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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II REPORTING AND INFORMATION DISCLOSURE CHAPTER III EMERGENCY PREPAREDNESS & RESPONSE PLAN AND PREPARATIONS CHAPTER IV STARTUP, TERMINATION AND URGENT HANDLING OF THE EMERGENCY PREPAREDNESS AND RESPONSE PLAN CHAPTER V SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. The present Provisions are enacted to effectively prevent and timely respond to the serious emergencies in insurance industry (hereinafter referred to serious emergencies), to maintain the stability of society, to ensure the normal operation of the insurance industry and to perform the economic compensation and social management functions. Article 2. The term "serious emergencies" mentioned in the present Provisions refers to the sudden natural disasters, serious accidents and other serious events that are related to the insurance industry and may have big impact on the normal operation of the insurance industry, the solvency of insurance companies or the stability of society so that the insurance regulatory institutions deem that it is necessary to employ the urgent response mechanism. Article 3. The China Insurance Regulatory Commission (hereinafter referred to the CIRC) shall be the administrative organ of the preparedness and response for serious emergencies, shall be responsible for guiding the institutions dispatched by the CIRC, and insurance companies to establish an emergencies reporting system and to formulate a preparedness and response plan on serious emergencies (hereinafter referred to "reporting system" and "preparedness and response plan" respectively), and shall supervise and inspect the institutions dispatched by the CIRC and insurance companies in preventing, reporting and handling serious emergencies. Article 4. The CIRC, the institutions dispatched by the CIRC, insurance companies and the branch institutions of the insurance companies (hereinafter referred to "all entities") shall abide by the policy ¨C focusing on prevention and being always on the alert, shall comply with principles of unified leadership, level-by-level responsibility, timely response, readily available measures and strengthening cooperation, and shall, in light of the actual circumstances of the their respective entity and the locality, scientifically and reasonably establish a reporting system and formulate a preparedness and response plan on emergencies in pursuance of the law. Article 5. The institutions dispatched by the CIRC shall, in light of the actual situation of their respective locality, be responsible for guiding the branch institutions of the insurance companies within their respective jurisdictions to establish a reporting system and formulate a preparedness and response plan on emergencies, and shall supervise and inspect them in their preventing, reporting and handling serious emergencies. Article 6. A insurance company shall, in light of its own actual situation, be responsible for guiding its branch institutions to establish a reporting system and formulate a preparedness and response plan on emergencies, shall manage and coordinate them in handing serious emergencies. Article 7. All entities shall intensify the pre-warning and monitoring work of serious emergencies. The CIRC shall support the insurance companies and the institutions dispatched by CIRC to establish a pre-warning, monitoring and response system for serious emergencies, and shall carry out exchange and cooperation activities relating to the technologies of handling serious emergencies. CHAPTER II REPORTING AND INFORMATION DISCLOSURE Article 8. The General Office of the CIRC is the permanent institution of the CIRC for handling the information of serious emergencies. It shall be responsible for accepting and handling the information of serious emergencies reported by the institutions dispatched by the CIRC, and the insurance companies. The institutions dispatched by the CIRC, the insurance companies and their branch institutions shall, in the reporting system, clearly specify their respective office or comprehensive management department as the special institution in charge of the reporting of serious emergencies. Article 9. After the occurrence of a serious emergency, the pertinent institutions dispatched by the CIRC, the insurance companies and their branch institutions shall actively implement the reporting system. Article 10. The institutions dispatched by the CIRC, and the insurance companies shall timely report the serious emergencies under any of the following circumstances to the General Office of the CIRC: (1) The occurrence of flood, typhoon, earthquake or any other serious natural disaster or serious fire disaster; serious production or traffic safety accident, which causes losses to the insured properties in the sum of 50 million yuan or more or results in personal injury and casualty compensations in the sum of 30 million yuan or more; (2) The occurrence of a group disease, serious food poisoning or any other public health accident, which possibly results in large-scale compensation claims; (3) There is a payment crisis in the cash flow of an insurance company, or the solvency of the insurance company deteriorates suddenly and may lead to bankruptcy; (4) The occurrence of a systematic failure in the computer system of an insurance company, which leads to loss of data of many clients; (5) 100 or more insurants or insurance salesmen collectively complaint in the superior competent authorities, sit in or conduct other extreme activities; or the number of the said insurants or insurance salesmen are less than 100, but they have caused bad consequences; (6) 100 or more insurants collectively cancel insurance or lodge a lawsuit against the insurance company; (7) The insurance company seriously violates the law or regulation when accepting insurance or using the fund, and it incurs wide concerns of the news medium and the general public; (8) There occurs a severe crisis in the overseas parent company of the foreign-funded insurance company, which seriously affects its business operations within China; (9) The senior managerial personnel of the insurance company suddenly resign from the company, disappear, suffer any serious accident or are controlled by a judicial organ through mandatory measures because they are suspected of their involvement in any crime; or (10) Other emergencies that seriously endanger the insurance industry, or those that are related to the insurance industry and have great impact on and severe harm to the society. The range and standards of regional serious emergencies shall be formulated by the institutions dispatched by the CIRC according to actual circumstances of the their respective locality. Article 11. The reporting of common serious accidents except for serious emergencies shall be handled in accordance with the relevant provisions of the CIRC. Where it is provided for the reporting of serious emergencies by the State Council, the reporting entity shall handle them according to the relevant provisions simultaneously. Article 12. The reporting of a serious emergency shall cover the following: (1) The time, nature and range of the serious emergency; (2) The incurred or possible losses or consequences to the insurance company; (3) The urgent measures that have been taken or may be taken; and (4) Other information that should be reported. Article 13. After the occurrence of a serious emergency, the insurance company shall, without delay, report it to the General Office of the CIRC, and shall, at any time, supplement reports about the progress of the emergency and verify other relevant information. The insurance company shall, according to the actual situation of the serious emergency, timely report it to the local government and pertinent departments. Article 14. After occurrence of a serious emergency, the branch institutions of the insurance company shall, according to requirements described in Article 11 of the present Regulation, timely report to the head office, and shall simultaneously report to the local institution dispatched by the CIRC. Article 15. After the institution dispatched by the CIRC receives the report of the branch institution of an insurance company, shall timely exchange information with the relevant departments, and further learn of the serious emergencies. After it has summarized the information, it shall report to the General Office of the CIRC immediately, and shall, at any time, supplement reports about the nature, seriousness of harm and progress of the emergency. The institution dispatched by the CIRC shall, in light of the nature and seriousness of the harm of the serious emergency, report to the local provincial or municipal people's government. Article 16. The CIRC may, according to the progress of a serious emergency, require some or all of the institutions dispatched by the CIRC, and the insurance companies to implement the reporting system. Article 17. The person-in-charge of any of the institutions dispatched by the CIRC, insurance companies and their branch institutions shall be the person responsible for the reporting system. Article 18. Any of the institutions dispatched by the CIRC, insurance companies and their branch institutions shall report the actual circumstances of serious emergencies. No one may conceal the truth, delay to report or give false information. Article 19. After the occurrence of a serious emergency, the CIRC, relevant institutions dispatched by the CIRC, and insurance companies shall implement the information release system. A spokesman shall be specially designated to release information uniformly to outside people. No other relevant person may release information to the outsiders without approval. The information release shall be timely, accurate and complete. Article 20. The CIRC shall, according to the seriousness and progress of an emergency, decide whether to report to the State Council. CHAPTER III EMERGENCY PREPAREDNESS & RESPONSE PLAN AND PREPARATIONS Article 21. Each entity shall establish a serious emergency response command institution, which shall adopt a major person-in-charge responsibility system. Article 22. Each entity shall establish a strict responsibility system for serious emergency prevention and response and shall formulate a rigorous preparedness and response plan so as to ensure any serious emergency be handled normally. Article 23. A branch institution of an insurance company shall submit the preparedness and response plan to the head office that it belong to, and shall report it to the local institution dispatched by the CIRC. An institution dispatched by the CIRC or insurance company shall report its preparedness and response plan to the CIRC. The CIRC shall be responsible for formulating a serious emergency preparedness and response plan for the insurance industry of China, and shall announce it to outside people. Article 24. The emergency response mechanism and the preparedness and response plan of an insurance company and its branch institutions are important parts of the insurance company's internal control rules and bylaws. They shall be subject to the supervision and inspection of the CIRC or the institution dispatched by the CIRC. Article 25. The emergency preparedness and emergency plan shall cover the following: (1) The composition of the emergency response command institution and duties of relevant departments; (2) The monitoring and pre-warning of serious emergencies; (3) The prevention of serious emergencies and response preparations; (4) The information gathering, analysis and reporting system for serious emergencies; (5) The level-by-level and response program on serious emergencies; and (6) Other content that shall be included. Article 26. Each entity shall, according to changes of a serious emergency and the issues found in the implementation of the preparedness and response plan, timely modify the said plan and make supplements so as to make it more scientific and manipulative. Article 27. Each entity shall establish a coordination and communication mechanism with other relevant departments and shall set up a serious emergency monitoring and pre-warning information network so as to find, report and deal with serious emergencies as early as possible, to avoid or reduce the losses may be caused by serious emergencies. Article 28. Each entity shall drill serious emergency responses, strengthen the training of emergency response personnel, improve the response abilities and find the shortcomings and loopholes in the emergency response work so as to ensure all the responses be carried out normally after the occurrence of a serious emergency. CHAPTER IV STARTUP, TERMINATION AND URGENT HANDLING OF THE EMERGENCY PREPAREDNESS AND RESPONSE PLAN Article 29. After the General Office of the CIRC receives a serious emergency report of an institution dispatched by the CIRC or insurance company, it shall timely organize relevant departments to verify and confirm the serious emergency, to inquire and consult the relevant entities about the serious emergency, shall analyze and comprehensively evaluate the pertinent information, put forward handling proposals, and report to the Chairman of the CIRC who is in charge. Article 30. Whenever the General Office of the CIRC deems necessary, it shall propose the Chairman of the CIRC to start up the serious emergency preparedness and response plan. The Chairman of the CIRC shall decide whether to start or not. Article 31. The Chairman of the CIRC may, in light of the development trend of a serious emergency, decide whether to form a serious emergency response command center (hereinafter referred to "command center"). Article 32. The command center shall be the leading institution in charge of the responses to serious emergencies. It shall be subject to the unified deployment and coordination of the State Council. Article 33. The component entities of the command center shall include pertinent insurance companies, institutions dispatched by the CIRC, and relevant departments of the CIRC. The major person-in-charge of each component entity shall be staff member of the command center. He (she) shall carry out the work at the order of the command center. When any staff member of the command center is away on business or goes abroad, he (she) shall ask the command center for leave, and may not leave his post without good reasons. Article 34. The position of the chief commander of the command center shall be taken by the Chairman of the CIRC. The chief commander may appoint several deputy chief commanders where necessary. Under special circumstances, the Chairman of the CIRC may appoint a Vice Chairman as a deputy commander of the command center. The General Office of the CIRC is the working institution of the command center to take charge of the specific matters of the command center. Article 35. The command center shall perform the following duties: (1) Collecting, analyzing, announcing the information related to serious emergencies; (2) Investigating, verifying and analyzing serious emergencies; (3) Leading, commanding and coordinating the responses to serious emergencies; (4) Raising proposals about the prevention and reduction of disasters, and promotion of stable and sustainable development of insurance industry; (5) It may, where necessary, require the insurance companies to deploy fund, materials and relevant personnel; and (6) Formulating serious emergency response programs, start up the insurance security funds, catastrophe risk funds or other special financing programs; Article 36. After the CIRC decides to start up a serious emergency preparedness and response plan, the General Office of the CIRC shall timely announce relevant information, including: (1) The startup of the preparedness and emergency plan of the CIRC; (2) The chief Commander and deputy commanders; (3) The component entities of the command center and the composition of the personnel of the command center; (4) The main duties of the command center; and (5) Other relevant emergency handling matters. Article 37. The chief commander of the command center shall, in light of the nature of the serious emergency, designate the relevant departments or personnel of the CIRC to form an emergency response work team, and deploy the personnel of relevant entities to participate in the response work. Article 38. The command center may require the relevant institutions dispatched by the CIRC, and insurance companies to implement the reporting system and start up the preparedness and response plan. Article 39. The CIRC may, in light of the situation of a serious emergency, decides to adjust the duties of the command center, to terminate the serious emergency preparedness and response plan, and to dissolve the command center. Article 40. After the occurrence of a serious emergency, the institutions dispatched by the CIRC may, in light of the situation of the serious emergency, propose the CIRC or the command center to start up emergency preparedness and response plan, or start up the said plan requested by the CIRC or the command center. Article 41. When a dispatched institution of the CIRC starts up a preparedness and response plan, it shall simultaneously establish a serious emergency command center within its jurisdiction, and shall perform its duties described in the preparedness and response plan. The serious emergency command center of the dispatched institution of the CIRC shall lead the serious emergency response work related to all the local branch institutions of insurance companies. It may require the local branch institutions of insurance companies to start up the reporting system and emergency preparedness and response plan. Article 42. The institution dispatched by the CIRC may, in light of the development trend of the serious emergency, request the CIRC or the command center to, and may, where approval is granted, terminate, the emergency preparedness and response plan, and dissolve the serious emergency response command center of the institution dispatched by the CIRC. Article 43. After the occurrence of a serious emergency, the relevant insurance companies or their branch institutions may, according to its development trend, decide whether to start up the serious emergency preparedness and response plan, or start up the emergency preparedness and response plan required by their superior companies, institutions dispatched by the CIRC, the CIRC or the command center. Article 44. After an insurance company or any of its branch institutions starts up an emergency preparedness and response plan, it shall complete all the response work in strict compliance with the requirements of the said plan, shall, at any time, report relevant information to the CIRC, command center, institution dispatched by the CIRC or the serious emergency command center of the institution dispatched by the CIRC. Article 45. The insurance company or its branch institution may, in light of the development trend of the serious emergency, terminate the emergency preparedness and response plan and dissolve the emergency response command institution upon approval of the CIRC, command center or local institution dispatched by the CIRC. Article 46. Any entity that has implemented the reporting system and has started up the emergency preparedness and emergency plan shall adopt a round-clock watch system for the serious emergency. It shall, after the occurrence of the serious emergency, ensure that information flows smoothly, from the superior to the inferior and vice versa. Article 47. After the occurrence of a serious emergency, the emergency response command institutions of all entities shall strengthen the communication with the medium, and shall timely release relevant information in a unified way. Article 48. Any entity or individual who violates the present Provisions shall be punished by the CIRC and the institution dispatched by it in pursuance of the relevant provisions. CHAPTER V SUPPLEMENTARY PROVISIONS Article 49. The present Provisions shall be implemented as of February 1, 2004. |
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