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Insurance Fund Management

Original Language Title: 保险保障基金管理办法

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(December 30, 2004, the China insurance regulatory Commission promulgated as of January 1, 2005, 2004 16th) Chapter I General provisions article to regulate insurance fund pay, manage and use, protect the interests of policyholders, effectively dissolving financial risks and maintain financial stability, according to the People's Republic of China insurance (hereinafter referred to as the Insurance Act) 97th and other provisions, these measures are formulated.
    Second insurance company in these measures refers to the insurance regulatory authority approved the establishment, and legally registered commercial insurance companies, including the Chinese-funded insurance companies, Sino-foreign joint venture insurance companies, foreign-owned insurance company and a branch of a foreign insurance company.
    This approach by said insurance guarantees Fund, is refers to according to insurance, by insurance company paid formed, according to concentrated management, and and manpower using of principles, in insurance company was revoked, and was declared bankruptcy and the China insurance supervision Management Committee (following referred to China CIRC) according to this approach 20th article finds of case Xia, for to policy holds people or policy by let company, provides relief of statutory fund.
    Policy holders in these measures refers to cases where the insurance company is revoked or declared bankrupt, the insurance contract of the insurance interests have the right to request the parties, including the applicant, the insured or a beneficiary.
    Policy the company mentioned in these measures refers to cases where the insurance company is dissolved or declared bankruptcy, accepted the law transferred life insurance companies life insurance contracts.
    Article protection is divided into property insurance companies Insurance Fund Fund Fund and life insurance companies.
    Property insurance fund by property insurance companies, General reinsurance and property reinsurance payment form.
    Life insurance company Fund managed by life insurance companies, health insurance companies and reinsurers to pay form.
    Article fourth of insurance fund management and use follows the principle of open, reasonable and effective.
    Article fifth insurance guarantee funds centrally managed by the CIRC, and manpower.
    Second chapter paid sixth article for into insurance guarantees Fund relief range of insurance business, insurance company should according to following proportion paid insurance guarantees Fund: (a) property insurance, and accident hurt insurance and short-term health insurance, according to retained premium of 1% paid; (ii) has guarantee interest rate of long-term life insurance and long-term health insurance, according to retained premium of 0.15% paid; (three) no guarantee interest rate of long-term life insurance, according to retained premium of 0.05% paid;
    (D) insurance companies pay a proportion of other insurance business shall be determined separately by the China insurance regulatory Commission. Article seventh insurance guarantee fund account established by the Circ.
    Insurance guarantee fund in accordance with the insurance accounting.
    Eighth article insurance company should timely, and full will insurance guarantees Fund paid to insurance guarantees fund specifically account, but has following case one of of, can suspended paid insurance guarantees Fund: (a) property insurance company, and integrated again insurance company and property again insurance company of insurance guarantees fund balance reached company total assets 6% of; (ii) life insurance company, and health insurance company and life again insurance company of insurance guarantees fund balance reached company total assets 1% of.
    Total assets of the insurance company's insurance fund balance to reduce or increase its insurance fund balance to total assets ratio cannot meet the requirements of the preceding paragraph shall automatically restore the insurance fund.
    Balance of the Insurance Fund for insurance companies, insurance guarantee fund paid is equal to the total amount plus the sharing of investment income, minus any amounts used.
    The Nineth insurance company was revoked or declared bankrupt, its insurance fund balance is insufficient to cover should give policyholders or the policy of the relief of the company shortfall amounts in accordance with the rest of the company's market share last year in order to keep premiums reduced its insurance fund balance.
    Tenth insurance company paid insurance fund, calculated on annual, quarterly advance payment.
    Insurance company shall, within 15 working days after the end of each quarter to pay insurance fund in each tax within 4 months after the end of the year.
    11th Circ in accordance with insurance industry development and the situation of risk, adjusting the insurance fund to pay percentage, size limit and payment requirements.
    Chapter III management and oversight of the 12th funds utilization of insurance fund shall follow the security, the principles of profitability and liquidity, on the premise of ensuring the security of assets assets and increase their value. Funds utilization of insurance fund, limited to bank deposits, trading in government bonds and other forms of fund application stipulated by the Circ.
    Insurance guarantee fund shall not be applied to equity investment, real estate investment and other types of industrial investment.
    The CIRC may entrust professional investment management institutions insurance fund.
    13th insurance guarantee fund Council is responsible for the insurance fund management and supervision.
    14th insurance funds by insurance companies, the Council and the State Council Legislative Affairs Office, Ministry of finance, people's Bank of China, the State administration of taxation and other agencies.
    Schemes based on insurance protection fund the work of the Council shall be determined separately by the China insurance regulatory Commission.
    15th the CIRC should be completed within 5 months of the end of each fiscal year audited financial report insurance guarantee fund and announced to the Council and its members and the insurance company. Fourth chapter using 16th article insurance company was revoked or was declared bankruptcy, its liquidation property not enough to paid policy interests of, insurance guarantees Fund according to following rules on non-life insurance contract of policy holds people provides relief: (a) policy holds people of loss in Yuan 50,000 Yuan within of part, insurance guarantees Fund be full relief; (ii) policy holds human personal of, on its loss over Yuan 50,000 yuan of part, insurance guarantees Fund of relief amount for over part amount of 90%
    ; Policy holder of the human body, part of its lost more than 50,000 yuan, payment for the excess amount of insurance fund 80%.
    Policyholder losses referred to in the preceding paragraph, refers to the policy holder's policy interests and from liquidation to pay off the difference between the amount of property obtained. 17th life insurance company was revoked or declared bankrupt, its holdings of life insurance contracts, must be transferred to other life insurance companies.
    Cannot transfer agreements with other life insurance companies, specified by the CIRC life insurance companies receive.
    18th article was revoked or was declared bankruptcy of insurance company of liquidation assets not enough to paid life insurance contract policy interests of, insurance guarantees Fund can according to following rules to policy by let company provides relief: (a) policy holds human personal of, relief amount to transfer Hou policy interests not over transfer Qian policy interests of 90% limited; (ii) policy holds human institutions of, relief amount to transfer Hou policy interests not over transfer Qian policy interests of 80% limited.
    Standard accounting policies the company shall, in accordance with the preceding paragraph after the transfer of the policy interests of policy holders, and policyholder accordingly amend the life insurance contract.
    19th of an insurance company was revoked or declared bankrupt, policyholders in liquidation before the end of May to sign the assignment agreement, the insurance fund payment of relief to policyholders, policyholders their claims to the insurance company to cede insurance Security Fund.
    After the liquidation of insurance guarantee fund repayment amount than relief, insurance fund balance should be returned to the policyholder.
    20th in the insurance industry faces major crisis, may seriously jeopardize the public interest and financial stability for cases, the CIRC may use the insurance fund.
    Article 21st of the following business scope of relief does not belong to the insurance guarantee fund: (a) the insurance companies outside the direct underwriting business and from abroad into business, (ii) insurance policy insurance operations; (c) Circ is not belonging to the insurance guarantee fund relief's other insurance operations.
    22nd fifth chapter legal liability insurance company in violation of the rules by the China insurance regulatory Commission ordered corrective action, and a fine of 50,000 yuan and 300,000 yuan fine; the circumstances are serious, you can limit the scope of business, shall be ordered to stop accepting new business business or revoke their business licenses.
    Directly responsible for violations of the insurance company executives and other personnel, the China insurance regulatory Commission may be warned in different circumstances, shall be ordered to replace, fined 20,000 yuan and 100,000 yuan fine.
    Sixth chapter supplementary articles article 23rd insurance company shall, within 3 months from the date of implementation of this approach will have 50% payment of deposit insurance fund to the insurance guarantee fund account established by the CIRC, the remainder within 1 year from the date of implementation of this approach is paid.
    Article 24th of this approach by the China insurance regulatory Commission is responsible for the interpretation.
                                                25th article this way come into force on January 1, 2005.