contain electronic documents of all submitted material (17) other materials stipulated by the Circ.     12th approval of the insurance company declare dividends, in addition to the materials submitted to the 11th article, shall also submit the following documents in duplicate: (a) the dividend calculation and distribution, (ii) income distribution and the principle of cost-sharing. 13th article insurance company submitted products record should to China Circ submitted following material a type two copies: (a) life insurance products record submitted material listing table; (ii) insurance terms; (three) products rates table; (four) on has cash value of products, must submitted contains cash value table (example) of written material and contains all age cash value full table of electronic document; (five) this company fine is responsibility people signed of products fine is report; (six) this company fine is responsibility people statement book; (seven) this company     Responsible for the legal declaration; (h) the product specification product, submit product specification documents; (IX) CD or disks that contain electronic documents of all submitted material and (10) other materials stipulated by the Circ.     14th insurance companies report profits for the record, in addition to the materials submitted to the 13th article, shall also submit the following documents in duplicate: (a) financial management, (ii) business management; (c) information disclosure management system (iv) dividend calculation and allocation; (v) income distribution and the principle of cost-sharing.     15th article insurance company submitted universal, and voted even products record of, except submitted 13th article provides of material outside, also should submitted following material a type two copies: (a) products feasibility report; (ii) sales management approach, which should including products sales channel, and sales regional management approach, content; (three) financial management approach; (four) business management approach; (five) information disclosure management system. 16th article products fine is report including following content: (a) data source and pricing assumed select; (ii) rates calculation report, should contains pricing method and fine is formula, fine is responsibility people must argument and described rates of rationality; (three) on meet China Circ about provides can floating rates of products, should submitted rates floating management approach; (four) on has cash value of products, should submitted cash value calculation method; (five) reserves calculation method; (six) products of main risk and the corresponding management views     And (VII) demonstration of the interest shall submit the demo method; (h) the actuarial liability in particular content and (IX) other content stipulated by the Circ.     17th article insurance company submitted of following material and the company has China Circ approval or record of similar products of corresponds to material completely consistent of, insurance company can from make the material, but should in material listing table in the be indicate: (a) financial management approach; (ii) business management approach; (three) information disclosure management system; (four) dividends products of bonus calculation and distribution approach; (five) dividends products of income distribution and costs sharing principles.     The fourth chapter approval and filing procedures article 18th approval or for the record of the registration shall be submitted to the China insurance regulatory Commission by the head office.     Article 19th for products shall be subject to approval, the insurance company shall, before product approval application materials are submitted to the China insurance regulatory Commission, approved by the China insurance regulatory Commission before the sale.     Article 20th Circ insurers submit product approval request is received after materials, should be receiving receipt issued by the insurance company.     Article 21st Circ applications for product approval for a insurance company declared, should be dealt with separately according to the following conditions: (a) the products within the scope record, the China insurance regulatory Commission inform the insurer in writing to submit for the record again.     (B) the application is not complete, China insurance regulatory Commission within the 5th inform insurance companies require correction of everything at once.     (C) the application materials are complete or insurance company in accordance with the required correction all application materials submitted by the CIRC and CIRC accepts the application, and on the insurance certificate with a written document accepting the Special seal. 22nd Circ shall from the date of accepting an application for product approval in the 20th to approve or not to approve the decision. Cannot make a decision in the 20th, and approved by the head of the China insurance regulatory Commission, approval can be extended to 10th.     Circ extension should be informed of the reasons for insurance companies.     Decided to approve, shall be approved by the CIRC decided to Circ proclamations or released to public on the Web site; decides not to approve, CIRC shall notify the insurer in writing, state the reasons and inform their right to apply for administrative reconsideration or bring an administrative suit right.     23rd Circ for approval to conduct expert reviews and expert review time required to inform the insurer in writing.     Circ products can organize hearings involving the public interest, and in accordance with the People's Republic of China to implement the relevant provisions of the administrative licensing law.     Expert review and hearing time is not calculated approval within the time limit stipulated in this article 22nd.     24th insurance products examination and approval after filing but before approval decision and withdraw applications for product approval, written applications shall be submitted to the China insurance regulatory Commission, the China insurance regulatory Commission shall promptly terminate the examination of applications for product approval and product approval application material returned to the insurance company.     25th insurance products examination and approval after filing but before approval decisions, modifying the registration, should be applied to the China insurance regulatory Commission to withdraw approval.     Insurance companies withdrawing applications for product approval, received the modified product approval period from the CIRC approval date of the application a recalculation.     Article 26th for unapproved products can be modified again to Circ approval.     27th record product, the insurance company shall, within not later than 7th after the product sale will be filing submitted to the China insurance regulatory Commission.     28th Circ upon receipt of the filing, made according to the following circumstances: (a) the record is not complete, the China insurance regulatory Commission notifies the insurance company corrected all the archival materials in the 10th, (ii) filing complete, the CIRC or insurance companies required to submit all the correct materials, the China insurance regulatory Commission will record archive, and receiving receipt issued by the insurance company.     Fifth actuarial liability and legal responsibility for the 29th actuarial liability of the insurance company shall designate a person and a legal person respectively responsible for actuarial and legal matters.     Insurance companies shall provide the actuarial liability and legal responsibility to provide their required information, and with full respect for the actuarial liability and liability for professional advice. Article 30th Specifies the actuary responsible for insurance companies should be approved by the China insurance regulatory Commission.     Without approval, the China insurance regulatory Commission does not accept the certificate issued by the actuary responsible for declarations and other relevant report signed by him.     31st designated by the insurance company actuarial liability shall be subject to the following conditions: (a) the People's Republic of China territory residence; (b) has qualifications of Actuaries in China (iii) have more than three years of actuarial experience and (iv) are not subjected to criminal punishment; (v) in practice there is no intentional fraud.     Special cases, approved by the CIRC may have other qualifications of Actuaries staff actuary responsible.     32nd article fine is responsibility people is responsible for signed fine is report and issued fine is responsibility people statement book, and on products bear following responsibility: (a) products fine is report content complete; (ii) products fine is report meet terms expressed; (three) products fine is assumed and fine is method meet General fine is principle and China Circ of fine is provides; (four) on has interests demonstrates of products, interests measuring method meet General fine is principle and China Circ about provides; (five) calculation results accurate;     (Vi) other products stipulated by the CIRC actuarial liability. Article 33rd specifies the liability should be approved by the China insurance regulatory Commission.     Without approval, issued by the China insurance regulatory Commission did not accept its legal responsibility statement and signed by him and other relevant reports.     34th article insurance company specified of legal responsibility people should meet following conditions: (a) in People's Republic of China territory has residence; (ii) has legal professional undergraduate above degree or has China lawyer qualification certificate or legal career qualification certificate; (three) has three years above domestic insurance or legal practitioners experience; (four) not trained criminal punishment; (five) in practice industry in the no deliberately cheat behavior. 35th article legal responsibility people is responsible for issued legal responsibility people statement book, and on products bear following responsibility: (a) insurance terms meet People's Republic of China insurance, legal, and administrative regulations and China Circ of about provides; (ii) insurance terms not damage social public interests, not against policyholders, and was insurer and beneficiaries of lawful rights and interests of; (three) insurance contract elements complete, terms text accurate; (four) on has products manual of products, products manual meet terms expressed, content full, and real,     In line with relevant regulations of the China insurance regulatory Commission (v) another legal responsibility for the product identified by China insurance regulatory Commission.     36th article insurance company declared fine is responsibility people and legal responsibility people qualification of, should to China Circ submitted following material a type two copies: (a) fine is responsibility people qualification audit application table or legal responsibility people qualification audit application table; (ii) intends any people identity proved and residence proved copies; (three) degree proved and professional qualification proved copies; (four) practitioners experience proved; (five) China Circ provides of other material.     37th article China Circ received fine is responsibility people or legal responsibility people of qualification application material Hou, according to following situation respectively made processing: (a) application material not complete of, China Circ in 5th within once told insurance company need correction of all application material; (ii) application material complete, or insurance company according to China Circ requirements submitted all correction material of, China Circ accepted application and issued stamped accepted dedicated seal of written voucher. Article 38th Circ from the date of acceptance of the application made within 20th approve or not to approve the decision.     Decision not to approve, CIRC shall notify the insurer in writing, state the reasons and inform their right to apply for administrative reconsideration or bring an administrative suit right.     39th specifying a new actuarial liability insurance company or legal person shall be declared to the China insurance regulatory Commission to.     40th sixth chapter legal liability insurance company was not required to submit product approval or for the record, by the China insurance regulatory Commission ordered insurance companies to stop selling the products, and according to relevant laws and administrative regulations on insurance companies and their senior management staff and other persons directly responsible for punishment.     41st insurance companies will be subject to the approval of the products submitted for the record in accordance with regulations, by the China insurance regulatory Commission ordered insurance companies to stop selling the product in serious cases, by CIRC in accordance with relevant laws and administrative regulations on insurance companies and their senior management staff and other persons directly responsible for punishment.     42nd insurance company registration approval to hide relevant information, the provision of false information or refuse to provide authentic materials of the products concerned, by CIRC in accordance with relevant laws and administrative regulations on insurance companies and their senior management staff and other persons directly responsible for penalties products have been sold, the CIRC may order an insurance company to stop selling. 43rd article insurance company of record products has following case one of of, by China Circ ordered insurance company stop sales the products, and according to about legal, and administrative regulations on insurance company and senior management personnel and other directly responsibility people for punishment: (a) violation legal, and administrative regulations or China Circ of ban sex provides; (ii) violation national about financial financial policy; (three) damage social public interests; (four) content explicit lost fair or formed price monopoly, against policyholders, and     The legitimate rights and interests of the insured or the beneficiary; (e) the terms of improper design or determine rates, interest rate, likely to endanger solvency; (vi) another cause identified by CIRC based on prudent regulatory principles.     44th actuarial liability for breach of the provisions of article 32nd, CIRC punishment according to the relevant laws and administrative regulations.     Actuarial responsibility who violated this article 32nd, and first time violations and irregularities occurred for the third time interval of less than two years, the China insurance regulatory Commission since the discovery of the third violation within two years of the date no longer accepts the actuarial liability statement issued by its books and its signature of the actuarial report.     Article 45th responsibility violates the article 35th of the law, by CIRC in accordance with relevant laws and administrative regulations for punishment.     Legal responsibility who violated the article 35th, and first time violations and irregularities occurred for the third time interval of less than two years, the China insurance regulatory Commission since the discovery of the third violation within two years of the date no longer accept its legal responsibility to issue declarations.     Seventh chapter supplementary articles article 46th this way prior to the implementation of the CIRC issued provisions inconsistent with this approach, is subject to this approach.     47th before the implementation of these measures has been approved or registered products can continue to be used.     Insurance company changes prescribed in the preceding paragraph shall, in accordance with this method declaration for approval or for the record.     48th before the implementation of these measures has been approved by the China insurance regulatory Commission to review the actuarial liability qualification and the qualification of the liability remains in force.     49th period as provided herein to working days, excluding holidays.     50th article of the approach by the China insurance regulatory Commission is responsible for the interpretation.     51st article of the rules take effect on July 1, 2004.     Annex: 1, personal insurance products examination and approval form for product approval submission Checklist table 2, life insurance; 3, life insurance products for the record submitted to the Bill of materials table 4, responsible for the actuarial qualification application form; 5, responsible for the legal qualification application form 6, responsible for the actuarial statement; 7, legal responsibility statement.     Annex 1: Annex 2: Note: material for optional material, 1, # 2, 16th, 17 with ☆ material only on participating insurance products; 3 and the insurance company reported "materials are complete check" item, "company report" column fill out submission number without indicate reasons.     Annex 3: Notes: 1, material, # optional material.     2, insurance companies to fill "sale", if you have not yet sold the completed "not sold" has sold complete to start the date of sale.     3 and the insurance company reported "materials are complete check" item, "company report" column fill out submission number without indicate reasons.     4, 9th only on dividends, universal, investment-linked insurance products.     Annex 4: Note: Insert if there is no corresponding content when you write "none".     Annex 5: Note: Insert if there is no corresponding content when you write "none".  Annex 6-Appendix 7:

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