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	CIRCULAR OF CHINA INSURANCE REGULATORY COMMISSION ON ADJUSTING THE REGULATION OF LIFE INSURANCE PRODUCTS

	(No.46 [2003] of China Insurance Regulatory Commission promulgated on April 8, 2003)


SUBJECT : LIFE INSURANCE PRODUCTS
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION
ISSUE DATE : 04/08/2003
IMPLEMENT DATE : 04/08/2003
LENGTH : 275 words
TEXT :

In accordance with the Decision of the State Council on Cancellation of the Second Group of Administrative Examination and Approval Items and Change of the Methods for Administration of a Group of Administrative Examination and Approval Items (No.5 [2003] of the State Council), this Commission has cancelled the examination and approval of the annual report of participating insurance business and of the record of clauses and premium rates of the branches of insurance companies. In order to go on with the regulation of participating insurance and the clauses and premium rates, the following circular is hereby made concerning the relevant matters:

I. Insurance companies shall submit the annual report of participating insurance business to this Commission. This Commission will not make examination and approval or give reply in respect of the report, but will punish the companies and the relevant liable persons that distribute the dividends in violation of the provisions.

II. The personal insurance products of insurance companies may be marketed after being put on record and being examined and approved by this Commission, and the insurance regulatory offices shall no longer make beforehand record and examination and acceptance with respect to the new insurance types launched by the branches. The branches of insurance companies shall report the relevant product materials to the local insurance regulatory offices, which shall punish the rule-breaking acts, such as changing the insurance clauses without authorization.

III. The insurance regulatory offices shall strengthen the inspection of the new insurance types launched by the branches of insurance companies, and shall crack down more vigorously the rule-breaking acts, such as the misleading sale after a new-type personal insurance product is launched.