What Is Insurance Management?

Insurance management is a process of organizing, coordinating and supervising various economic activities of insurance companies through certain procedures and methods. The purpose is to obtain the best economic and social benefits with as little labor expenditure as possible. Including two categories of administrative management and business management. Administrative management refers to the restriction and control of insurance business activities by certain insurance administrative agencies in accordance with insurance legislation. It is mandatory and direct, such as determining insurance clauses, issuing business certificates, formulating insurance regulations and management measures, and processing insurance contracts. Disputes, etc. Business management refers to the process of guiding, coordinating, and organizing the operating activities of insurance companies using economic leverage and modern scientific methods in accordance with the objective requirements of economic laws. It is the central link of insurance management. Including exhibition, underwriting, finance, claims and information management. Business management in a broad sense also includes risk management. ^[1]

Insurance management

Management of exhibition, underwriting, disaster prevention, and claim settlement in the insurance company's business activities.

Including two aspects of labor management and personnel management: labor management, management of staff capacity, labor organization and labor plan, through the reasonable organization of labor, give full play to the capabilities of workers, thereby achieving the purpose of improving labor efficiency; personnel management, Adjust the relationship between people and the work they perform, centering on improving the quality of the workforce, and organically recruiting, distributing, educating, training, assessing, using, rewarding and punishing, transferring, labor wages, and labor protection. Systematicly linked together.

Chapter I General Provisions

The first is to strengthen the supervision and management of insurance companies, maintain the normal order of the insurance market, protect the legitimate rights and interests of the insured, and promote the healthy development of the insurance industry. The People's Republic of China Company Law (hereinafter referred to as the "Company Law") and other laws and regulations have formulated these regulations.

Article 2 The China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) is the competent department of commercial insurance throughout the country. It shall perform supervision duties on insurance companies in accordance with the law and authorized by the State Council.

Article 3 Insurance companies carry out insurance business activities in accordance with law and are not subject to interference by government departments at all levels, social groups and individuals.

Article 4 The insurance companies referred to in these regulations refer to all types of commercial insurance companies established with the approval of the insurance supervision department and registered in accordance with the law.

The branches of insurance companies referred to in these regulations refer to the branches, branches, and sales offices that insurance companies apply to establish and operate insurance business in accordance with the law. Except with the approval of the China Insurance Regulatory Commission, branches of insurance companies may not be in other forms.

The insurance institutions mentioned in these regulations refer to insurance companies and their branches.

Chapter II Insurance Institutions

Article 5 The establishment of an insurance company or the establishment of a branch of an insurance company must be approved by the China Insurance Regulatory Commission.

Without the approval of the China Insurance Regulatory Commission, no unit or individual may operate or disguise commercial insurance business in the territory of the People's Republic of China.

Article 6 The establishment of an insurance company shall meet the following principles:

(1) abiding by insurance laws, regulations and administrative rules;

(2) Conducive to the stability of China's insurance market and financial system;

(3) Separate operations of insurance and banking and securities; Separate operations of property insurance business and life insurance business;

(4) Reasonable layout and fair competition.

Article 7 An application for establishing an insurance company shall meet the following requirements:

(1) An insurance company operating insurance business nationwide shall have a paid-in currency capital of not less than RMB 500 million; an insurance company operating a business in a particular region shall have a paid-in currency capital of not less than RMB 200 million;

(2) The senior management personnel of an insurance company must meet the qualifications required by the China Insurance Regulatory Commission;

(3) A national insurance company operating a life insurance business must have at least three actuarial staff approved by the China Insurance Regulatory Commission; a regional insurance company operating a life insurance business must have at least one actuarial staff approved by the CIRC;

(4) Having business premises and office equipment suitable for its business scale and number of personnel;

(5) The shareholders of an insurance company limited by shares shall be corporate legal persons or other organizations permitted to invest by the state; the qualifications of shareholders shall comply with the relevant regulations of the China Insurance Regulatory Commission;

(6) Other conditions required by the China Insurance Regulatory Commission.

Article 8 An application for the establishment of an insurance company shall be submitted in triplicate:

(1) Preparation application report;

(2) Feasibility report;

(3) Preparation plan;

(4) The letter of intent for the investor's share subscription and its background information, including the nature of the organization, the form of organization, the time of establishment, the examination and approval department, the legal representative, and the registered capital;

(5) Resume of the person in charge of the establishment, the chairman and general manager of the insurance company, and the certification of his approval;

(6) Other materials required by the CIRC.

Article 9 The CIRC makes a decision on approval or disapproval within six months from the date of receipt of the application documents for the establishment of an insurance company; if it fails to respond within the time limit, it shall be deemed not to be approved.

If the application is not approved, the applicant may not make the same application again within one year.

Article 10 The establishment of an insurance company with the approval of the China Insurance Regulatory Commission shall complete the preparation work within six months; if the preparation work is not completed within the time limit, the original approval preparation documents will automatically become invalid. Upon the application of the founder, the China Insurance Regulatory Commission has approved that the preparation period can be extended by six months.

The preparation institution shall not engage in any insurance business operation activities during the preparation period.

Article 11 After the preparatory establishment is completed, an insurance company may submit an application for starting a business and submit the following documents to the CIRC in triplicate:

(1) Business application report;

(2) A capital verification certificate issued by a capital verification institution recognized by the China Insurance Regulatory Commission, and a copy of the original voucher for capital account entry;

(3) Resume of the company's senior management, the company's department settings and the basic composition of personnel;

(4) certification documents for the ownership or use right of the business site;

(5) Articles of Association (draft);

(6) Three-year business plan and reinsurance plan;

(7) insurance terms and insurance premium rates of the types of insurance to be operated;

(8) a report on the configuration of computer equipment and software;

(9) Other materials required by the CIRC.

Article 12 An insurance company may apply for the establishment of branches according to the needs of business development. Branches should take the form of branches, (central) branch companies, and business departments.

The business headquarters of the insurance company head office is responsible for the jurisdiction of the branch offices and business departments of the city where the head office is located. No branch office will be established in the head office.

Article 13 Where an insurance company is established with the minimum amount of capital specified in Article 7 (1) of these Provisions, a national company may apply for the establishment of three branches, and a regional company may apply for the establishment of two branches; When setting up a branch or branch at or above the provincial level, the capital shall be increased by at least RMB 50 million.

When applying for the establishment of an additional branch, the insurance company may not increase the corresponding capital if the capital amount of the insurance company has reached the requirements specified in the preceding paragraph.

National insurance companies have a capital of RMB 1.5 billion and regional insurance companies have a capital of RMB 500 million. With sufficient solvency, additional branches can no longer increase capital.

Article 14 An insurance company shall apply to the CIRC for the establishment of a branch by its parent company.

Article 15 An insurance company applying for establishing a branch shall meet the following requirements:

(1) Conducive to the development of the local insurance market;

(2) The head office has been in operation for more than one year, and the capital has met the requirements of Article 13 of these regulations;

(3) The internal control system is sound, the institution is operating normally, and the solvency is sufficient;

(4) There have been no serious violations of laws and regulations in the last two years, and the annual inspection of the superior institution to be established is qualified;

(5) Senior branch management personnel with qualifications to meet the requirements of the China Insurance Regulatory Commission;

(6) The branch approved last time is successfully established and operates normally;

(7) Other conditions required by the CIRC.

Article 16 An insurance company applying for establishing a branch shall submit a formal application report. The contents of the application report include: business scope, three-year business development planning and market analysis, person in charge of preparation, computer equipment plan, and proposed office location.

Article 17 The China Insurance Regulatory Commission shall apply to the insurance company to establish a branch based on the market development needs and in accordance with the insurance company's premium income scale, solvency, operating efficiency, operating management level, internal control system construction, distribution and number of existing branches Approval.

Article 18 After receiving the application for establishing a branch, the CIRC makes a decision on approval or disapproval within three months; if it fails to respond within the time limit, it shall be deemed as disapproval.

If the application is not approved, the insurance company shall not make another application with the same content within six months.

After the application is approved, the insurance company shall proceed with the establishment of branches. The preparation period generally does not exceed six months; if the preparation work is not completed within the time limit, the original approval document will automatically become invalid. Upon the application of the insurance company and the approval of the China Insurance Regulatory Commission, the preparation period can be extended for three months.

Article 19 After the establishment of a branch office is completed, an insurance company shall submit a business application report to the China Insurance Regulatory Commission and apply for a License to Operate Insurance Business.

The business application report should include the completion of the preparation work, the scope of business operations, the person in charge of the organization, the office and related certificates, the configuration of the computer equipment, the internal organization settings, and the employment situation.

Article 20 Changes to the following matters of an insurance company shall be reported to the China Insurance Regulatory Commission for approval:

(1) amending the articles of association;

(2) change of address;

(3) increasing or decreasing registered capital;

(4) equity transfer;

(5) Changing the organizational form;

(6) adjusting business scope;

(7) Change of company name;

(8) division or merger;

(9) Other changes that the CIRC deems necessary to be reported.

Article 21 If the total shares of an insurance company held by a single shareholder (including its affiliated company or in the name of another person) of an insurance company limited by more than 10% of the insurance company's capital, it must be approved by the China Insurance Regulatory Commission.

Article 22 The resolution of the board of directors of an insurance company shall be reported to the China Insurance Regulatory Commission for record within 15 days from the date when the board of directors closes.

Article 23 The following changes in the branches of an insurance company shall be reported to the China Insurance Regulatory Commission for approval:

(1) cancellation or merger of institutions;

(2) changing the name of the institution;

(3) adjusting business scope;

(4) change of business address;

(5) Other changes that the CIRC deems necessary to be reported.

Article 24 The examination and management of the qualifications of senior management personnel of insurance institutions shall be implemented in accordance with the relevant regulations promulgated by the China Insurance Regulatory Commission.

Article 25 An insurance company shall set up a special customer service agency or consulting and complaints department, and open the complaint telephone number.

Article 26 The public issuance of new shares by an insurance company to the public shall comply with the "Company Law" and relevant regulations of the State Securities Regulatory Commission, but it shall not issue new shares to the public in any of the following circumstances:

(1) The company has committed major illegal or illegal operations in the past three years;

(2) The company did not raise enough shares in the previous issue of shares, and less than two years have passed.

The new shares issued shall be fully subscribed by the original shareholders, the new shares shall be converted into profits, or the new shares shall be distributed through the provident fund, and shall not be subject to the restrictions in the preceding paragraph.

Article 27 An insurance license is a statutory certification document for an insurance institution to conduct insurance business. The insurance license is divided into "Insurance Agency Legal Person License" and "Insurance Business License". "Insurance Agency Legal Person License" is a certification document for insurance companies to operate insurance business in accordance with the law. "Insurance Business License" is a branch of insurance companies Certification documents for the institution to conduct insurance business according to law.

Article 28 An approved insurance company shall be issued by the China Insurance Regulatory Commission with the License of an Insurance Institution Legal Person; and an approved insurance company branch shall be issued with an Insurance Business License by the China Insurance Regulatory Commission. Insurance companies and branches of insurance companies shall, with approval documents and permits, go through the registration formalities with the administrative department for industry and commerce, and may start operations after obtaining a business license.

An insurance institution shall, upon approval of handling relevant changes, carry the original and duplicate copies of relevant approvals and permits to the China Insurance Regulatory Commission to replace its permits.

Article 29 The China Insurance Regulatory Commission shall uniformly design, print, issue, withhold, cancel or cancel insurance licenses in accordance with the law. No other unit or individual may design, print, issue, collect or seize insurance licenses.

Article 30 An insurance company and its branches shall place the original insurance license in a prominent place on the business premises, and properly keep a copy of the license for inspection.

Article 31 The insurance license is changed every three years. If there is any loss, it shall be declared invalid in a newspaper designated by the China Insurance Regulatory Commission within 15 days from the date of discovery, and the situation shall be stated in writing, and a new application shall be made to the original issuing authority.

Article 32 Insurance institutions shall not forge, alter, lease, lend, transfer, or sell insurance licenses.

Article 33 The CIRC charges fees for insurance institutions that receive or replace insurance licenses in accordance with regulations.

Article 34 The establishment of a wholly-owned, joint venture or branch by an insurance company overseas shall be subject to the approval of the China Insurance Regulatory Commission.

Article 35 An insurance company that revokes an overseas agency specified in Article 34 of these regulations shall report to the China Insurance Regulatory Commission for approval; an overseas company of an insurance company whose business license has been revoked or declared bankrupt by an overseas regulatory authority shall report to the China Insurance Regulatory Commission for record .

Article 36 With the approval of the China Insurance Regulatory Commission, an insurance company may establish a representative office. The representative office is responsible for consulting, liaising, and coordinating related matters of the insurance company, but shall not engage in insurance business operations.

The establishment of an overseas representative office by an insurance company requires the approval of the China Insurance Regulatory Commission.

Article 37 If an insurance company is disbanded, cancelled or declared bankrupt according to law, the liquidation group shall notify the creditors within ten days from the date of establishment and make an announcement at least three times in a newspaper designated by the China Insurance Regulatory Commission.

Article 38 An insurance company that dissolves in accordance with its articles of association or a resolution of the shareholders' meeting shall apply to the China Insurance Regulatory Commission and submit the following documents in triplicate:

(1) application report for dissolution;

(2) Resolutions of the shareholders meeting;

(3) liquidation procedures;

(4) scheme of arrangement of claims and debts;

(5) the organization of the liquidation group and its person in charge;

(6) Asset allocation plan;

(7) Other documents required by the CIRC.

Article 39 If an insurance company is dissolved or revoked in accordance with law, it shall immediately stop accepting new business and submit an insurance license in accordance with law.

Article 40 Where an insurance company is dissolved or cancelled in accordance with law, a liquidation group shall be established. The liquidation team shall entrust an accounting firm, actuary firm, or law firm recognized by the China Insurance Regulatory Commission to evaluate the company's claims and assets.

The China Insurance Regulatory Commission may supervise and guide the liquidation work.

Article 41 If an insurance company is dissolved or cancelled in accordance with law, its assets shall be disposed of by public auction or bidding; if it is transferred by agreement, it shall be reported to the China Insurance Regulatory Commission for the record.

Article 42 An insurance company shall be dissolved or declared bankrupt according to law, and the insurance contract transfer plan shall be submitted to the China Insurance Regulatory Commission for approval.

If the insurance contract is transferred in accordance with the provisions of the preceding paragraph, the CIRC may adjust the predetermined interest rate of the long-term life insurance clauses.

Article 43 An insurance company shall be dissolved in accordance with the law. Prior to the liquidation of the insurance contract liability, the shareholders of the company shall not allocate company assets or obtain any benefits from the company.

Article 44 If an insurance company is dissolved in accordance with the law and found to be insolvent during the liquidation, an application for bankruptcy shall be filed. The liquidation of its property and the treatment of creditor's rights and debts shall be carried out in accordance with the bankruptcy procedures of the insurance company. except.

Chapter III Insurance Business

Article 45 With the approval of the China Insurance Regulatory Commission, a property insurance company may operate all or part of the following businesses:

(1) Insurance of corporate property losses;

(2) Family property insurance;

(3) Construction engineering insurance;

(4) Installation engineering insurance;

(5) Cargo transportation insurance;

(6) Motor vehicle insurance;

(7) ship insurance;

(8) Aircraft insurance;

(9) Space insurance;

(10) Nuclear power plant insurance;

(11) Energy insurance;

(12) Statutory liability insurance;

(13) General liability insurance;

(14) Guarantee insurance;

(15) Credit insurance;

(16) Plantation insurance;

(17) Breeding industry insurance;

(18) Other property insurance businesses approved by the China Insurance Regulatory Commission;

(19) Reinsurance business of the above insurance business.

Article 46 With the approval of the China Insurance Regulatory Commission, a life insurance company may operate all or part of the following businesses:

(1) Personal accident insurance;

(2) Periodic personal death insurance;

(3) Individual life insurance;

(4) personal life insurance;

(5) Personal annuity insurance;

(6) Individual short-term health insurance;

(7) Individual long-term health insurance;

(8) Group accident insurance;

(9) Group regular life insurance;

(10) Group life insurance;

(11) Group annuity insurance;

(12) group short-term health insurance;

(13) Group long-term health insurance;

(14) other life insurance businesses approved by the China Insurance Regulatory Commission;

(15) Reinsurance business of the above insurance business.

Article 47 With the approval of the China Insurance Regulatory Commission, a reinsurance company may operate all or part of the following businesses:

(1) accepting reinsurance out-of-business from property insurance companies;

(2) accepting reinsurance out-of-business from a life insurance company;

(3) Accepting the statutory reinsurance business of a domestic insurance company with the approval of the China Insurance Regulatory Commission;

(4) transacting reinsurance business;

(5) Operating international reinsurance business.

Article 48 If an insurance company applies to increase the scope of its business operations, its capital, operating period, and operating results shall meet the relevant requirements of the China Insurance Regulatory Commission.

Article 49 Where the insurance company can conduct foreign exchange business with the approval of the China Insurance Regulatory Commission and the State Administration of Foreign Exchange, its scope is limited to the parent company. If an insurance company branch needs to engage in foreign exchange business, it shall submit another approval.

Article 50 With the approval of the China Insurance Regulatory Commission, branches of an insurance company may carry out all or part of the insurance business within the scope of business of its parent company.

Article 51 An insurance institution shall carry out insurance business within the area specified in the insurance license.

When insurance companies conduct business in large and medium-sized cities, they should establish corresponding branches.

Article 52 Two or more insurance companies participating in the co-insurance of the same insurance subject for special risks such as large-scale projects, satellites, or co-insurance where at least one of the insurance companies has obtained the insurance business license of the place where the subject of insurance is obtained may not Restrictions on the scope of business areas.

Article 53 For large industrial and commercial enterprises or large engineering projects that meet one of the following conditions, insurance companies may underwrite them in different places:

(1) The total amount of the property insurance of the enterprise or project exceeds RMB 500 million.

(2) The total premium income of the insurance listed in the preceding paragraph exceeds RMB 1 million.

Article 54 If one of the following conditions is met, an insurance company may underwrite off-site business in the form of a master policy:

(1) For national key engineering construction projects, the insurance institution where the investment unit's legal person is located may adopt a unified policy form to underwrite related off-site insurance business.

(2) Where the insured's legal person institution and the main subject of insurance (over 50% of the insurance amount) are located in the area where the insurance institution operates, but some projects or some businesses that are not independently accounted for are located in a different place, the insurance institution may When underwriting local business, the above-mentioned off-site business is also covered in the form of a master policy.

Article 55 The insured may voluntarily choose an insurance company to apply for insurance. An insurance company shall not compulsory or disguise the policyholder in any way, except as otherwise provided by laws and regulations.

Article 56 An insurance company shall not entrust an insurance agent that has not been approved by the China Insurance Regulatory Commission to develop its business; it must not accept insurance business introduced by an insurance broker that has not been approved by the China Insurance Regulatory Commission; Or similar fees.

Article 57 An insurance company shall not, for the purpose of crowding out competitors, abnormally reduce the insurance premium rate or expand the scope of insurance liability to carry out insurance business and engage in vicious price competition.

Article 58 An insurance company shall not forge or disseminate false facts and damage the credibility and reputation of other insurance companies.

An insurance company shall not use the judgment or punishment decision of the China Insurance Regulatory Commission, other government departments, or the court to attack competitors and obtain commercial benefits.

Article 59 An insurance company shall not persuade the insured or the insured to terminate the insurance contract with other insurers for the purpose of seizing the market.

Article 60 Insurance companies shall not use government departments, other state authorities, monopoly industries, departments or enterprises to illegally crowd out or hinder other insurance companies from carrying out insurance business activities.

Article 61 An insurance company and its employees shall not provide insurance policy rebates or other benefits that are illegal or illegal to the insured, the insured, or the beneficiary; nor shall they pay commissions or handling fees to insurance agents beyond the scope and standard.

Article 62 The propaganda materials of insurance companies of insurance companies shall be comprehensive, objective, complete and truthful. Insurance companies shall not use advertisements or other methods to make misleading false publicity about the contents of their insurance terms and service quality.

Article 63 The propaganda materials for insurance business of an insurance company shall contain the name of the insurance company, the telephone number and address for consultation and complaints.

The insurance company's insurance business promotional materials must not predict the company's profit or dividends, insurance policy dividends, interest margin returns and other uncertain policy benefits; the promotion of insurance products must not exaggerate or disguise the insurance liability.

Article 64 An insurance company shall, in a reasonable manner, give special notice to the exclusion clauses, surrenders and surrender clauses in the insurance contract.

An insurance company shall not make partial or one-sided comparisons of its insurance terms and insurance rates with similar insurance terms, insurance rates or interest rates of other insurance companies or financial institutions.

Article 65 An insurance company shall supervise and manage the industry conduct of its insurance agents, and shall immediately stop or rectify any illegal or illegal acts discovered by insurance agents.

Article 66 Related party transactions of an insurance company shall be reported to the China Insurance Regulatory Commission for approval.

The related party transactions specified in the preceding paragraph refer to:

(1) insurance and reinsurance business between affiliated companies;

(2) asset management, guarantee and agency business between affiliated companies;

(3) Sale of fixed assets or transfer of creditor's rights and debts between affiliated companies.

The board of directors, general manager of an insurance company, or other legal person's immediate family members, shall conduct transactions with the insurance company and report to the China Insurance Regulatory Commission for the record.

Chapter IV Insurance Terms and Rates

Article 67 The scope of "main types of insurance for commercial insurance" stipulated in Article 106 of the Insurance Law shall be determined by the China Insurance Regulatory Commission. The China Insurance Regulatory Commission may adjust the scope of major types of insurance according to market conditions.

The China Insurance Regulatory Commission formulates and revises the basic insurance terms and insurance rates for major insurance types; the China Insurance Regulatory Commission may entrust insurance industry associations or insurance companies to draft basic insurance terms and insurance rates for major insurance types.

Article 68 The insurance clauses and premium rates of other types of insurance formulated by an insurance company shall be reported by the head office to the China Insurance Regulatory Commission for the record. If the China Insurance Regulatory Commission has not filed an objection with the terms and rates filed within 30 days from the date of receipt of the filing application documents, the insurance company may use the terms and rates.

Without authorization from the head office, branches of insurance companies may not draw up insurance terms and insurance rates on their own.

Article 69 If the insurance clauses and insurance rates filed by an insurance company are in one of the following circumstances, the CIRC may require the insurance company to modify them or require the insurance company to stop using them:

(1) Violating the prohibitive provisions of laws, regulations or administrative regulations;

(2) Violating relevant state fiscal policies;

(3) harming public interests;

(4) The content is obviously unfair or the price is monopolized, infringing on the legitimate rights and interests of the policyholder, the insured or the beneficiary;

(5) The insurance premium rate is lower than the cost price and constitutes unfair competition;

(6) Inappropriate design or determination of terms and rates and booking interest rates may endanger the solvency of insurance companies;

(7) Other reasons determined by the China Insurance Regulatory Commission.

Article 70 The CIRC may promulgate model clauses for property insurance or life insurance.

Article 71 The predetermined interest rate of a long-term life insurance policy formulated by a life insurance company shall not be higher than the relevant standards formulated by the China Insurance Regulatory Commission.

The life form used by a life insurance company shall be approved by the China Insurance Regulatory Commission.

Article 72 An insurance company shall implement uniform insurance clauses for the same type of insurance.

An insurance company may, according to the actual situation in each place, formulate a local insurance premium rate and apply it after approval by the China Insurance Regulatory Commission. The China Insurance Regulatory Commission may also stipulate the standard insurance rate or the fluctuation range of the insurance rate according to the actual situation.

Article 73 When an insurance company declares, modifies or adjusts the recorded property insurance clauses and insurance rates, it shall submit the following documents:

(1) Triplicate copies of the record of insurance clauses and premium rates;

(2) market forecast of insurance products, the loss rate of the insurance subject in the latest three years, the planned insurance compensation rate, the planned management costs and the planned profit rate;

(3) Calculation formula and basis for determining insurance premium rates;

(4) business propaganda materials of the insurance type;

(5) Other materials required by the CIRC.

Article 74 When an insurance company declares, revises or adjusts the recorded personal insurance clauses and insurance rates, it shall submit the following documents:

(1) Triplicate copies of the record of insurance clauses and premium rates;

(2) the market forecast of insurance products, the predetermined interest rate, the predetermined expense rate and the life table used;

(3) Calculation formulas and methods of insurance premium rate, insurance liability reserve, and policy cash value;

(4) business propaganda materials of the insurance type;

(5) Other materials required by the CIRC.

Chapter V Management and Use of Insurance Funds

Article 75 An insurance company shall draw a security deposit in accordance with the law.

With the approval of the China Insurance Regulatory Commission, insurance companies can deposit security deposits with securities recognized by the China Insurance Regulatory Commission.

Article 76 The various insurance liability reserves deposited by an insurance company must be true and sufficient.

Article 77 An insurance company shall withdraw the outstanding claims reserve according to the insurance compensation or payment amount that has been submitted; for insurance compensation or payment that has occurred but has not yet been submitted, it shall withdraw the reserve for unreported compensation that has occurred, and its withdrawal amount Withdrawal shall not be more than 4% of the actual payment amount of compensation for the year.

Article 78 The provident fund of an insurance company is used to make up for the company's losses or to increase the company's capital.

When the insurance company converts the provident fund to capital through a resolution of the shareholders 'meeting, it will distribute new shares or increase the par value of each share in accordance with the shareholders' original share ratio. However, when the statutory reserve fund is converted into capital, the reserve fund retained shall not be less than 25% of the registered capital.

Article 79 Except for the approval of the China Insurance Regulatory Commission, the capital, provident fund and various insurance liability reserves of insurance companies shall be used in China.

Article 80 The use of insurance funds is limited to:

(1) bank deposits;

(2) buying and selling government bonds;

(3) buying and selling financial bonds;

(4) buying and selling central enterprise bonds designated by the China Insurance Regulatory Commission;

(5) Other ways of using funds stipulated by the State Council.

The use of funds by insurance companies shall comply with laws, regulations and relevant regulations of the China Insurance Regulatory Commission.

Chapter VI Solvency of Insurance Companies

Article 81 An insurance company shall have the minimum solvency that is appropriate to the size of its business.

Article 82 The actual solvency of an insurance company is the difference between its actual asset value at the end of its fiscal year and its actual liabilities.

The types of actual assets referred to in the preceding paragraph and their recognition ratios are prescribed by the China Insurance Regulatory Commission, and the actual asset value is the sum of the recognized values of various recognized assets.

Article 83 The minimum solvency limit for property insurance and short-term life insurance business is the larger of the following two items:

(1) Eighteen percent of the portion below RMB 100 million and 16 percent of the portion above RMB 100 million after the retention premium deduction of premium tax for the current fiscal year.

(2) The average annual compensation in the past three years is 26% of the part below RMB 70 million and 23% of the part above RMB 70 million.

For insurance companies with an operating period of less than three years, the standards specified in item (1) shall be adopted.

Article 84 The minimum solvency limit for long-term life insurance business is the sum of the following two items:

(1) Four percent of the life insurance liability reserve at the end of the fiscal year of general life insurance business and one percent of the life insurance liability reserve at the end of the fiscal year of investment-linked business.

(2) The insurance period is less than 0.1% of the term death insurance risk coverage for three years, the insurance period is 0.15% of the term death insurance risk coverage for three to five years, and the insurance period exceeds 0.3% of the five-year term death insurance and other insurance risks.

If the term of death insurance is not differentiated in the statistics, it shall be calculated based on 0.3% of the risk sum assured.

Article 85 If the actual solvency of an insurance company is lower than the stipulated standards, it shall be handled as follows:

(1) If the actual solvency limit is lower than the minimum solvency limit, the insurance company shall take effective measures to bring its solvency up to the minimum solvency standard and make a statement to the CIRC.

(2) If the actual solvency limit is less than 50% of the minimum solvency limit, or the actual solvency limit is lower than the minimum solvency limit for three consecutive years, the China Insurance Regulatory Commission may list the company as the key supervision and inspection object.

During the period when an insurance company is listed as the subject of key supervision and inspection, it is not allowed to apply for the establishment of a branch or to pay any dividends or dividends. The China Insurance Regulatory Commission may order it to take measures such as reinsurance, business transfer, cessation of acceptance of new business, capital increase and stock adjustment, and adjustment of asset structure. Its solvency status.

(3) Where the actual solvency limit is less than 30% of the minimum solvency limit, or the financial status of an insurance company listed as the subject of key supervision and inspection continues to deteriorate, which may or has endangered the interests of the insured and the public, The China Insurance Regulatory Commission may take over the insurance company.

Chapter VII Reinsurance

Article 86 Except for life insurance business, an insurance company must apply for statutory reinsurance with a reinsurance company designated by the China Insurance Regulatory Commission for 20% of each insurance business it insures.

Article 87 An insurance company shall submit the reinsurance plan for the next year to the CIRC for approval before November 1 of each year; if the reinsurance plan needs to be adjusted, it shall also be submitted to the CIRC for approval.

The reinsurance plan of an insurance company shall include such contents as contract reinsurance, foreign exchange use plan, premium retention, and temporary reinsurance plan.

Article 88 If an insurance company needs to handle reinsurance detachment business, it shall give priority to the insurance company within the territory of the People's Republic of China; however, if the reinsurance conditions of a foreign insurance company are clearly favorable, it may be handled by an overseas insurance company.

Under the same conditions, reinsurance reinsurance companies shall give priority to the re-insurance business of domestic insurance companies; when reinsurance services accepted by reinsurance reinsurance companies need to be re-insured, they shall give priority to the domestic insurance companies.

Article 89 The reinsurance detachment or re-entry business between affiliated insurance companies shall be reported to the China Insurance Regulatory Commission for approval.

Chapter VIII Supervision and Inspection

Article 90 The CIRC's supervision and management of the insurance industry shall follow the principle of placing equal emphasis on market behavior supervision and solvency supervision.

An insurance company shall accept the supervision and inspection of the China Insurance Regulatory Commission according to law.

Article 91 The CIRC adopts a combination of on-site supervision and off-site supervision for the supervision and inspection of insurance institutions.

Article 92 The CIRC shall implement a daily and annual inspection system for insurance institutions. Annual inspections and daily inspections of insurance institutions include all or part of the following:

(1) Whether the examination and approval procedures for the establishment or change of institutions are complete;

(2) Whether the contents of the application materials are consistent with the actual situation;

(3) Whether the capital, provident fund and various reserves are true and sufficient;

(4) Whether the solvency meets the requirements;

(5) Whether the business operation and financial conditions are good, and whether the statements are complete and true;

(6) Whether the business was started beyond the scope or across regions;

(7) Whether the insurance clauses and insurance premium rates are implemented in accordance with regulations;

(8) Whether the appointment or change procedures of the person in charge of the institution are complete;

(9) Whether the business place and safety facilities meet the requirements;

(10) Other matters deemed necessary by the CIRC.

Article 93 An insurance institution shall submit the following materials to the China Insurance Regulatory Commission or its dispatched office within 15 days after receiving the notice of annual inspection:

(1) Annual inspection report;

(2) balance sheet and profit statement;

(3) Copies of the License of Insurance Institution Legal Person and the License for Operating Insurance Business;

(4) Other materials required by the CIRC.

Article 94 If the annual inspection is qualified, the China Insurance Regulatory Commission shall affix an official seal to its copy of the license; if it fails, it shall be ordered to make corrections within a time limit.

Article 95 If an insurance institution has any of the following circumstances, the CIRC may list it as a key inspection object:

(1) Those who have serious violations of laws and regulations;

(2) The financial status is abnormal;

(3) Failure to submit various statements in accordance with regulations;

(4) Failure to implement the insurance clauses, rates and reinsurance schemes or other plans and schemes approved or reviewed by the CIRC;

(5) Other reasons that the China Insurance Regulatory Commission deems important inspections.

Article 96 The CIRC may inspect insurance institutions at any time. Insurance institutions must cooperate and provide relevant documents and materials as required by the CIRC.

Article 97 Staff members of the China Insurance Regulatory Commission shall present their credentials when inspecting work; when the CIRC entrusts an accounting firm or an audit firm to conduct inspections on its behalf, it shall use a written commission.

Article 98 An insurance company shall submit business reports, actuarial reports, financial accounting reports and relevant business supervision reports to the China Insurance Regulatory Commission in a timely manner.

Article 99 The various statements and business reports submitted by an insurance company to the CIRC shall be complete, truthful and accurate.

Article 100 The business report, financial accounting report and related statements of an insurance company shall be signed by the legal representative or general manager of the company and a certified public accountant recognized by the China Insurance Regulatory Commission. The actuarial report of a life insurance company shall be signed by an actuarial officer approved by the China Insurance Regulatory Commission. The reports and statements of the branches of an insurance company shall be signed by the person in charge of the institution authorized by the superior company and signed by the company.

Chapter IX Penalties

Article 101 In case of engaging in insurance business activities in violation of insurance laws, regulations and these provisions, the CIRC shall, in accordance with law, impose the following administrative penalties on insurance institutions or relevant responsible personnel:

(1) warning and ordering corrections;

(2) confiscation of illegal income;

(3) fines;

(4) Cancellation of senior management qualifications;

(5) Restricting the scope of business and ordering to stop accepting new business;

(6) order to suspend business for rectification;

(7) The insurance license shall be revoked and banned.

Article 102 Whoever violates the provisions of Article 5 of these regulations and establishes an insurance company or engages in commercial insurance business illegally shall be investigated for criminal responsibility according to law and banned. If it does not constitute a crime, the illegal income shall be confiscated and a fine of one to five times the illegal income shall be imposed; if there is no illegal income, a fine of 100,000 to 500,000 yuan shall be imposed.

Article 103 In violation of Articles 5 and 36 of these Regulations, if an insurance company establishes a branch or representative office without approval, it shall be ordered to make corrections, and the illegally established branch or representative office shall be punished. Banned and imposed a fine ranging from 50,000 yuan to 300,000 yuan; if the circumstances are serious, the scope of business may be restricted, and the acceptance of new business or the cancellation of the insurance license may be ordered.

In violation of Articles 34 and 35 of these Provisions, failing to report for approval or record in accordance with the regulations, unauthorized establishment or cancellation of overseas institutions shall be given a warning and a fine of 50,000 to 300,000 yuan shall be imposed; the circumstances are serious Can limit the scope of business, order to stop accepting new business or revoke insurance licenses.

Article 104 Anyone who violates Articles 20 and 23 of these regulations shall be ordered to make corrections; those who fail to make corrections within the time limit shall be given a warning and imposed a fine of 10,000 to 100,000 yuan.

Article 105 Violating the provisions of Articles 45, 46, 47, 48, 50, and 51 of these Provisions Those who engage in insurance business or carry out insurance business outside the prescribed operating area without authorization shall be warned and ordered to make corrections; if there is illegal income, the illegal income shall be confiscated and a fine of more than one to five times the illegal income shall be imposed; A fine of 100,000 yuan to 500,000 yuan shall be imposed; if it is not corrected within the time limit or serious consequences are caused, it may be ordered to suspend business for rectification or revoke the insurance license.

Article 106 Anyone who, in violation of Article 55 of these Regulations, is forced or in disguised form to insure the policyholder to apply for insurance in an illegal manner shall be warned, ordered to make corrections, and the illegal proceeds shall be confiscated; if the circumstances are serious, the illegal proceeds shall be more than doubled If there is no illegal income, a fine of not less than 5,000 yuan but not more than 30,000 yuan shall be imposed.

Article 107 Those who engage in unfair competition in violation of the provisions of Articles 57 and 60 of these Provisions shall be warned. If there is illegal income, the illegal income shall be confiscated, and the illegal income may be punished by more than five times. The following fines; if there is no illegal income, a fine of 50,000 yuan to 200,000 yuan shall be imposed; if the circumstances are serious, the company may be ordered to suspend business for rectification or revoke the insurance license.

If an insurance company engages in a related party transaction that harms the normal operations of other insurance companies, it shall be regarded as an act of unfair competition and punished in accordance with the provisions of the preceding paragraph.

Article 108 Anyone who violates Articles 58, 59, 62, and Paragraph 2 of Article 64 of these Regulations shall be ordered to correct and eliminate the impact, and shall be punished by more than 10,000 yuan. A fine of less than 200,000 yuan.

Article 109 Anyone who violates Article 56 of these regulations shall be given a warning, ordered to make a correction, and imposed a fine of one to three times the amount of remuneration paid.

Article 110 Anyone who violates Article 61 of these Provisions shall be given a warning and ordered to recover the rebates, commissions, handling fees or other benefits paid, and shall be imposed an equal fine.

Article 111 violates Article 75, 76, 77, 80, 86, 87, and 88 of these regulations. If it is stipulated, it shall be ordered to make corrections and a fine of 50,000 yuan to 300,000 yuan shall be imposed; if the circumstances are serious, the scope of business may be restricted, and the acceptance of new business or the cancellation of insurance license may be ordered.

Article 112 In violation of these regulations, one of the following acts is ordered to make a correction. If the correction is not made within the time limit, a warning shall be given and a fine of 10,000 to 100,000 shall be imposed:

(1) Failure to submit relevant reports, statements, documents and materials in accordance with regulations;

(2) failing to submit the proposed insurance clauses and insurance rates for the record;

(3) The related party transaction has not been approved.

Article 113 Anyone who violates these regulations and commits one of the following acts shall be ordered to make corrections. Those who fail to make corrections within the time limit shall be given a warning and imposed a fine of 100,000 to 500,000 yuan:

(1) Providing false reports, statements, documents and information;

(2) Refusing or obstructing inspection and supervision according to law.

Article 114 The senior management personnel of insurance institutions and other directly responsible personnel who are directly responsible for violations of these Provisions shall, according to the seriousness of the circumstances, be issued with warnings and cancellations of their senior management qualifications, and shall be separately or A fine of not less than 5,000 yuan but not more than 30,000 yuan shall also be imposed.

Chapter X Supplementary Provisions

Article 115 The administration of foreign-funded insurance companies shall be governed by the provisions of laws and regulations or otherwise provided by the China Insurance Regulatory Commission.

Where foreign insurance companies have approved the establishment of insurance business operation activities of branches in China, the provisions of the laws and regulations shall apply; if there are no provisions, these provisions shall apply.

Article 116 The various statements and materials submitted by an insurance company to the CIRC shall be written in Chinese. If the original is in a foreign language, a Chinese translation shall be attached; when the meaning of the Chinese and the foreign language is inconsistent, the Chinese expression shall prevail.

Article 117 The dispatched agency of the China Insurance Regulatory Commission shall exercise its functions and powers on behalf of the China Insurance Regulatory Commission within its authorized scope.

Article 118 These regulations shall be interpreted by the China Insurance Regulatory Commission.

Article 119 These Provisions shall enter into force on March 1, 2000.

What Is Insurance Management?

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