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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II ESTABLISHMENT CHAPTER III MODIFICATION AND TERMINATION CHAPTER IV QUALIFICATIONS OF PRACTITIONERS CHAPTER V ADMINISTRATION OF BUSINESS OPERATIONS CHAPTER VI SUPERVISION AND INSPECTION CHAPTER VII PUNISHMENT PROVISIONS CHAPTER VIII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. With a view to protecting the lawful rights and interests of the insured and insurants, maintaining the market order of fair competition, preventing insurance risks, these Provisions formulated in accordance with the Insurance Law of the People's Republic of China (hereinafter referred to as the Insurance Law) and other laws and administrative regulations. Article 2. The term "insurance assessment institution" as mentioned in these Provisions refers to an entity which is established in accordance with the Insurance Law and other relevant laws, administrative regulations as well as these Provisions and upon approval of China Insurance Regulatory Commission (hereinafter referred to as the CIRC) and is specially engaged in the assessment, survey, authentication, loss estimation and adjustment of the insured subject matters upon the entrustment of the parties concerned. Article 3. These Provisions shall apply to all insurance assessment institutions that are specially established upon approval of the CIRC and are engaged in the assessment, survey, authentication, loss estimation and adjustment of the insured subject matters within the territory of the People's Republic of China. Article 4. Those engaged in the assessment, survey, authentication, loss estimation and adjustment of the insured subject matters in the name of the insurance assessment institutions shall be the insurance assessment institutions established under these Provisions. Without approval of the CIRC, no entity or individual may, in the name of an insurance assessment institution, be engaged in the assessment, survey, authentication, loss estimation and adjustment of the insured subject matters within the territory of the People's Republic of China. Article 5. An insurance assessment institution engaged in the assessment, survey, authentication, loss estimation and adjustment of the insured subject matters shall abide by the laws, administrative regulations, and the relevant provisions of the CIRC, and shall stick to the principle of objectiveness, impartiality and fairness. Article 6. Where an insurance assessment institution causes any damage to any party concerned, it shall bear the corresponding legal liabilities. Article 7. The CIRC shall supervise and administer the insurance assessment institutions in accordance with the law. CHAPTER II ESTABLISHMENT Article 8. An insurance assessment institution may be established in the form of a partnership enterprise, limited liability company or stock-limited company. Article 9. Where an insurance assessment institution is to be set up in the form of partnership enterprise, the following conditions shall be met simultaneously: (1) Having 2 or more partners who have the corresponding civil capacity; (2) Having a partnership agreement that meets the statutory requirements; (3) Having an actually paid registered capital of not less than 500,000 yuan; (4) Having a name of the partnership enterprise and a domicile that meet the statutory requirements; (5) Having senior managers who conform to the provisions of the CIRC on the administration of post-holding qualifications; (6) The holders of Qualification Certificate for the Insurance Assessment Practitioner (hereinafter referred to as the Qualification Certificate) shall constitute no less than two thirds of the staff; and (7) Other conditions as listed in the laws and administrative regulations. Article 10. Where an insurance assessment institution is set up in the form of a limited liability company, the following conditions shall be simultaneously met: (1) Having not less than 2 but not more than 50 shareholders; (2) Having the articles of association that meet the statutory requirements; (3) Having an actually paid registered capital of not less than 500,000 yuan; (4) Having a name of the partnership enterprise, and an organization and domicile that meet the statutory requirements; (5) The holders of Qualification Certificate for the Insurance Assessment Practitioner (hereinafter referred to as the Qualification Certificate) shall constitute no less than two thirds of the staff; (6) Having senior managers who conform to the provisions of the CIRC on the administration of post-holding qualifications; and (7) Other conditions as listed in the laws and administrative regulations. Article 11. Where an insurance assessment institution is to be set up in the form of stock limited company, the following conditions shall be satisfied simultaneously: (1) Having 5 or more promoters who meet the statutory requirements; (2) Having the articles of association that meet the statutory requirements; (3) Having an actually paid registered capital of not less than 10 million yuan; (4) Having a partnership enterprise name, organization and domicile that meet the statutory requirements; (5) The holders of Qualification Certificate for the Insurance Assessment Practitioner (hereinafter referred to as the Qualification Certificate) shall constitute no less than two thirds of the staff; (6) Having senior managers who conform to the provisions of the CIRC on the administration of post-holding qualifications; and (7) Other conditions as listed in the laws and administrative regulations. Article 12. The name of an insurance brokering institution or branch shall contain the words "insurance assessment". Article 13. An entity or individual who is banned from investing in enterprises by any law or administrative regulation, or provisions of the CIRC, shall not act as a shareholder, promoter or partner of an insurance assessment institution. Article 14. The post-holding qualifications of the senior managers of an insurance assessment institution shall be subject to the review of the CIRC. The senior managers of an insurance assessment institution as mentioned in these Provisions include the chairman of the board of directors, general manager, vice general manger or major person-in-charge of the partnership enterprise. The contents and methods for the review of the post-holding qualifications of a candidate senior manager of an insurance assessment institution shall include the review of the application materials, inspection interviews, examination, etc. Minutes shall be taken at each inspection interview and shall be signed by both the inspector and candidate. The application materials, minutes of the inspection interview and examination results shall be an important basis for the review of the post-holding qualifications of the candidate and shall, along with the review opinions of the CIRC on the post-holding qualifications of the candidate, be kept in the post-holding qualification archives of the candidate. Article 15. A senior manager of an insurance assessment institution shall not only hold a Qualification Certificate, but also satisfy either of the following requirements: (1) Having an undergraduate diploma or above in economics, finance, science and engineering, or law, and having been engaged in insurance assessment or other relevant work for 3 or more years; or (2) Having an undergraduate diploma or above in a specialty other than economics, finance, science and engineering, or law, and having been engaged in insurance assessment or other relevant work for 5 or more years. If he has been engaged in insurance assessment or other relevant work for 10 years or more, the restriction on education background may be properly relaxed. Article 16. The establishment of an insurance assessment institution is divided into the preparatory establishment and business-start stages. Article 17. When applying for the preparatory establishment of an insurance assessment institution, the applicant shall submit the following materials to the CIRC: (1) An application for preparatory establishment; (2) A feasibility report about the preparatory establishment, which shall contain the market analysis, proposal for the development of the institution, recent 3-year business development plan and a forecast of profits; (3) The organizational framework, including the capital, stock right structure or proportions of capital contributions, organizational structure and practitioners; (4) A plan on the preparatory establishment; (5) The name list and photocopies of the ID cards of the persons involved in the preparatory establishment; (6) A resume of the person-in-charge of the preparatory establishment and a statement of having no record of criminal offence or other bad records that is personally signed by the said person-in-charge; and (7) Other materials as required by laws and administrative regulations. Article 18. The person in charge of the preparatory establishment of an insurance assessment institution shall meet the following conditions: (1) Having a junior college or higher education background; (2) Having experiences of working in the insurance brokering or other relevant businesses; and (3) Having no record of criminal offence or other bad records. Article 19. The CIRC shall, within 30 days after it receives the preparatory establishment materials that conform to the relevant requirements, notify the applicant in writing of acceptance or rejection. If it rejects them in accordance with the law, it shall make an explanation. If it accepts them in accordance with the law, it shall review them under these Provisions, make a decision of approval or disapproval of the preparatory establishment within 6 months after it receives the aforesaid materials, and shall notify the applicant of its decision in writing. If it disapproves the preparatory establishment, it shall make an explanation. Article 20. If the CIRC approves the preparatory establishment of an insurance assessment institution, a preparatory establishment group shall be formed, which shall finish the preparatory establishment within 6 months as of the date of approval. In the event that the preparatory establishment hasn't been finished or fails to meet the requirements for business start when the time limit expires, the original approval document shall be invalidated automatically. During the period of preparatory establishment, the insurance assessment institution shall not be engaged in any insurance assessment business. Article 21. After the applicant finishes the preparatory establishment, it shall file an application with the CIRC for starting business and shall submit the following materials: (1) An application for starting business; (2) The articles of association; (3) The internal control system, including the rules concerning the organizational framework, procedures for decision-making, business operations, financial affairs and personnel, etc.; (4) The materials of the senior managers submitted for review; (5) A roster of the employees, the photocopies of the Qualification Certificate and ID cards of the employees; (6) A register of the shareholders or partners, photocopies of the business licenses of the legal-person shareholders, financial statements of the legal-person shareholders for the recent 3 years that have been affixed with the financial cachet of the said shareholders, and photocopies of the ID cards of the natural-person shareholders; (7) A capital verification report issued by an accounting firm, photocopies of the original vouchers for the capital payments into the designated account; (8) Preparation of computer software and hardware; (9) Certificates of the use right or ownership of the business site; (10) A Notice of Advance Approval of Enterprise Name as issued by the competent administration for industry and commerce; (11) Other materials as required by the CIRC. Article 22. The CIRC shall, within 30 days after it receives the application materials for starting business that conform to the relevant requirements, carry out relevant checks, and shall, within 3 months, make a decision of approval or disapproval and notify the applicant of the decision in writing. Article 23. The application materials for establishing an insurance assessment institution shall be prepared according to the formats as required by the CIRC. Article 24. An insurance assessment institution that has been granted a business start approval shall apply for obtaining an Insurance Assessment Business Permit (hereinafter referred to as the "Permit") according to the relevant provisions. The insurance assessment institution shall strictly comply with the provisions formulated by the CIRC on the management of Permits. An announcement shall be published on the newspaper as designated by the CIRC after a Permit is fetched or Changed. Article 25. Where an insurance assessment institution fails to start business after the lapse of 6 months without any justifiable reason or suspends business for 6 successive months or more after it starts its business, the CIRC may revoke its Permit. Article 26. A Permit shall be valid for 3 years. An insurance assessment institution shall, 60 days prior to the expiration of the period of validity, file an application with the CIRC for replacing the Permit by a new one. If an applicant institution commits any serious violation, the CIRC may refuse to change its Permit. If an applicant institution fails to have its Permit changed by the CIRC, it shall not continue to engage in the insurance assessment business. CHAPTER III MODIFICATION AND TERMINATION Article 27. The following matters of an insurance assessment institution shall be subject to the approval of the CIRC: (1) Amending the articles of association or partnership agreement; (2) Changing the registered capital or capital contribution amount; (3) Changing the shareholders or partners; (4) Changing the proportions of stock right distribution or capital contributions; (5) Changing the organizational form; (6) Changing the domicile; (7) Changing any of the senior managers; (8) Changing the scope of business; (9) Changing the name of the company or enterprise; (10) Splitting-up or merger; (11) Dissolution or bankruptcy; (12) Other matters as required by the laws and administrative regulations Article 28. Where an insurance assessment institution is dissolved, revoked or bankrupt in accordance with the law, it shall hand back the Permit to the CIRC and publish an announcement on the newspaper as designated by the CIRC. CHAPTER IV QUALIFICATIONS OF PRACTITIONERS Article 29. The practitioners of insurance assessment institutions shall pass the qualifications examination for insurance assessment practitioners organized by the CIRC in a centralized manner. Any person with the junior college education background shall be allowed to sit for the examination. Article 30. Anyone who has passed the qualification examination for insurance assessment practitioners may apply with the CIRC for fetching a Qualification Certificate. A person who applies for fetching a Qualification Certificate shall submit the following documents: (1) Certification document proving that the person engaged in the insurance assessment business has passed the qualifications examinations; (2) The ID card or passport (photocopy); (3) Certification materials concerning past acts issued by the entity the applicant works for or the governments organ at the level of sub-district office or above where the permanent residence of the applicant is located; and (4) 2 recent two-inch hatless full-face photos. Article 31. A person who applies for fetching a Qualification Certificate shall meet the following conditions: (1) Being 18 years old or older and having full civil capacities; (2) Being of good moral conduct, being upright and honest, and being of good professional ethics; and (3) Having no record of criminal punishment or serious administrative punishment within the 5 years prior to the application. Article 32. The CIRC may directly grant a Qualification Certificate to a person who satisfies the qualifications as provided by the CIRC for engaging in the insurance assessment business. The specific measures shall be separately formulated Article 33. The Qualification Certificate shall be uniformly printed and produced by the CIRC, which shall not be counterfeited, altered, lent, leased or transferred. Article 34. The Qualification Certificate shall be the acknowledgement of the basic qualifications of those engaged in the insurance assessment business by the CIRC, it is not valid for proving the qualification for practice. Article 35. An insurance assessment institution shall, under the provisions of the CIRC, manage the practicing qualifications of its practitioners. Article 36. The Practicing Certificate of Insurance Assessment Practitioner (hereinafter referred to as the Practicing Certificate) shall be certification document for insurance assessment practitioners to engage in the insurance assessment business Article 37. The Practicing Certificate shall be uniformly produced under the supervision of the CIRC, which shall be issued by the insurance assessment institutions. No insurance assessment institution may issue a Practicing Certificate to any employee who hasn't obtained a Qualification Certificate. Article 38. When a practitioner of an insurance assessment institution carries out insurance assessment activities, it shall show his Practicing Certificate on his own initiative. Article 39. No insurance assessment institution may issue a Practicing Certificate to a person who is punished for violating any of the laws, administrative regulations or rules and prohibited from entering the insurance brokering business but has obtained a Qualification Certificate. If an insurance assessment has issued one to him, it shall take it back. Article 40. Where an insurance assessment practitioner who holds a Practicing Certificate terminates his insurance assessment business or is employed by another insurance assessment company, the insurance assessment institution shall take back the Practicing Certificate to the insurance assessment institution. CHAPTER V ADMINISTRATION OF BUSINESS OPERATIONS Article 41. The geographical range of business operations of the insurance assessment institutions shall be subject to the examination and approval of the CIRC. All insurance assessment institutions shall conduct their business operations within their respective geographical range of business operations upon ratification. Article 42. Upon approval of the CIRC, an insurance assessment institution may engage in the following business: (1) Inspecting, estimating and evaluating the risks of the subject matter before it is insured; (2) Surveying, inspecting, estimating the loss and adjusting the insured subject matter after loss is incurred; and (3) Other business as approved by the CIRC. Article 43. The personnel permanently dispatched by an insurance assessment institution in any place other than the registration place of an insurance assessment institution to engage in insurance assessment business shall go through the archival filing formalities in accordance with the relevant provisions. Article 44. No insurance assessment institution may commit any of the following acts: (1) Doing insurance assessment transactions with any institution or individual who is illegally engaged in insurance business or insurance intermediary business; (2) Exceeding the business scope and geographical range of business operations as ratified by the CIRC; (3) Exceeding the scope of authorization, infringing upon the lawful rights and interests of the entrusting party; (4) Issuing a false assessment report to the parties concerned to an insurance contract; (5) Debasing the reputation of other insurance assessment institutions by fudging and spreading any false information or by other means; (6) Forcing, inducing or limiting others to conclude any insurance assessment contract by taking the advantage of administrative power, position or job; (7) Cheating any insurance company by colluding with the insured, insurant or beneficiary; or (8) Any other act that is deemed by any law or administrative regulation as injuring the interest of the applicant, insured or the insurance company. Article 45. When an insurance assessment institution carries out business, it shall explicitly inform the clients of the name, address, business scope and legal liabilities of the insurance assessment institution. Article 46. The insurance assessment institution shall enter into a written entrustment contract with the entrusting party. Article 47. An insurance assessment institution shall charge remunerations for the business according to the agreement of both parties. Article 48. No insurance assessment report is valid unless it is signed by the general manger or vice manager of the insurance assessment institution or by the major person-in-charge of the partnership enterprise. Article 49. An insurance assessment institution shall establish detailed records of assessment business. Article 50. An insurance assessment institution shall keep confidential the business secrets of the parties concerned it has learned of during its business operations. Article 51. The business materials of an insurance assessment institution shall, calculating from the date of termination of each insurance contract, be preserved for not less than 10 years. Article 52. An insurance assessment institution shall deposit the business security by 5% of its registered capital or amount capital contributions, or buy professional liability insurance as required by the CIRC. An insurance assessment institution shall, within 30 days after it starts business, deposit a lump sum of business deposits into the commercial bank as designated by the CIRC. Upon approval, the insurance assessment institution may use the negotiable instruments acknowledged by the CIRC as the business deposits. No insurance assessment institution may use its business deposits unless it is approved by the CIRC. CHAPTER VI SUPERVISION AND INSPECTION Article 53. An insurance assessment institution shall timely submit the relevant statements and materials to the CIRC in accordance with the relevant provisions. Such statements and materials shall be signed by the legal representative or its authorized person and shall be under the seal of the company. Article 54. The statements and materials submitted to the CIRC by an insurance assessment institution shall be genuine, exact and complete. Article 55. An insurance assessment institution shall, within 60 days after the end of each accounting year, submit an audit report issued by an accounting firm as well as the explanatory notes about the relevant matters to the CIRC. The accounting firm as mentioned in the preceding paragraph shall meet the following conditions: (1) It has been 3 years or more since its establishment and it has no bad record; (2) It has a sound internal organization and rules of management; and (3) It has 10 certified accountants or more. Article 56. The CIRC shall supervise and inspect the business operations of the insurance assessment institutions, which shall be actively cooperative and shall provide the relevant materials as required. Article 57. The matters of the insurance assessment companies subject to the inspection of the CIRC shall include: (1) The application and approval documents for establishment or modification; (2) The registered capital or amount of capital contributions; (3) The business security or professional liability insurance; (4) The status of business operations; (5) The financial status; (6) The information system; (7) Management and internal control; (8) The qualifications for the senior managers; (9) Other matters which the CIRC deems necessary to inspect. CHAPTER VII PUNISHMENT PROVISIONS Article 58. Any insurance assessment institution that is illegally established by violating these Provisions shall be banned, and a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed on the violator. If there are any illegal gains, such illegal gains shall be confiscated. Article 59. Where an applicant obtains the CIRC's approval of preparatory establishment or business start by offering any false materials or by other fraudulent means, it shall be disqualified from the preparatory establishment or its Permit shall be revoked, and it shall be fined not less than 100,000 yuan but not more than 500,000 yuan. Article 60. Where an insurance assessment institution is merged, split up, dissolved or bankrupt without approval of the CIRC, it shall be given a warning and shall be fined not less than 50,000 yuan but not more than 300,000 yuan. If the circumstances are serious, it shall be ordered to suspend its business for rectification or its Permit shall be revoked. Article 61. Where an insurance assessment institution illegally changes its name, articles of association or partnership agreement, registered capital or capital contributions, domicile, stock right structure or proportions of capital contributions, shareholder(s)or partner(s), it shall be given a warning and shall fined not less than 10,000 yuan but not more than 100,000 yuan. Article 62. Where an insurance assessment institution commits any of the following acts, it shall be given a warning and shall be fined not less than 10, 000 yuan but not more than 100,000 yuan: (1) Appointing any senior manager whose post-holding qualifications haven't passed the examination and approval of the CIRC; (2) Without approval of the CIRC, it designates any senior manager in the name of temporary person-in-charge or by other means; (3) It designates any temporary person-in-charge upon approval of the CIRC, but the actual term of office of this temporary person-in-charge exceeds 3 months; or (4) Failing to send a copy of the decision of appointment of any senior manager or decision of disciplinary sanction against any senior manager to the CIRC. Article 63. Where an insurance assessment institution is engaged in the insurance assessment business by exceeding the ratified business scope or geographical range of business operations, it shall be given a warning and shall be fined not less than 100,000 yuan but not more than 500,000 yuan. If the circumstances are serious, it shall be ordered to suspend its business for rectification or its Permit may be revoked. Article 64. Where an insurance assessment institution is engaged in the insurance assessment business during the period of preparatory establishment, it shall be given a warning and shall fined not less than 100,000 yuan but not more than 500,000 yuan. If the circumstances are serious, it shall be disqualified from the preparatory establishment. Article 65. Where an insurance assessment institution does transactions with any institution or individual illegally engaged in the insurance business or insurance intermediary business, it shall be given a warning and shall be fined not less than 5 times of but not more than 10 times the amount of the illegal gains. Article 66. Where an insurance assessment institution issues a Qualification Certificate by violating these Provisions, it shall be given a warning and shall be fined not less than 10,000 but not more than 50,000 yuan. Article 67. Where an insurance assessment institution, by taking advantage of the administrative power, position or job, forces others to accept it as an insurance assessor or to accept assessment result made by it, or conducts unfair competition by improper means, it shall be given a warning and shall be fined not less than 10,000 but not more than 50,000 yuan. If there are any illegal gains, such illegal gains shall be confiscated. If the circumstances are serious, the insurance assessment institution shall be ordered to suspend its business for rectification or its Permit shall be revoked. Article 68. Where an insurance assessment institution provides any false report to cheat insurance benefits by colluding with others, its illegal gains shall be confiscated and it shall be fined not less than 1 time but not more than 3 times the amount of the illegal gains. If the circumstances are serious, it shall be ordered to suspend its business for rectification or its Permit shall be revoked. Article 69. Where an insurance assessment institution fudges and spreads any false information to injure the reputation of others and thus causes any bad consequences, it shall be given a warning and shall be fined not less than 10,000 yuan but not more than 50,000 yuan. Article 70. Where an insurance assessment institution injures the lawful rights and interests of the entrusting party by exceeding the scope of authorization or cheats the entrusting party by colluding with others, it shall be given a warning and shall be fined not less than 10,000 yuan but not more than 100,000 yuan. If the circumstances are serious, it shall be ordered to suspend its business for rectification or its Permit shall be revoked. Article 71. Where an insurance assessment institution makes any false capital contribution or spirits away its capital contribution, it shall be ordered to suspend its business for rectification and shall be fined not less than 100,000 yuan but not more than 50,000 yuan. If the circumstances are serious, its Permit shall be revoked. Article 72. Where an insurance assessment institution provides any financial statements or materials that are false or that conceal any important fact, it shall be given a warning and shall be fined not less than 100,000 yuan but not more than 50,000 yuan. If the circumstances are serious, its Permit shall be revoked. Article 73. Where an insurance assessment institution discloses any false or untrue information to the entrusting party to mislead the client, or cheats the client by concealing any important information relating to the insurance assessment that should have been reported, it shall be given a warning and shall be fined not less than 10,000 yuan but not more than 50,000 yuan. If the circumstances are serious, it shall be ordered to suspend business for rectification or its permit shall be revoked. Article 74. Where an insurance assessment institution fails to put in the business deposits or buy professional liability insurance as required, it shall be given a warning and shall be fined not less than 10,000 yuan but not more than 100,000 yuan. If the circumstances are serious, it shall be ordered to suspend its business for rectification or its permit shall be revoked. Article 75. Where a practitioner of an insurance assessment institution is directly liable for any act of violating these Provisions, he shall be given a warning in light of the seriousness of the circumstances. The insurance assessment institution shall be ordered to replace him by others and his Qualification Certificate shall be revoked. Article 76. Where a senior manager of an insurance assessment institution is directly liable for any act of violating these Provisions, he shall be disqualified for such post within a certain time period or even a life-long period. Article 77. Any insurance assessment institution that violates these Provisions due to refusing or hampering the lawful supervision and inspection of the CIRC shall be given a warning and shall be fined not less than 100,000 yuan but not more than 50,000 yuan. If the circumstances are serious, it shall be ordered to suspend its business for rectification or its Permit shall be revoked. CHAPTER VIII SUPPLEMENTARY PROVISIONS Article 78. These Provisions shall apply to the foreign-funded assessment institutions set up upon approval of the CIRC unless it is otherwise provided for in any law, administrative regulation, or in any international treaty China has acceded to. Article 79. As to the materials as required for submission to the CIRC, the Chinese version shall prevail (in case any discrepancy arises among the materials of different languages). Article 80. The power to interpret and revise these Provisions shall remain with the CIRC. Article 81. These Provisions shall come into force as of January 1, 2002. The Administrative Provisions on Insurance Assessment Institutions (for Trial Implementation) as promulgated by the CIRC on January 14, 2000 shall be repealed simultaneously. |
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