Insurance Company Information Disclosure On Management Approach

Original Language Title: 保险公司信息披露管理办法

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Insurance company information disclosure on management approach

    (May 12, 2010, the China insurance regulatory Commission announced on June 12, 2010, 2010 7th execution) Chapter I General provisions

    First in order to standardize the insurance company's information disclosure, protect the legitimate rights and interests of policyholders, insured persons and beneficiaries, promote the healthy development of the insurance industry, according to the People's Republic of China insurance law and other laws and administrative regulations, these measures are formulated.

    Article insurance companies mentioned in these measures refers to the insurance regulatory authority approved the establishment and legally registered commercial insurance company.

    Information disclosure in these measures, refers to the insurance company to expose its management to the public information act.

    Should be followed to a third insurance company information is true, accurate, complete, timely, and effective principles, without any false record, misleading statements and material omissions.

    Information disclosure by insurance companies should use plain language whenever possible.

    The fourth insurance company shall, in accordance with laws, administrative regulations, and the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) of information disclosure.

    Insurance companies in the legal and administrative regulations and on the basis stipulated by the CIRC to disclose more information.

    Fifth Circ in accordance with the law and authorized by the State Council, monitor management information disclosure to insurance company practices.

    Chapter II content of information disclosure

    The sixth insurance company shall disclose the following information:

    (A) basic information;

    (B) financial accounting information;

    (C) risk management information;

    (D) insurance products business information;

    (V) solvency information;

    (Vi) significant related party transaction information;

    (VII) information on important matters.

    Seventh insurance companies should disclose basic information includes company overview and corporate profile.

    Eighth insurance company disclosed company profile should include the following:

    (A) the legal name and abbreviation;

    (B) the registered capital;

    (C) registration;

    (D) set up time;

    (E) business scope and operating areas;

    (F) the legal representative;

    (VII) telephone customer service and complaints;

    (H) the branches of business sites and phone;

    (I) the list of business insurance products and terms.

    Nineth insurance summary of corporate governance disclosure should include the following:

    (A) 3 years general meeting of shareholders (shareholder) key resolutions;

    (B) the curriculum vitae of Directors and their duties;

    (C) the supervisor resumes its duties;

    (D) senior management staff resumes, responsibilities and duties;

    (E) set up divisions in the company;

    (F) the stake in 5% per cent of shareholders and shareholdings.

    Tenth on the insurance company disclosed annual financial accounting information must be consistent with the annual audited financial statements, and includes the following:

    (A) the financial statements, including balance sheet, income statement, cash flow statement and statement of changes in owner's equity;

    (Ii) financial report note, including financial report of prepared based, important accounting policy and accounting estimated of description, important accounting policy and accounting estimated change of description, or something items, and balance sheet future matters and table outside business of description, on company financial status has major effect of again insurance arrangements description, Enterprise merged, and Division of description, and financial report in the important project of details;

    (C) the key audit observations audit report, audit observations in the explanatory notes, reservations, denial of opinion or an adverse opinion, insurance companies should also explain why.

    The insurance companies actually operate for a period not exceeding 3 months does not audit the annual financial report.

    11th risk management of insurance companies to disclose information should be consistent with the annual risk assessment report for consideration by the Board, and include the following:

    (A) risk assessment, including insurance risk, market risk, credit risk and operational risk identification and evaluation of major risk;

    (B) risk management, including risk management system introduced, overall risk management strategy and its implementation.

    12th life insurance company on the disclosure of management information refers to an annual premium income of the top 5 business of insurance products, including product premiums and the new single standard premiums.

    13th article property insurance companies to disclose management information refers to the previous year's premium income in the top 5 of the commercial insurance business, name, amount, including insurance premiums income, indemnity expenditure, reserves, underwriting profit.

    14th the solvency of the insurance company disclosed last year information should include the following:

    (A) the actual capital and the minimum capital of the company;

    (B) the excess or shortfall of capital;

    (C) the solvency ratios;

    (D) the solvency ratios than reported the previous year and its causes.

    Insufficient solvency ratio, it shall explain the reasons.

    Article 15th significant related party transaction information disclosure should include the following:

    (A) counterparty;

    (B) the pricing policy;

    (C) trading purposes;

    (D) the transaction the internal approval process;

    (E) the transaction on the company's current and future financial and operational status of effects;

    (F) the views of the independent directors.

    Determination and calculation of the significant related party transactions, shall conform to the relevant regulations of the China insurance regulatory Commission.

    The 16th of the following one of the major insurance companies, should disclose the relevant information and a brief description:

    (A) controlling shareholders and actual controllers changed;

    (B) the replacement of the Chairman or General Manager;

    (C) year cumulative changes the number exceeds the number of members of the Board of Directors the Board of Directors of one-third;

    (D) the name, or registration of the registered capital of the company is changed;

    (E) significant changes in scope;

    (F) merger, Division, dissolution or bankruptcy;

    (VII) the revocation the provincial branch;

    (H) the solvency deficiency or significant changes;

    (I) major strategic investment, gross pay or gross investment losses;

    (J) the insurance company or its Board Chairman and General Manager was sentenced for economic crimes;

    (11) major litigation or significant arbitration events;

    (12) insurance companies, or its provincial branch of China insurance regulatory Commission on administrative penalties;

    (13) the replacement or dismissal of accounting firms in advance;

    (14) other matters stipulated by the Circ.

    Chapter III information disclosure of how and when

    17th insurance company shall establish an Internet point, require the disclosure of the relevant information in accordance with this approach.

    18th insurance company shall disclose company's basic information in the company's Internet site.

    Company information is changed, the insurance company shall be updated within 10 working days from the date of change.

    19th insurance company shall make an annual disclosure report, annual disclosure reports shall include these measures the sixth paragraph (b) to (e) provision of content.

    Insurance companies shall, before April 30 of each year on the company Internet site and published on the newspapers specified by the CIRC annual disclosure report.

    20th insurance companies the way sixth paragraph (vi), (VII), one of the provisions, shall, within 10 working days from the date of preparation of the provisional disclosure reports, and published on the Internet site of the company.

    21st insurance company information disclosure cannot be made on time, shall, within the prescribed disclosure before the expiration of the term, announced in the company's Internet site cannot disclose on time and expected time of disclosure.

    Insurance companies to delay disclosure not later than the 20th business day after the expiry of the disclosure period.

    22nd Internet website of an insurance company shall keep the most recent 5 years of annual disclosure reports and provisional disclosure reports for the last 3 years.

    23rd insurance company Internet sites and newspapers specified by the CIRC disclosed information, the content may not be company Internet stations and newspapers specified by the CIRC disclosed the contents of the conflict, and shall not be earlier than the company website and the disclosure of newspapers specified by the Circ.

    The fourth chapter information disclosure management 24th insurance company shall establish an information disclosure system and the China insurance regulatory Commission.

    Insurance company information disclosure management system should include the following:

    (A) the contents and formats of information disclosure;

    (B) information review and release process;

    (C) information disclosure Division of responsibilities, the contractor and the evaluation system;

    (D) accountability. Article 25th Secretary of the Board of Directors is responsible for the management of corporate information disclosure.

    The insurance company does not have a Board of Directors, shall designate a Senior Manager information disclosure of management transactions.

    Insurance companies shall be designated by the Secretary of the Board of directors or senior managers, the contractor disclosure contact Circ in the services sector.

    26th an insurance company should be prominent positions in the company's Internet site home page setting information column.

    27th insurance company shall strengthen the construction of company Internet site, maintain website security, facilitate the public's access to information. 28th information disclosure in Chinese insurance companies should be used.

    While foreign-language text of the disclosure, and Chinese text content should be consistent; two inconsistent text, the Chinese text shall prevail.

    The fifth chapter supplementary articles

    29th CIRC to insurance product information and the disclosure of other information otherwise provided, from its provisions.

    30th insurance group, policy-oriented insurance companies and reinsurers do not apply these measures, but the business of direct insurance except insurance group.

    Branch of a foreign insurance companies engaged in direct insurance business reference for this approach.

    31st listed insurance company in accordance with the request of information disclosure of listed companies already disclose the information as provided herein, are exempted from repeating the disclosure.

    32nd article this way by the China insurance regulatory Commission is responsible for the interpretation. 33rd article this way come into force on June 12, 2010.

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