Provisions on the Emergency Response to Significant Emergencies in the Insurance Industry
Provisions on the Emergency Response to Significant Emergencies in the Insurance Industry
Provisions on the Emergency Response to Significant Emergencies in the Insurance Industry
Order of the China Insurance Regulatory Commission No. 3
December 18, 2003
Chapter I General Provisions
Article 1 These Regulations are formulated for the purpose of effectively and timely handling significant emergencies in the insurance industry (hereinafter referred to as the "significant emergencies"), maintaining social stability, safeguarding the normal operation of the insurance industry, and timely performing the functions of economic compensation and social administration.
Article 2 For the purpose of these Regulations, "significant emergencies" shall refer to natural disasters and significant accidents which are connected with the insurance industry, occur suddenly and may seriously affect or jeopardize the normal operation of the insurance industry, the solvency ability of insurance companies and social stability as well as other significant incidents with which insurance regulatory institutions hold that the emergency response mechanism should be activated to cope.
Article 3 The China Insurance Regulatory Commission (hereinafter referred to as "CIRC") shall be the competent department of significant emergency handling, shall be responsible for guiding its dispatched offices (hereinafter referred to as the "Dispatched Offices") and insurance companies to set up significant emergency reporting systems and to draw up significant emergency response plans (hereinafter referred to as the "reporting systems" and "emergency response plans"), and shall be responsible for supervising and inspecting the significant emergency prevention, reporting and handling of the Dispatched Offices and insurance companies.
Article 4 CIRC, Dispatched Offices, insurance companies and subsidiaries of insurance companies (hereinafter referred to as "all units") shall legally, scientifically and rationally set up reporting systems and emergency response plans in line with the guiding policy of "focusing on prevention and being always on the alert", in accordance with the principle of "unified leadership, clear responsibility, timely response, effective measures and enhanced cooperation", and in combination with their own circumstances and local conditions.
Article 5 The Dispatched Offices shall be responsible for guiding the subsidiaries of local insurance companies to set up reporting systems and to draw up emergency response plans, and supervising and inspecting the prevention, reporting and handling of significant emergencies by the subsidiaries of local insurance companies.
Article 6 Insurance companies shall, in combination with their actual circumstances, be responsible for directing their subsidiaries to set up reporting systems and to draw up emergency response plans, and administering and coordinating significant emergency response and handling of their subsidiaries.
Article 7 All units shall enhance significant emergency early warning and monitoring.
CIRC shall support the efforts of insurance companies and its dispatched offices to set up significant emergency early warning, monitoring, response and handling systems, and conduct exchanges and cooperation with respect to significant emergency handling technology.
Chapter II The Reporting and Information Publication Systems
Article 8 The General Office of CIRC shall be permanent establishment of CIRC to handle the information about significant emergencies. It shall be responsible for accepting and handling the reporting of significant emergency information by the Dispatched Offices and insurance companies.
The Dispatched Offices, insurance companies and subsidiaries of insurance companies shall, in the reporting systems, stipulate that their offices or comprehensive administration departments are the special institutions to be responsible for reporting significant emergencies.
Article 9 After a significant emergency takes place, the Dispatched Offices, insurance companies and subsidiaries of the insurance companies shall take the initiative to carry out the reporting systems.
Article 10 The Dispatched Offices and insurance companies shall timely report significant emergencies to the General Office of CIRC if relevant significant emergencies take place in any of the following circumstances:
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