Circular on Printing and Distributing Interim Measures for Classified Regulation of Branches of Insurance Companies
Circular on Printing and Distributing Interim Measures for Classified Regulation of Branches of Insurance Companies
Circular on Printing and Distributing Interim Measures for Classified Regulation of Branches of Insurance Companies
Bao Jian Fa [2010] No. 45
May 25, 2010
All insurance regulatory bureaus and all insurance companies,
With a view to improving the efficiency of regulation of branches of insurance companies, regulating the classified regulation of branches of insurance companies by insurance regulatory bureaus, and perfecting the classified regulation system, the China Insurance Regulatory Commission (CIRC) has formulated the Interim Measures for Classified Regulation of Branches of Insurance Companies, which are hereby printed and distributed for your implementation in compliance with.
Interim Measures for Classified Regulation of Branches of Insurance Companies
Chapter I General Provisions
Article 1 For the purpose of guarding against and dissolving industry risks, reasonably allocating regulation resources, and improving regulation efficiency, these Measures are formulated in accordance with the Insurance Law of the People's Republic of China and other laws and regulations as well as relevant provisions of CIRC.
Article 2 For the purpose of these Measures, "insurance companies" shall refer to commercial insurance companies established with the approval of CIRC and registered according to law; "branches of insurance companies" shall refer to branches established by insurance companies according to law with the approval of CIRC, including branches, center sub-divisions, divisions, business offices, and marketing service offices, etc.
Article 3 For the purpose of these Measures, "classified regulations" shall refer to the conduct that insurance regulatory bureaus comprehensively analyze and evaluate the risks of insurance branches, classify the same into specific regulatory categories in light of the evaluation results, and take pertinent regulatory measures.
Article 4 The insurance regulatory bureaus shall, in light of the provisions of these Measures, conduct classified regulation of all branches of insurance companies within their respective jurisdiction as a whole.
Article 5 The principle of risk orientation shall be followed in classified regulation of branches of insurance companies and classified evaluation shall be conducted and regulatory measures shall be taken pursuant to the risk situation of companies.
Chapter II Classification Approaches
Article 6 The insurance regulatory bureaus shall classify branches of insurance companies into four categories in light of the risk situation of the companies:
1.
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