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	NOTICE OF THE CHINA INSURANCE REGULATORY COMMISSION ABOUT RELEVANT ISSUES CONCERNING BANNING ASSISTANCE TO OVERSEAS INSURANCE COMPANIES IN SELLING UNDERGROUND INSURANCE POLICIES

	(No. 29 (2004) issued by the China Insurance Regulatory Commission on April 6, 2004)


SUBJECT : UNDERGROUND INSURANCE POLICIES
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION
ISSUE DATE : 04/06/2004
IMPLEMENT DATE : 04/06/2004
LENGTH : 250 words
TEXT :

Recently the agents of some life insurance companies in China's Mainland directly or indirectly promoted and recommended overseas insurance policies to Mainland clients, even provided some business sites of Mainland insurance companies as promotion places for overseas insurance companies. Such acts violated the Insurance Law of the People's Republic of China and other relevant laws and regulations, and infringed on the legitimate rights and interests of the Mainland insurants. In order to ban the illegal acts of assisting overseas insurance companies in selling insurance policies or facilitating overseas insurance companies' selling activities, you are hereby notified of the following requirements:

1. Strengthen the management of your branches. None of your branches at any level may directly or indirectly accept the entrustment of any overseas insurance company to assist its illegal selling of insurance policies or to facilitate its illegal selling activities.

2. Regulate the business expansion acts of agents. You should severely punish the agents who assist overseas insurance companies' illegal selling of insurance policies or facilitating their illegal selling activities, and disclose the relevant information to the general public.

3. Intensify the publicity work. All companies shall give necessary risk warning to insurants when promoting your own insurance products, so as to make the general public further aware of the harms of underground insurance policies and improve their awareness of protecting rights.

4. Pay close attention to the sales of underground insurance policies. If you find any clue, you must report to the CIRC and local insurance regulatory bureau.