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TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II EXAMINATION AND APPROVAL AND RECORD-KEEPING SCOPE CHAPTER III EXAMINATION AND APPROVAL AND RECORD-KEEPING MATERIALS CHAPTER IV EXAMINATION AND APPROVAL AND RECORD-KEEPING PROCEDURES CHAPTER V PERSON-IN-CHARGE OF ACTUARIAL AFFAIRS AND PERSON-IN-CHARGE OF LEGAL AFFAIRS CHAPTER VI LEGAL LIABILITIES CHAPTER VII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. With a view to regulating the management of examination and approval and record-keeping of the products developed by the personal insurance companies, the present Measures are formulated in accordance with the relevant provisions of the Insurance Law of the People's Republic of China. Article 2. The "products" mentioned in the present Measures refer to the life insurance products developed and designed by the life insurance companies (hereinafter referred to insurance company) undertaking life insurance, health insurance, accident and injury insurance and other insurance businesses within the territory of the People's Republic of China. Article 3. An insurance company shall develop products according to the laws, administrative regulations and the relevant provisions of China Insurance Regulatory Commission, and shall bear the corresponding liabilities for its products. Article 4. China Insurance Regulatory Commission (hereinafter referred to the CIRC) shall, in accordance with the law, exercise the management of examination and approval and record-keeping of the products of insurance companies. Article 5. The CIRC shall conduct routine supervision and administration over the products of insurance companies in pursuance of the law. CHAPTER II EXAMINATION AND APPROVAL AND RECORD-KEEPING SCOPE Article 6. The following products of insurance companies shall be subject to the examination and approval of the CIRC: (1) The products believed by the CIRC as relating to the interests of the general public; (2) The mandatory insurance products under the law; (3) The new life insurance products determined by the CIRC. Article 7. Other products except those mentioned in Article 6 of the present Measures shall be reported and submitted to the CIRC for archival purposes. Article 8. The CIRC shall, in accordance with the law, formulate the scope for the examination and approval of products, and shall make adjustments in light of the actual circumstances. Article 9. Where an insurance company changes the products that have been examined and approved or kept in records by the CIRC, it shall file a new application for examination and approval or record-keeping. CHAPTER III EXAMINATION AND APPROVAL AND RECORD-KEEPING MATERIALS Article 10. An insurance company shall, in accordance with the present Measures, submit the examination and approval or record-keeping application materials to the CIRC, and shall be liable for the authenticity and completeness of their substantial content. Article 11. When applying for the examination and approval of products, an insurance company shall submit the following materials in duplicate to the CIRC: (1) A Personal Insurance Product Examination and Approval Application; (2) A Checklist of the Materials Submitted for Examination and Approval of Personal Insurance Products; (3) The explanatory materials to the product examination and approval application that shall describe the main characteristics of the products and reasons for the examination and approval application in detail; (4) The insurance clauses; (5) The table of insurance product premium rates; (6) As for the products with cash value, the applicant shall submit written materials including cash value table (illustration) and electronic documents including the complete table of cash values of various ages; (7) The product actuary report signed by the person-in-charge of the actuarial affairs of this company; (8) The declaration of the person-in-charge of the actuarial affairs of this company; (9) The declaration of the person-in-charge of the legal affairs of this company; (10) A product feasibility report; (11) The sales management measures, including the product sale channels and the sale area management measures, etc.; (12) The financial management measures; (13) The operation management measures; (14) The information disclosure management system; (15) The draft documents of product instructions; (16) A CD or magnetic disk containing the electronic documents of all the materials submitted; and (17) Other materials required by the CIRC. Article 12. Where an insurance company applies for the examination and approval of dividend products, it shall, apart from submitting the materials mentioned in Article 11, submit the following materials in duplicate: (1) The methods for the computation and distribution of dividends; and (2) The principles of income distribution and apportionment of expenses. Article 13. An insurance company shall submit the following materials in duplicate to the CIRC for keeping its products on records: (1) A Checklist of the Materials Submitted for Record-keeping of Personal Insurance Products; (2) The insurance clauses; (3) The table of insurance product premium rates; (4) As for the products with cash value, the applicant shall submit written materials including cash value table (illustration) and electronic documents including the complete table of cash values of various ages; (5) The product actuary report signed by the person-in-charge of the actuarial affairs of this company; (6) The declaration of the person-in-charge of the actuarial affairs of this company; (7) The declaration of the person-in-charge of the legal affairs of this company; (8) As for the products with instructions, the draft documents of product instructions shall be submitted; (9) A CD or magnetic disk containing the electronic documents of all the materials submitted; and (10) Other materials required by the CIRC. Article 14. Besides the materials listed in Article 13, an insurance company shall submit the following materials in duplicate for the record-keeping of dividend products: (1) The financial management measures; (2) The operation management measures; (3) The information disclosure management system; (4) The methods for the computation and distribution of dividends; and (5) The principles of income distribution and apportionment of expenses. Article 15. Besides the materials mentioned in Article 13, an insurance company shall submit the following materials in duplicate for the record-keeping of all-purpose or investment-linked products: (1) A product feasibility report; (2) The sale management measures, including the management measures for the product sale channels and sale areas; (3) The financial management measures; (4) The operation management measures; and (5) The information disclosure management system. Article 16. The actuarial report on a product shall cover the following: (1) The sources of data and the presumptive pricing options; (2) A report on the premium rates, which shall contain the pricing methods and actuarial formulas, and in which the person-in-charge of the actuarial affairs shall demonstrate and describe the reasonableness of the premium rates; (3) As for the products whose premium rates may float in accordance with the relevant requirements of the CIRC, the insurance company shall submit the management measures for the floating of premium rates; (4) As for the products with cash value, the insurance company shall submit the cash value computation methods; (5) The reserve fund computation methods; (6) The main risks of products and the corresponding management opinions; (7) As for the products with demonstration of interests, the insurance company shall submit the computation methods for the demonstration content; (8) The items, for which the person-in-charge of the actuarial affairs shall make special explanations; and (9) Other content required by the CIRC. Article 17. Where any of the following materials is completely identical with the corresponding material that has been submitted to the CIRC for the examination and approval or the record-keeping of the product of the same category, the insurance company may not be required to submit these materials, but it shall give a clear indication in the checklist of materials: (1) The financial management measures; (2) The operation management measures; (3) The information disclosure management system; (4) The methods for the computation and distribution of dividends of dividend products; and (5) The principles of income distribution and apportionment of expenses of dividend products. CHAPTER IV EXAMINATION AND APPROVAL AND RECORD-KEEPING PROCEDURES Article 18. An insurance company shall, via its head office, apply to the CIRC for the examination and approval or the record-keeping of products. Article 19. As for a product that shall be subject to the examination and approval, the insurance company shall submit the application materials to the CIRC before the product is sold. The insurance company may not sell the product unless it has obtained the approval of the CIRC. Article 20. After the CIRC has received the application materials submitted by an insurance company for product examination and approval, it shall issue an acknowledgment of receipt to the insurance company. Article 21. With regard to the application of an insurance company for product examination and approval, the CIRC shall handle it separately in light of the following circumstances: (1) If the product is within the record-keeping scope, the CIRC shall inform the insurance company that it shall file a record-keeping application; (2) If the application materials are incomplete, the CIRC shall, within 5 days, notify the insurance company, for once, of the items that need to be supplemented or corrected; (3) If the product application materials are complete, or the insurance company submits all the supplemented or corrected application materials required by the CIRC, the CIRC shall accept the application and issue a written proof bearing the seal of the seal for the exclusive use of acceptance to the insurance company. Article 22. The CIRC shall, within 20 days from the day when it accepts a product examination and approval application, make a decision of approval or disapproval. If it is unable to make a decision within 20 days, it may extend the time limit by 10 days upon the approval of the person-in-charge of the CIRC. The CIRC shall notify the insurance company of the reasons for extension. If the CIRC decides to approve the application, it shall release its decision of approval to the general public through its bulletin or website. If it makes a decision of disapproval, it shall issue a written notice to the insurance company, informing it of the reasons for disapproval and the right to apply for administrative reconsideration or to file an administrative lawsuit. Article 23. The CIRC may organize experts to evaluate the products subject to examination and approval, and inform the insurance company of the time needed for expert evaluation. With regard to a product relating to public interests, the CIRC may organize a hearing and shall implement it according to the Administrative License Law of the People's Republic of China. The time for expert evaluation and hearing shall not be included in the time limit for examination and approval prescribed in Article 22 of the present Measures. Article 24. During the period after a product examination and approval application of insurance company is accepted and before a decision is made, if the insurance company intends to withdraw the said application, it shall file a written application to the CIRC. The CIRC shall timely terminate the examination over the application and shall return the product examination and approval application materials to the insurance company. Article 25. During the period after a product examination and approval application of insurance company is accepted and before a decision is made, if the insurance company intends to change the application product, it shall apply to the CIRC for withdrawing its application. If the insurance company withdraws its product examination and approval application, the time limit for the product examination and approval shall be recalculated from the day after the CIRC receives the modified examination and approval application materials. Article 26. With regard to a product disapproved, the insurance company may reapply to the CIRC for examination and approval after it has made modifications to the product. Article 27. As for a record-keeping product, the insurance company shall submit the record-keeping materials to the CIRC within 7 days after the sale of the product. Article 28. After the CIRC receives the record-keeping materials, it shall handle them separately in light of the following circumstances: (1) If the record-keeping materials are incomplete, the CIRC shall notify the insurance company that it shall supplement and correct all the record-keeping materials within 10 days£» (2) If the record-keeping materials are complete, or if the insurance company submits all the supplemented and corrected materials required by the CIRC, the CIRC shall keep the said materials in the archives, and shall issue an acknowledgement of receipt to the insurance company. CHAPTER V PERSON-IN-CHARGE OF ACTUARIAL AFFAIRS AND PERSON-IN-CHARGE OF LEGAL AFFAIRS Article 29. An insurance company shall appoint a person-in-charge of actuarial affairs and a person-in-charge of legal affairs. The insurance company shall provide the person-in-charge of the actuarial affairs and the person-in-charge of legal affairs with the necessary information about their respective duties and shall fully respect their professional opinions. Article 30. The appointment of a person-in-charge of actuarial affairs of an insurance company shall be subject to the examination and approval of the CIRC, otherwise, the CIRC shall refuse to accept the declaration of the person-in-charge of actuarial affairs issued by him (her) and other relevant reports signed by him (her). Article 31. The person-in-charge of actuarial affairs appointed by an insurance company shall satisfy the following conditions: (1) Having a domicile within the territory of the People's Republic of China; (2) Having the qualifications for a Chinese actuary; (3) Having 3 or more years of actuarial experiences; (4) He (she) has never been given any criminal punishment; and (5) He (she) has never committed any intention deception act in respect of the actuarial profession. Under a special circumstance, the CIRC shall ratify another person with actuary qualifications to take the position of the person-in-charge of actuarial affairs of the insurance company. Article 32. The person-in-charge of the actuarial affairs shall be responsible for signing the actuarial report and issuing the declaration of the person-in-charge of actuarial affairs, and shall bear the following product liabilities: (1) The content of the product actuarial report is complete; (2) The product actuarial report conforms to the descriptions of their clauses; (3) The product actuarial presumptions and actuarial methods are in line with the general actuarial fundamental and meet the actuarial requirements of the CIRC; (4) With regard to a product with demonstration of interests, the approach for calculating the interests shall be in line with the general actuarial fundamental and meet the requirements of the CIRC; (5) The calculation results are accurate; and (6) Other liabilities prescribed by the CIRC in respect of product actuarial affairs. Article 33. The appointment of a person-in-charge of legal affairs of an insurance company shall be subject to the examination and approval of the CIRC, otherwise, the CIRC shall refuse to accept the declaration of the person-in-charge of legal affairs issued by him (her) and other relevant reports signed by him (her). Article 34. The person-in-charge of actuarial affairs appointed by an insurance company shall satisfy the following conditions: (1) Having a domicile within the territory of the People's Republic of China; (2) Having the undergraduate education background of law major or above or having obtained a lawyer's qualification certificate of China or legal profession qualification certificate; (3) Having 3 or more years of domestic insurance or legal practice experiences; (4) He (she) has never been given any criminal punishment; and (5) He (she) has never committed any intention deception act in respect of the legal profession. Article 35. The person-in-charge of the legal affairs shall be responsible for issuing the declaration of the person-in-charge of legal affairs, and shall bear the following product liabilities: (1) The insurance clauses are consistent with the Insurance Law of the People's Republic of China, other laws, administrative regulations and the relevant requirements of the CIRC; (2) The insurance clauses do not impair the public interests, do not infringe upon the legitimate rights and interests of the insurants, the insured and beneficiaries; (3) The elements of an insurance contract shall be comprehensive, and the diction of the clauses shall be accurate; (4) As for a product with operating instructions, the operating instructions shall conform to the descriptions in the clauses. The content of the operating instructions shall be comprehensive and authentic and meet the relevant requirements of the CIRC; and (5) Other liabilities prescribed by the CIRC in respect of product legal affairs. Article 36. Where an insurance company applies for the qualification of the person-in-charge of actuarial affairs or the person-in-charge of legal affairs, it shall submit to the CIRC the following materials in duplicate: (1) The Qualification Examination and Approval Application for the Person-in-charge of Actuarial Affairs or Qualification Examination and Approval Application for the Person-in-charge of Legal Affairs; (2) The photocopies of the identification certification and domicile certification of the candidate; (3) The photocopies of education background certification and professional qualification certification; (4) The certification of legal practice experience; and (5) Other materials required by the CIRC. Article 37. After the CIRC receives the qualification application materials of the person-in-charge of actuarial affairs or the person-in-charge of legal affairs, it shall handle them separately in light of the following circumstances: (1) If the application materials are incomplete, the CIRC shall, within 5 days, inform the insurance company, for once, of the items need to be supplemented and corrected; (2) If the application materials are complete, or if the insurance company submits all the supplemented and corrected materials required by the CIRC, the CIRC shall accept the application and issue a written proof bearing the seal for the exclusive use of acceptance. Article 38. The CIRC shall make a decision of approval or disapproval within 20 days from the day when it accepts an application. If it decides to disapprove the application, it shall issue a written notice to the insurance company, informing it of the disapproval reasons and the right to apply for administrative reconsideration or to file an administrative lawsuit in accordance with the law. Article 39. Where an insurance company appoints a new person-in-charge of actuarial affairs or legal affairs, it shall re-apply to the CIRC. CHAPTER VI LEGAL LIABILITIES Article 40. Where an insurance company fails to apply for examination and approval or record-keeping of a product, the CIRC shall order it to stop selling the product and shall punish the insurance company, its senior managerial personnel and other direct liable persons in accordance with the pertinent law and administrative regulations. Article 41. Where an insurance company applies for record-keeping of a product that shall be subject to examination and approval, the CIRC shall order it to stop selling the product. If the circumstance is serious, the CIRC shall punish the insurance company, its senior managerial personnel and other direct liable persons in accordance with the pertinent law and administrative regulations. Article 42. When applying for the examination and approval of a product, if the insurance company conceals the relevant information, provides false materials or refuses to offer authentic materials related to the product, the CIRC shall punish the it, its senior managerial personnel and other direct liable persons in accordance with the pertinent law and administrative regulations. If the product has been sold, the CIRC may order the insurance company to stop selling it. Article 43. Where the record-keeping product of an insurance company is under any of the following circumstances, the CIRC shall order the insurance company to stop selling the product, and shall punish the insurance company, its senior managerial personnel and other direct liable persons in accordance with the pertinent law and administrative regulations: (1) In violation of any law, administrative regulation or prohibitive provisions of the CIRC; (2) In violation of the relevant public finance or financial policies of the state; (3) Impairing the public interests; (4) The content is obviously unfair or forms a price monopoly, or impairs the legitimate rights and interests of the insurants, the insured or beneficiaries; (5) The designing of clauses or the stipulated premium rates or the interest rates determined in advance are inappropriate, which may endanger the solvency of the insurance company; or (6) Other reasons determined by the CIRC on the basis of prudent supervision principle. Article 44. Where the person-in-charge of actuarial affairs of an insurance company violates Article 32 of the present Measures, he (she) shall be punished by the CIRC according to the relevant laws and administrative regulations. Where the person-in-charge of actuarial affairs violates Article 32 of the present Measures for the third time and it is less than 2 years between his (her) first offense and his (her) third offence, the CIRC shall reject the declaration of the person-in-charge of actuarial affairs issued by him (her) and the actuarial reports signed by him (her) from the day when it finds his (her) third offence. Article 45. Where the person-in-charge of legal affairs of an insurance company violates Article 35 of the present Measures, he (she) be punished by the CIRC according to the relevant laws and administrative regulations. Where the person-in-charge of legal affairs violates Article 35 of the present Measures for the third time and it is less than 2 years between his (her) first offense and his (her) third offence, the CIRC shall reject the declaration of the person-in-charge of legal affairs issued by him (her) from the day when it finds his (her) third offence. CHAPTER VII SUPPLEMENTARY PROVISIONS Article 46. Where any provisions promulgated by the CIRC prior to the effectiveness of the present Measures are inconsistent with the present Measures, the present Measures shall prevail. Article 47. The products that have been examined and approved and kept on records prior to the effectiveness of the present Measures shall still be used. Where an insurance company modifies the product prescribed in the preceding paragraph, it shall reapply for examination and approval or record-keeping in accordance with the present Measures. Article 48. The qualifications for the persons-in-charge of actuarial affaires and the qualifications for the persons-in-charge of legal affairs examined and acknowledged by the CIRC prior to the effectiveness of the present Measures shall still remain valid. Article 49. The time limits mentioned in the present Measures shall be calculated on the basis of working days, excluding statutory holidays. Article 50. The power to interpret the present Measures shall remain with the CIRC. Article 51. The present Measures shall come into force as of July 1, 2004. Attachments: 1. The Personal Insurance Product Examination and Approval Application; (Omitted) 2. The Checklist of the Materials Submitted for Examination and Approval of Personal Insurance Products; (Omitted) 3. The Checklist of the Materials Submitted for Record-keeping of Personal Insurance Products; (Omitted) 4. The Qualification Examination and Approval Application for the Person-in-charge of Actuarial Affairs; (Omitted) 5. The Qualification Examination and Approval Application for the Person-in-charge of the Legal Affairs; (Omitted) 6. The Declaration of the Person-in-charge of the Actuarial Affairs; (Omitted) 7. The Declaration of the Person-in-charge of the Legal Affairs. (Omitted) |
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