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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II POST-HOLDING QUALIFICATIONS CHAPTER III EXAMINATION, APPROVAL AND MANAGEMENT OF POST-HOLDING QUALIFICATIONS CHAPTER IV DISQUALIFICATION CHAPTER V SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. For the purposes of strengthening the management of senior managers of insurance companies, ensuring the steady and sound business operations of insurance companies, promoting the healthy development of insurance industry, these Provisions are formulated in accordance with the Insurance Company Law of the People's Republic of China and other relevant laws and regulations. Article 2. The term "insurance company" as mentioned in these Provisions refers to various types of insurance companies established and operating within the territory of China in pursuance of the relevant laws and administrative regulations. Article 3. The term "senior managers of an insurance company" as mentioned in these Provisions refers to legal representative of an insurance company and other persons-in-charge who have the decision-making power or important influence on the business management of the insurance company, including the chairman of the board of directors, directors, independent directors, secretary of the board of directors of the headquarters, general manager and vice general managers of the headquarters, general mangers (managers) of the branches, and the persons-in-charge who have the same powers that the aforesaid senior managers have. When the headquarters of an insurance company appoints the main persons-in-charge of the actuarial department, the financial and accounting department or the fund utilization department, it shall report the relevant information to China Insurance Regulatory Commission (hereinafter referred to as the CIRC) for approval or for archival purposes. Article 4. The CIRC and its dispatched institutions shall adopt the level-by-level examination and level-by-level administration for the post-holding qualifications of senior managers of insurance companies. The offices, departments and commissioner's offices that are dispatched by the CIRC and are stationed at various places (hereinafter referred to as the local dispatched institutions) shall examine and administer the post-holding qualifications of the senior manager of the insurance branches of the insurance companies within their respective jurisdiction. Article 5. The examination and administration of the post-holding qualifications of senior managers of insurance companies conducted by the CIRC and its dispatched institutions includes the examination of the post-holding qualifications, disqualification and management of the archives of the post-holding qualifications. Article 6. The examination and administration of the post-holding qualifications of the senior managers of insurance companies conducted by the CIRC and its dispatched institutions shall be classified into examination and approval system and archival filing system. The examination and approval system shall apply to the senior managers of the headquarters, branch companies and central sub-branch companies. The archival filing system shall apply to the senior managers of sub-branch companies of insurance companies. Before a person is appointed senior manager to whom the examination and approval system applies, he shall have obtained the post-holding qualification examination and approval documents of the CIRC or its dispatched institution. When a person is appointed senior manager to whom the archival filing system applies, a report shall be simultaneously given to the local dispatched institution for archival purposes. CHAPTER II POST-HOLDING QUALIFICATIONS Article 7. A senior manager of an insurance company shall be of good moral character, shall have the education background, professional experience and business management capabilities as required by the job, and shall have no bad record. Article 8. A senior manager of an insurance company shall abide by the law of the People's Republic of China and comply with the economic, financial and insurance policies of state. Article 9. The legal representative of a Chinese-funded company shall be a citizen of the People's Republic of China. Article 10. A person shall meet the following conditions if he assumes the post of a senior manager of an insurance company: (1) If he is to assume the post of chairman of the board of directors, general manager or vice general manager of the insurance company, he shall have a university diploma or above, have 8 or more years of economic work experience, and have ever been a person-in-charge or manager of in an enterprise, public institution or state organ; (2) If he is to assume the post of a director, independent director or secretary of the board of directors of the insurance company, he shall have a university diploma or above and shall have 5 or more years of economic, law, financial and accounting work experience that can meet the needs of the duties he is to perform; (3) If he is to assume the post of the general manager of a branch company of an insurance company, he shall have a university diploma, shall have been engaged in the economic work for 5 years or more and shall have the experience of a person-in-chare or manager; (4) If he assumes the general manager (manager) of any other branch institution of an insurance company, he shall have a university diploma, shall have been engaged in the economic work for 5 years and shall have the corresponding management capabilities; (5) If the candidate senior manager of an insurance company has a master's degree or above in insurance, finance, economic management, law, investment or accounting, the restriction on the number of years of economic work experience may be properly relaxed; (6) If he have any distinctive aptitudes or have make any outstanding achievements in the professional field, the restriction on the education background or on the number of years of economic work experience may be properly relaxed. Article 11. Of the senior managers of the headquarters of an insurance company, at least 2 shall have been engaged in insurance work for 10 years or more and shall have 4 or more years of experience of a business manager. Of the senior managers of a branch company or central sub-branch company, at least 1 shall have engaged in insurance work for 5 years or more and shall have 2 or more years of experience of a business manager. Article 12. A person who is under any of the following circumstances shall not assume the post of a senior manager of an insurance company: (1) He has any criminal record; (2) He has ever been subject to an administrative punishment or criminal punishment by the judicial department due to gambling, drug addiction, visiting prostitutes, fraud or any other illegal act; (3) He had ever assumed the position of legal representative of any enterprise and was personally or directly liable for the revocation of the business license of this enterprise or for the bankruptcy liquidation of this enterprise due to poor business management; (4) He bears the personal liabilities or direct leadership liabilities for the serious work-related fault or economic case; (5) He is being investigated by a judicial organ or disciplinary supervision department and no conclusion has been made yet; (6) He has ever been disqualified twice for the post of a senior manager of an insurance company; (7) He himself has a large amount of outstanding mature debts; or (8) Other circumstances under which the CIRC deems that it is not proper for him to assume the post of a senior manager of an insurance company. Article 13. None of the senior managers of an insurance that is bankrupt, closed, taken over or tackled in a particular manner may assume the post of a senior manager in another insurance company within 3 years thereafter except the circumstances as mentioned in Article 12 (3). CHAPTER III EXAMINATION, APPROVAL AND MANAGEMENT OF POST-HOLDING QUALIFICATIONS Article 14. As to a senior manager to whom the examination and approval system applies, the board of directors of the insurance company where he works or the superior appointment institution thereof shall submit the following written materials (in triplicate) to the CIRC or local dispatched institution: (1) An application for the examination of the post-holding qualifications of the candidate senior manager (hereinafter referred to as the candidate); (2) An application for the post-holding qualifications of the senior manager of insurance company; (3) Photocopies of the identity card, diploma and other certificates of the candidate, and a photocopy of his passport shall be simultaneously offered if he has one; (4) A comprehensive evaluation of the morality, professional capabilities, managerial capabilities and performances of the candidate; and (5) If the candidate was responsible for the overall work of the former institution, an audit report on his leaving the post shall be submitted. The above-mentioned written materials shall be written in Chinese. If an original text is in any foreign language, it shall be accompanied by a Chinese text upon notarization of a Chinese notarization office. Article 15. The CIRC and the local dispatched institutions shall, according to their respective power, examine the post-holding qualifications of the senior managers, to whom the examination and approval system applies. The contents and methods for examining the qualifications of the senior managers of insurance companies shall include check of the application materials, inspection interviews, etc. Minutes shall be taken at each inspection interview and shall be signed by both the inspector and candidate. Article 16. With regard to the examination of the post-holding qualifications of the senior managers to whom the examination and approval system applies, the CIRC and local dispatched institution shall, within 5 working days after they receive the written materials as mentioned in Article 14, finish the completeness examination. If they fail to raise any objection, the application materials shall be deemed complete. After the application materials are confirmed complete, the CIRC and local dispatched institution shall decide whether or not to approve its post-holding qualifications within 20 working days. Article 17. Where a senior manager who has obtained the post-holding qualifications is removed from his current position and is placed into another position in another branch of the insurance company at same level, or is transferred from the senior manager position to an inferior one, he is not subject to the post-holding qualification examination and approval, but a report shall be simultaneously submitted to the dispatched institution of the place where he is to be appointed and that of the place where he is to leave. Article 18. As to a senior manager to whom the archival filing system applies, the superior appointment institution shall submit the local dispatched institution an archival filing form for the senior manager of an insurance company. If the senior manager as mentioned in the preceding paragraph doesn't meet the requirements as listed in Article 7, 8 or 10, the local dispatched institution shall have the power to deny his post-holding qualifications. Article 19. The formats of post-holding qualification application forms and archival filing forms for the senior managers of insurance companies shall be uniformly formulated by the CIRC. Article 20. The materials submitted by an insurance company shall be genuine and liable. The CIRC and local dispatched institution shall be empowered to punish an insurance company that submits any false materials. Article 21. If a senior manager of an insurance company who has obtained the post-holding qualifications fails to perform the duties of the relevant position within 3 months after the date of approval of his post-holding qualifications, he will automatically lose the post-holding qualifications of a senior manager of the institution. Article 22. Where an insurance company decides to remove the position of a senior manager or approve his resignation, this senior manager shall automatically lose the post-holding qualifications of a senior manager of this institution except for the circumstances as listed in Article 17 of these Provisions. The insurance company shall report to the CIRC or local dispatched institution within 10 working days from the day when it makes a decision. Article 23. Without approval of the CIRC or local dispatched institution, any insurance company shall not appoint any senior manager, nor shall it designate any person who hasn't passed the post-holding qualification examination as a senior manager in the name of temporary person-in-charge or by any other way. If it is really necessary to designate a temporary person-in-charge under any special circumstance, the insurance company shall report to the CIRC or local dispatched institution when it designates a temporary person-in-charge and terminates the term of office of the temporary person-in-charge. The maximum term of office of the temporary person-in-charge shall not exceed 3 months. Article 24. The CIRC and local dispatched institutions shall establish archives of post-holding qualifications of senior managers of insurance companies. The archives of post-holding qualifications shall include the post-holding qualification application materials, minutes of inspection interviews, documents of examination and approval or disqualification, and other important materials. CHAPTER IV DISQUALIFICATION Article 25. Where a senior manager of an insurance company violates any relevant law or regulation, the CIRC or local dispatched institution shall be empowered to disqualify him for such a post within a certain time period to even a life-long period. After a senior manager of an insurance company is disqualified for assuming such a post, he shall not, during the period of disqualification, act as a senior manager of the insurance company where he works, nor may he be selected as a candidate of senior manager of another insurance company. Article 26. With regard to a senior manager of an insurance who bears the personal liabilities or direct leadership liabilities under any of the following circumstances, the CIRC or local dispatched institution may, in light of the seriousness of the circumstances and the consequences, disqualify him for such a post for 1 up to 10 years: (1) Violating the relevant provisions due to conducting business beyond the business scope, providing various forms of kickbacks, forcing others to buy insurances, or fraudulent settlement of claims; (2) Making any false publicity, misleading the insured and insurants, and injuring the benefits of the insurants; (3) Illegally establishing, merging, splitting up, revoking any branch institution or representative office; (4) Counterfeiting, altering, leasing, transferring or selling any insurance license; (5) Failing to withdraw or use various reserves and deposits; (6) Using the funds by violating the relevant provisions; (7) Failing to incorporate the premium income or the receivable premium into the book accounts or establish any concealed accounts, misappropriating or holding back any premium; (8) Making false capital contributions or spiriting away the registered capital; (9) Failing to disclose the relevant information under the relevant provisions, providing any financial statement, statistical statement or document that is false or conceals the important fact; (10) Refusing, interfering with, hampering or seriously affecting the supervision and administration of the CIRC; or (11) Violating any law or regulation of the state, or any relevant provisions of the CIRC due to neglecting the duties, abusing the power, producing any severe asset loss, or causing any serious case. Article 27. With regard to a senior manager of an insurance company who bears the personal liabilities or direct leadership liabilities under any of the following circumstances, the CIRC or local dispatched institution may, in light of the seriousness of the circumstances and the consequences, disqualify him for such a post for 1 up to 10 years: (1) The insurance company is taken over, is compelled to merge with another insurance company or is declared bankrupt due to serious illegal business operation or poor management; (2) He is sentenced to any criminal punishment due to any criminal crime; or (3) There occurs any of the circumstances as listed in Article 12 (2) during his term of office. Article 28. Where a senior manger of an insurance company is given a sanction such as warning, demerit on the record, serious demerit on the record, demotion, removal from office or dismissal, the insurance company shall timely report to the CIRC or dispatched institution, which shall decide whether or not to disqualify him for such a post in light of the actual circumstances. Article 29. As to a serious violation of a branch institution of an insurance company, if the superior company of the branch institution shall bear leadership liabilities, the local dispatched institution shall timely put forward a proposal about whether or not to disqualify him for the post of senior manager and shall submit it to the CIRC for approval. Article 30. After the CIRC or local dispatched institution decides to disqualify a person for the post of a senior manager of an insurance company, if the punished person or the insurance company where he works has any objection, he (it) may file an application with the CIRC for administrative reconsideration. Article 31. Where a person who is disqualified from assuming a post of senior manager of an insurance company, if the circumstances of the case in which he is involved are serious, if the consequences are severe and if the impact on the society is extremely bad, the CIRC shall make an announcement. CHAPTER V SUPPLEMENTARY PROVISIONS Article 32. The power to interpret these Provisions shall remain with the CIRC. Article 33. These Provisions shall come into force as of April 1, 2002. The Interim Provisions on the Administration of the Post-holding Qualifications of Senior Managers of Insurance Companies promulgated on January 11, 1999 by the CIRC shall be simultaneously abolished. If any other administrative provisions on the post-holding qualifications of senior managers of insurance companies are contrary to these Provisions, these Provisions shall prevail. |
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