Administrative Measures for Information Disclosure of Insurance Companies
Administrative Measures for Information Disclosure of Insurance Companies
Administrative Measures for Information Disclosure of Insurance Companies
Order of the China Insurance Regulatory Commission [2010] No. 7
May 12, 2010
The Administrative Measures for Information Disclosure of Insurance Companies, which were deliberated and adopted at the chairman's executive meeting of the China Insurance Regulatory Commission on April 12, 2010, are hereby promulgated and shall come into effect on June 12, 2010.
Chairman: Wu Dingfu
Administrative Measures for Information Disclosure of Insurance Companies
Chapter I General Provisions
Article 1 With a view to regulating the information disclosure of insurance companies, safeguarding the lawful rights and interests of insurance applicants, the insured and the beneficiaries, and promoting the sound development of insurance industry, these Measures are formulated in accordance with the Insurance Law of the People's Republic of China and other laws and administrative regulations.
Article 2 For the purpose of these Measures, "insurance companies" shall refer to the commercial insurance companies established upon approval of the insurance regulatory authorities and registered according to law.
For the purpose of these Measures, "information disclosure" shall refer to the acts of an insurance company publishing its relevant information on operation and management to the general public.
Article 3 The information disclosure of an insurance company shall follow the principles of truthfulness, accurateness, completion, timeliness and effectiveness and shall not carry any false record, misleading statement or material omission.
The language used in information disclosure of an insurance company shall be plain and easy to understand to the fullest extent possible.
Article 4 An insurance company shall disclose information in accordance with laws, administrative regulations and provisions of the China Insurance Regulatory Commission (hereinafter referred to as CIRC).
An insurance company may disclose more information than those provided for by laws, administrative regulations and provisions of CIRC.
Article 5 CIRC shall, in light of laws and authorization of the State Council, conduct supervision and administration of information disclosure by insurance companies.
Chapter II Content of Information Disclosure
Article 6 An insurance company shall disclose the following information:
1. Basic information;
2. Financial and accounting information;
3. Risk management information;
4. Information on operation of insurance products;
5. Information on solvency;
6. Information on significant related-party transactions; and
7.
......