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Administrative Measures For Insurance Chief Actuary

Original Language Title: 保险公司总精算师管理办法

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(September 28, 2007, the China insurance regulatory Commission announced 2007 3rd order come into force on January 1, 2008) Chapter I General provisions article in order to improve supervision of insurance actuarial system, standardize internal governance of insurance companies and prevent management risks and promote the healthy development of the insurance industry, according to the People's Republic of China insurance and the People's Republic of China laws and administrative regulations on foreign insurance companies regulations, these measures are formulated.
    Second Chief Actuary in these measures refers to an insurance company for actuarial and related affairs of senior managers.
    Article III shall establish a post of Actuaries of insurance companies.
    Fourth chief actuary shall abide by the laws, administrative regulations, and the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) requirements to comply with the company regulations and professional standards, to perform actuarial duties fairly and objectively.
    Article fifth Circ examine qualifications of Actuaries in accordance with law, and Chief actuarial officer on duty is supervision.
    Chapter Sixth total actuarial qualification management shall meet the honesty and good conduct and perform the function of the required expertise, experience and management ability.
    Seventh article served as total fine is Division should has following conditions: (a) made China fine is Division qualification 3 years above; (ii) engaged in insurance fine is, and insurance financial or insurance investment work 8 years above, which including 5 years above in insurance industry within served as insurance fine is, and insurance financial or insurance investment management positions of served experience; (three) in People's Republic of China territory has residence; (four) China Circ provides of other conditions.
    Obtain foreign qualifications of Actuaries for more than 3 years to be exempted from the preceding paragraph (a) the conditions laid down, it should be by the China insurance regulatory Commission assessment, verify that it is familiar with Chinese insurance regulatory system, which is equivalent to the qualifications of Actuaries in China required professional knowledge and skills.
    The eighth under any of the following circumstances, may not serve as Chief Actuary: (a) the insurance company directors and senior managers of vocational qualification management regulations prohibiting senior management one of the (ii) stipulated by the CIRC is not suitable to serve as Chief Actuary in other circumstances.
    Qualifications of the Nineth has not been approved by the China insurance regulatory Commission, the insurance company shall not in any form of appointment of the actuary. Tenth Article insurance company appointed total fine is Division, should in appointed Qian to China Circ application approved served qualification, submitted following written material a type three copies, and while submitted about electronic document: (a) intends any total fine is Division served qualification approved applications; (ii) insurance company director, and senior management personnel served qualification application table; (three) meet this approach provides of positions statement book; (four) intends any total fine is Division of ID, and degree certificate, and fine is Division qualification certification certificate, about file of copies,
    Copy of a passport should also provide passport and (v) other materials submitted by the Circ. 11th Circ shall from the date of accepting an application for the qualification approval within 20th, make a decision of approval or disapproval.
    20th cannot make a decision, approved by the Chairman of the China insurance regulatory Commission, you can extend the 10th, and shall inform the applicant of the reasons for such further period.
    Decided to approve, issuance of the qualification approval documents; the decision not to approve, it shall make a written decision with reasons.
    12th article total fine is Division has following case one of of, its served qualification automatically failure, intends again served as total fine is Division of, should again after served qualification approved: (a) for resigned, and was removal, and was dismissed, reasons, no longer for the insurance company and branch institutions work of; (ii) by ordered be replaced of administrative punishment of; (three) appeared company law 147th article first paragraph provides case of.
    Total responsibilities of Actuaries 13th General Chapter of Actuaries of insurance company Board of Directors and the General Manager is responsible for, and shall promptly report to the insurance company by the CIRC's major potential risk.
    14th Chief actuarial officer entitled to carry out his mandate, necessary data, documents, information or other related information, insurance-related departments and personnel without undue interference, not withholding or giving false information.
    15th Chief actuarial officer have the right to participate in the insurance company involving related issues within their mandates the Board meeting and the professional views. 16th article total fine is division specific perform following duties: (a) analysis, and research experience data, participation developed insurance products development strategy, developed insurance products rates, audit insurance products material; (ii) is responsible for or participation paid capacity management; (three) developed or participation developed again insurance system, and audit or participation audit again insurance arrangements plans; (four) assessment the reserves and related liabilities, participation budget management; (five) participation developed shareholders bonus distribution system,
    Developed dividends insurance, about insurance products of bonus distribution programme; (six) participation assets liabilities configuration management, participation decided investment programme or participation developed assets configuration guidelines; (seven) participation developed business operating rules and procedures fee, and Commission, intermediary service costs payment system; (eight) according to China CIRC and national about sector provides, audit, and signed public disclosure of about data and report; (nine) according to China Circ provides, audit, and signed fine is report, and contains value report, about file;
    (J) in accordance with this regulation, potential risks to the insurance company and the China insurance regulatory Commission report (11) China insurance regulatory committee or other duties stipulated by insurance regulations.
    17th article insurance company has following case one of of, total fine is Division should according to duties requirements, to insurance company General Manager submitted major risk tips report, and proposed improved measures: (a) appeared may serious against insurance company paid capacity status of major hidden of; (ii) in developed dividends insurance bonus distribution programme, business activities in the, appeared serious damage policyholders, and was insurer or beneficiaries lawful rights and interests of of case of.
    General shall report the significant risk of Actuaries also reported to insurance companies Board of Directors.
    The 18th report of the actuary to submit a major risk, the insurance company shall promptly take measures to prevent or mitigate risk, insurance companies did not take timely measures, chief actuary shall report to the China insurance regulatory Commission.
    Supervision and administration of the fourth chapter 19th of an insurance company shall, in accordance with the regulations, insurance companies statute clearly stipulates the responsibilities of the Chief Actuary.
    20th chief actuary appointed by the Board of Directors of insurance companies.
    21st insurance company appointed Chief Actuary, should be appointed before the proposed post of Actuaries to sign the Declaration.
    Positions statement book should contains Ming following content: (a) total fine is Division work duties; (ii) by intends any total fine is Division made of, will according to this approach provides submitted left report of commitment; (three) intends any total fine is Division in reading former total fine is Division left report Hou made of about statement; (four) China Circ requirements contains ming of other content.
    22nd article in the same insurance company, Board Chairman and General Manager may not serve concurrently as Chief Actuary.
    23rd article except for the following cases, the Chief Actuary shall, in other institutions other than insurance companies serving part-time as follows: (a) part-time between agencies and the Chief Actuary serving insurance companies have a controlling relationship, (ii) the Chief Actuary in the actuarial professional part-time jobs in an organization engaged in activities does not get paid and (iii) other circumstances as stipulated by the Circ.
    24th General actuaries by resignation, dismissal or removal from Office and other reasons, should resign or receive removal, dismissal decisions independently within date 20th turnover report, submitted to the insurance company and the Board of Directors and General Manager.
    Turnover report shall set forth the reasons for leaving and during his term of duty and actuarial transfer instructions.
    Report of separation shall be in duplicate and signed by the Chief Actuary.
    25th insurance company appointed Chief Actuary, should apply for approval before the proposed general qualifications of Actuaries, according to its requirements, former actuary leave reports to its reading.
    26th article total fine is Division for resigned, and was removal or was dismissed, reasons left of, insurance company should since made approved resigned or removal, and dismissed, decided of day up 30th within, to China CIRC report, and submitted following written material: (a) total fine is Division was removal or was dismissed of reasons description; (ii) removal, and dismissed or approved resigned, about decided of copies; (three) total fine is Division made of left report.
    27th fifth chapter legal liability for acts in violation of the provisions of the Insurance Act does not constitute a crime are directly responsible for the Chief Actuary, the CIRC may be warned in different circumstances, shall be ordered to be removed, a fine of 20,000 yuan and 100,000 yuan fine.
    Ordered to be removed by application, in accordance with the insurance company directors and senior managers of vocational qualification management regulations and other relevant provisions of the China insurance regulatory Commission.
    28th article in addition to the cases prescribed in the preceding article, Chief actuarial officer contrary to the actuarial duties, according to the China insurance regulatory Commission shall be signed by him provided the file does not meet the requirements of the China insurance regulatory Commission, by the China insurance regulatory Commission ordered corrective action and warning to Chief Actuary; the circumstances are serious, and a 10,000 yuan fine.
    Article 29th of the unauthorized appointment of the actuary, be warned by the China insurance regulatory Commission and fined 10,000 yuan.
    Article 30th Chief Actuary in accordance with reporting to the CIRC related matters in a timely manner as provided herein, by the China insurance regulatory Commission ordered corrective action and a warning.
    The sixth chapter supplementary articles article 31st on the management of the Office of the Chief Actuary, this approach does not require, shall apply to the insurance company directors and senior management staff of vocational qualification management regulations of the relevant provisions.
    The 32nd day in these measures refers to working days, excluding holidays.
    The 33rd article of the approach by the China insurance regulatory Commission is responsible for the interpretation. 34th article of the rules implemented on January 1, 2008.
    Life insurance companies, insurance companies and health insurance companies with effect from the effective date of application of this approach of property insurance companies to apply this approach time and specific measures prescribed separately by the China insurance regulatory Commission. From the date of implementation of this approach, the China insurance regulatory Commission previously provided for life insurance companies, pension companies and health insurance companies actuarial liability the duties carried out by the Chief Actuary, released by the China insurance regulatory Commission on June 30, 2004 the life insurance products examination and approval and for the record management policy (insurance [2004]6) in respect of the actuarial liability of the insurance company shall specify who shall no longer be implemented.
                                                                      China insurance regulatory Commission released on November 11, 2004, the notification of the responsible for the actuarial qualification requirements (the OCI [2004]133) from the date of implementation of this approach be abrogated.