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In recent years, the sale of policies in the Mainland China by overseas insurance institutions couldn't be stopped in some regions despite repeated bans. Even some individual lawbreakers pass themselves off as overseas insurance institutions to sell falsified policies in China and engage in fraudulent activities. These illegal insurance activities have seriously disturbed the insurance market order in China, impaired the interests of the insured persons and harmed the state financial security. In order to sternly crack down on the illegal insurance activities, we hereby notify you of the following relevant matters: I. THE MEASURES FOR HANDLING ILLEGAL INSURANCE ACTIVITIES (1) If any illegal insurance activity in China undertaken by any overseas resident or overseas insurance company does not constitute any crime, the insurance regulatory office shall impose administrative penalties upon him/it under the provisions of Articles 142 and 149 of the P.R.C Insurance Law and publish the matter to the society. If any crime is constituted, and the criminal liabilities have been investigated for according to the law, the insurance regulatory office shall not impose any penalty. (2) If any insurance institution, any working personnel thereof or any insurance agent assists any overseas insurance company in engaging in any insurance activity illegally in China or assists any lawbreaker in passing himself off as any overseas insurance company to commit any insurance fraud, any liable senior manager, any working personnel providing any direct assistance for engaging in any illegal insurance activity or the insurance agent and any institution or business place involved in the case shall be punished by the local insurance regulatory office, and the punishment shall be published to the society in the local media. (3) If any overseas insurance institution affiliated to any overseas financial group company or insurance group company (or parent company or holding company) who has established operating institutions such as branches, subsidiaries or Chinese-foreign insurance equity joint companies in China is suspected of engaging in any illegal insurance activity, China Insurance Regulatory Commission shall send a letter to its group company, requesting the group company to investigate and verify the circumstances and handle the case. (4) If any overseas insurance institution affiliated to any overseas financial group company or insurance group company who hasn't established operating institutions in China engages in any illegal insurance activity in China, China Insurance Regulatory Commission shall circulate a notice of circumstances to the insurance regulatory authority of the place where the group company was registered and request the authority to provide assistance in investigating and handling the case. Before such investigation and handling is completed, and the effective corrections are made, the group company's application for establishing any operating institution in China shall not be accepted. And if it has established any representative office, the representative office may be dissolved depending upon the seriousness of the circumstances. II. SEVERAL REQUIREMENTS FOR INSURANCE REGULATORY OFFICES (1) You shall be fully aware of the necessity and urgency of cracking down on the illegal insurance activities and insurance frauds in China of overseas insurance institutions and lay stress on this work. By taking into consideration the specific conditions of local illegal overseas insurance activities, you shall take the necessary legal and administrative means to crack down on such activities, report the circumstances to the local government on your own initiative, closely cooperate with judiciary authorities such as local public security bureau, and mobilize local insurance institutions to jointly participate in such work. (2) You shall raise the clear requirements to local insurance institutions and agents that they may not provide any assistance for selling overseas policies and any facility for illegal insurance activities but report any illegal insurance activity immediately after you have discovered it. (3) Once you discover any clue to any illegal insurance activity and insurance fraud of any overseas insurance institution, you shall report it to judiciary authorities such as the local public security bureau, assist the judiciary authorities to investigate the case and obtain proof, and report the same to China Insurance Regulatory Commission simultaneously. (4) You shall fully utilize local news media to disclose and publish the harmfulness of illegal insurance activities, and may also compile and print the relevant publishing materials that are to be distributed by insurance companies and their respective agents to the social public. |
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