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	NOTICE OF CHINA INSURANCE REGULATORY COMMISSION CONCERNING PROPERTY INSURANCE BIDDING

	(No. 83 [2003] of China Insurance Regulatory Commission promulgated on June 23, 2003)


SUBJECT : PROPERTY INSURANCE; BIDDING
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION
ISSUE DATE : 06/23/2003
IMPLEMENT DATE : 06/23/2003
LENGTH : 397 words
TEXT :

In order to support the reform of public procurement system, encourage the property insurance companies to actively take part in the property insurance bidding activities in the process of public procurement or the enterprises' invitations to bid, and promote the healthy development of property insurance, we hereby give our notice upon research regarding the relevant issues as follows:

I. All property insurance companies shall strengthen product innovation, improve service quality, satisfy the needs of public procurement and enterprises' invitations to bid in property insurance, and extend the service scope of property insurance.

II. All property insurance companies shall, when bidding, comply with the Insurance Law to use the insurance clauses and insurance premium rates approved or recorded by the insurance regulatory institution; if an insurance company needs to amend the clauses or adjust the premium rates when bidding, it shall make a report for approval or record according to the prescribed procedures. It is strictly prohibited to modify at will the approved or recorded clauses or premium rates.

III. All property insurance companies shall strictly implement the Insurance Law, the Accounting Law and the financial systems, and truthfully and accurately calculate the insurance premium income and the corresponding expenses. It is strictly prohibited to disguisedly pay expenses or offer other benefits to the bid invitation party in the name of agency fee or advertising fee or by means of supplementary agreement, stipulations or memorandum, out of the formal bidding agreement.

IV. All property insurance companies that take part in large commercial insurance bidding shall strictly comply with the relevant provisions in the Notice on the Relevant Issues Concerning Large Commercial Insurance and Blanket Policy Business (No. 16 [2002] of China Insurance Regulatory Commission) and the Supplementary Notice on the Relevant Issues Concerning the Blanket Policy Business (No. 32 [2002] of China Insurance Regulatory Commission). The motor vehicle insurance, employer's liability insurance, credit insurance, guaranty insurance, nuclear insurance or statutory insurance shall be underwritten neither by a insurance company in a place out of the locality of the subject matter insured, nor in the form of blanket policy; a blanket policy shall not be issued to an enterprise in the field of finance, railway or postal affairs.

V. All insurance regulatory offices shall further strengthen the regulation of property insurance bidding, and lawfully investigate and punish the acts in property insurance bidding in violation of laws or rules.