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BIZCHINA> Laws and Regulations
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Measures Governing Re-insurance Operations
Updated: 2006-01-20 13:59 Article 25. Status of solvency of the branch of a foreign reinsurance company shall be identified according to the status of solvency of the headquarters. The self retained premium of the branch of a foreign reinsurance company is limited by the quota directly authorised by the headquarters. Article 26. Direct insurance companies shall provide the following materials to the CIRC before 31 March every year: 1. except aviation and spaceship insurance, nuclear insurance, petroleum insurance, and credit insurance, the total operations contracted to the same company that contracts in reinsurance under a single risk unit shall not exceed 50% of the value of direct insurance premium or liability limits for treaty and temporary insurance during the previous year. 2. percentage distributed to various companies contracting in reinsurance for treaty reinsurance during the previous year; 3. list of insurance brokers and overseas companies contracting in reinsurance during the previous year; 4. the plan of the property insurance company for arrangement of reinsurance for the year, including reinsurance policy, information of treaty reinsurance, standards to classify risk units, and self retained quota of every risk unit; 5. changes made to the reinsurance year plan of the life insurance company; 6. conditions and standards for choosing overseas companies contracting in reinsurance for the year. Article 27. Insurance companies shall provide the following reports to the CIRC before 30 April every year: 1. reinsurance operations of the previous year; 2. methods governing the withdrawal of various reserves signed by the person responsible for actuarial calculation regarding reinsurance operations, and the amount. Article 28. Direct insurance companies shall report major insurance claims and arrangement of reinsurance as well as major changes made to reinsurance policies to the CIRC in a timely manner. Major insurance claims mentioned in the previous paragraph refers to a claim whereby losses to property in an accident is over RMB 50 million or compensation for to casualty is over RMB 30 million. Article 29. Branches of foreign reinsurance companies shall submit the related reports to the CIRC according to the following requirements: 1. before 30 July each year, providing a letter of opinion regarding the solvency status of the headquarters or letter of opinion regarding the operations issued by the insurance regulatory body at the place where the headquarters are registered according to the local laws. 2. before 31 December every year, providing the authoriation of insurance acceptance and quota of self retained premium as authorised by the headquarters for the next year; 3. before 31 January and 30 July every year providing reports regarding transfer and contracting of reinsurance, including names of companies contracting and transferring reinsurance, business types, forms of contract, premium contracted out, compensation returned, poundage returned, and others. Article 30. Insurance companies handling reinsurance operations shall, in line with the provisions of the CIRC, submit information regarding statistics of reinsurance and other information of reinsurance in a timely and accurate manner. Article 31. An insurance consortium should, before 31 March every year, submit to the CIRC its financial statement, business analysis report, and contracting of reinsurance outside China for the previous year. Chapter V Legal Liabilities Article 32. Insurance companies in violation of this set of measures in their conduct of reinsurance operation shall be requested by the CIRC to rectify and be subject to a fine between RMB50,000 and 300,000. If the wrongdoing is serious, their business scope could be limited and the companies may be requested to stop taking in new business or their licenses to conduct insurance could be cancelled. Senior management directly responsible and other persons directly involved in acts in violation of this set of provisions on contracting out reinsurance will be imposed punishments such as warning by the CIRC, and may be removed and be subject to a fine between RMB 20,000 and RMB 100,000. Chapter VI Supplementary Articles Article 33. This set of measures shall be referred to in the case of policy insurance companies handling re?insurance operations. In cases where it is not possible to apply this set of measures, the policy insurance companies shall report the related information to the CIRC within three months, starting from the day of promulgation of this set of measures. Article 34. The CIRC shall be entitled to the interpretation right of this set of measures. Article 35. This set of measures shall enter into force as of December 1, 2005. |
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