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REPLY OF CHINA INSURANCE REGULATORY COMMISSION REGARDING SHIP OWNERS' MUTUAL ASSURANCE ASSOCIATION |
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(No.78 [2003] of China Insurance Regulatory Commission, May 15, 2003) |
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SUBJECT : SHIP OWNERS' MUTUAL ASSURANCE ASSOCIATION |
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION |
ISSUE DATE : 05/15/2003 |
IMPLEMENT DATE : 05/15/2003 |
LENGTH : 119 words |
TEXT : |
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Regarding the document (No. 6 [2003] of Final Ruling of 4th Civil Division of the Higher People's Court of Hubei Province), we hereby reply as follows upon deliberation:
According to Article 2 and Article 9 of the Insurance Law of the People's Republic of China and the Circular of the State Council on the Establishment of China Insurance Regulatory Commission, China Insurance Regulatory Commission shall exercise supervision and administration over the commercial insurance business nationwide. The activities of the ship-owners' mutual insurance association do not form a part of the commercial insurance business defined in Article 2 of the Insurance Law of the People's Republic of China and thus are outside the regulatory scope of China Insurance Regulatory Commission.
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