Decision on the Revision of Certain Regulations
Decision on the Revision of Certain Regulations
Decision on the Revision of Certain Regulations
Order of the China Insurance Regulatory Commission [2010] No.10
December 3, 2010
The Decision on the Revision of Certain Regulations was deliberated and passed at the Chairman meeting of the China Insurance Regulatory Commission and hereby issued. It shall be effective as of the date of issuance.
Chairman: Wu Dingfu
Decision on the Revision of Certain Regulations
In accordance with the requirements of the Circular of the General Office of the State Council on Issues concerning Sorting Out the Regulations Effectively (Guo Ban Fa [2010] No. 28), our Commission has sorted out the current regulations that are still in force and revises the regulations as follows.
Article 1 The following regulations that conflict with the Insurance Law of the People'Republic of China shall be revised as follows
1. Paragraph 1 of Article 29 of the Interim Administrative Measures for Subordinated Term Debts of Insurance Companies (Bao Jian Hui Ling [2004] No. 10) shall be revised as "dismiss the appointment of the senior managements of the insurance company who are directly liable".
2. Paragraph 2 of Article 12 of the Administrative Measures for Chief Actuaries of Insurance Companies (Bao Jian Hui Ling [2007] No. 3) shall be revised as "those who are dismissed through administrative sanction".
Delete Article 27.
Delete the expression of "other than the circumstances provided in the preceding paragraph" in Article 28.
3. Article 48 of the Administrative Measures for the Endowment Insurance Business of Insurance Companies (Bao Jian Hui Ling [2007] No. 4) shall be revised to "the directors, supervisors and senior managements and other liable persons of the insurance company who are directly liable for the operation of the endowment annuity insurances in violation of the provisions of the Insurance Law of the People's Republic of China but not constituting a crime shall, according to the different circumstances, be given a warning and, in addition, be fined not less than RMB10,000 but not more than RMB100,000 by the China Insurance Regulatory Commission or its agency; and, if the circumstances are serious, they shall be dismissed or have their practicing license revoked.
Delete Articles 45 and 46.
4. Paragraph 2 of Article 14 of the Administrative Regulations on the Qualification of Financial Chiefs of Insurance Companies (Bao Jian Hui Ling [2008] No. 4) shall be revised to "where an administrative sanction of dismissal is imposed".
Article 2 Revise the provisions that conflict with each other in/among the regulations
1.
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