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	REPLY OF THE CHINA INSURANCE REGULATORY COMMISSION ON RELEVANT ISSUES CONCERNING THE MANAGEMENT ON SHORT-TERM ACCIDENT INSURANCE PRODUCTS

	(November 7, 2003 No.1076 [2003] of the China Insurance Regulatory Commission)


SUBJECT : SHORT-TERM ACCIDENT INSURANCE
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION
ISSUE DATE : 11/07/2003
IMPLEMENT DATE : 11/07/2003
LENGTH : 306 words
TEXT :

Your Request on Relevant Issues concerning the Management of Short-term Accident Insurance Products (No. 222[2003] of the Shandong Bureau of the China Insurance Regulatory Commission) has been received, we hereby make the following reply upon deliberation:

I. The branches of an insurance company shall have the relevant documents of products reported to the local offices of the China Insurance Regulatory Commission when they open short-term accident insurance.

Where there is any alteration other than the premium rate on a short-term accident insurance product, which has been put on archives, it shall be deemed as a product different from that having been put on archives, and needs to be submitted to and put on archives at the China Insurance Regulatory Commission.

Where the branches of an insurance company have the premium rate fluctuated within the scope of fluctuated premium rate as fixed when putting the product on records, they shall go through report formalities at the local offices of the China Insurance Regulatory Commission upon the strength of the written documents of authorization by the parent company, the written report on reasons for adjustment and areas of application, and the corresponding rules for accepting insurance.

II. An insurance company shall meet with the approval of the local offices of the China Insurance Regulatory Commission when they take the way of product mix in selling, and it may only mix the products in existence which have been put on records at the China Insurance Regulatory Commission, and shall not alter the products that have been put on records or have been given preferential treatment by way of combined premium.

III. An insurance company may entrust such agencies concurrently undertaking the business as the traffic or tourism and other similar agencies to sell short-term accident insurance products of traffic or tourism, but shall not sell group products to individuals.