Administrative Measures for the Old-Age Insurance Services Offered by Insurance Companies
Administrative Measures for the Old-Age Insurance Services Offered by Insurance Companies
Administrative Measures for the Old-Age Insurance Services Offered by Insurance Companies
Order of the China Insurance Regulatory Commission [2007] No. 4
November 2, 2007
The Administrative Measures for the Old-Age Insurance Services Offered by Insurance Companies has been reviewed and adopted by the Chairman's Working Committee of the China Insurance Regulatory Commission, and is now released. It shall go into effect as of January 1, 2008
Chairman Wu Dingfu
Administrative Measures for the Old-Age Insurance Services Offered by Insurance Companies
Chapter I General Provisions
Article 1 For the purpose of regulating the offering of old-age insurance services by insurance companies, protecting the lawful rights and interests of those who engage in activities relevant to old-age insurance, advancing the healthy development of the insurance industry, promoting the improvement of the old-age insurance system at the various levels of society, these Measures are formulated pursuant to the Insurance Law of the People's Republic of China (hereinafter the Insurance Law) and other relevant laws, administrative rules, and national regulations.
Article 2 The China Insurance Regulatory Commission (hereinafter the CIRC) encourages insurance companies to make use of their professional expertise and provide old-age insurance services to individuals, families, enterprises, public institutions, etc. by means of individual old-age annuities, group old-age annuities, enterprise annuities, and other old-age insurance options.
Article 3 The CIRC shall, pursuant to law, conduct supervision and administration of the old-age insurance services provided by insurance companies.
Article 4 For the purposes of these Measures, "insurance companies" refer to life and old-age insurance companies whose establishment has been approved and lawfully registered by the competent insurance regulatory body.
Article 5 For the purposes of these Measures, "old-age insurance services" include individual old-age annuities, group old-age annuities, and enterprise annuities management services.
Individual old-age annuities and group old-age annuities shall be jointly referred to as old-age annuities.
Article 6 For the purposes of these Measures, individual old-age annuities shall refer to life insurance products that concurrently meet the following criteria:
1. The goal is to provide old-age insurance;
2. The premium is paid by an individual to the company;
3. When the insured party lives to a certain age, they may choose to have the insurance money paid to back to them in installments; and
4. Where endowment is paid in installments, the time between two payments is one year or less.
The specific range of individual old-age insurance products shall be otherwise provided for by the CIRC.
Article 7 For the purposes of these Measures, group old-age annuties shall refer to life insurance products that concurrently meet the following criteria:
1. The goal is to provide old-age insurance, and the coverage is provided by the insurance company in the form of a single insurance contract;
2. The policy is taken out by a group which has not been organized for the express purpose of purchasing insurance, and the insured parties include at least 5 specified members of the group;
3. When the insured party lives to the national retirement age, they may choose to have the endowment paid to back to them in installments; and
4. Where endowment is paid in installments, the time between two payments is one year or less.
Article 8 For the purposes of these Measures, enterprise annuity management services refer to enterprise annuity services provided in accordance with national regulations, including trustee management, account management, investment management, etc.
Article 9 These Measures shall be applicable to the old-age insurance services offered by insurance companies.
Chapter II Operating Entities
Article 10 Life insurance companies and old-age insurance companies may, after approval from the CIRC, provide old-age insurance services.
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