Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies
Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies
Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies
Order of the China Banking and Insurance Regulatory Commission [2021] No. 6
June 3, 2021
The Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies, which were adopted upon deliberation at the first commission meeting in 2021 of the China Banking and Insurance Regulatory Commission on January 6, 2021, are hereby promulgated and shall come into effect as of July 3, 2021.
Guo Shuqing, Chairman
Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies
Chapter I General Provisions
Article 1 These Provisions are formulated in accordance with the Insurance Law of the People's Republic of China, the Administrative Licensing Law of the People's Republic of China and other relevant laws and administrative regulations with a view to strengthening and improving the administration of directors, supervisors and senior executives of insurance companies, ensuring the robust and stable operation of insurance companies and promoting the sound development of the insurance industry.
Article 2 The China Banking and Insurance Regulatory Commission (hereinafter referred to as the “CBIRC”) shall, as authorized by laws and regulations, supervise and administer the post-holding qualifications of the directors, supervisors and senior executives of insurance companies in a unified manner.
Local offices of the CBIRC shall legally and independently take responsibility for supervising and administering the post-holding qualifications of the senior executives of branch offices of insurance companies within their respective jurisdictions, except for branches of Chinese-funded reinsurance companies or of overseas insurance companies. Local offices of the CBIRC shall, under authorization, legally and independently take responsibility for supervising and administering the post-holding qualifications of the directors, supervisors and senior executives of insurance companies within their respective jurisdictions.
Article 3 For the purposes of these Provisions, "insurance companies" refer to commercial insurance companies which are established with the approval of the CBIRC and legally registered.
For the purposes of these Provisions, "homogeneous insurance companies" refer to homogeneous property insurance companies, homogeneous life insurance companies or homogeneous reinsurance companies.
The administration of the post-holding qualifications of senior executives of exclusive institutions shall be prescribed separately by the CBIRC.
Article 4 For the purposes of these Provisions, "senior executives" refer to the following persons who have decision-making powers or significant influence over the operation and management activities as well as risk control of insurance companies:
1. the general manager, deputy general managers and general manager assistants of the head office;
2. the secretary of the board of directors, chief actuary, compliance officer, finance chief and audit officer of the head office;
3. the general manager, deputy general managers and general manager assistants of a provincial-level branch;
4. the general manager of any other branch or central sub-branch; and
5. management personnel with the same functions and powers as the above-mentioned senior executives.
Article 5 The directors, supervisors and senior executives of an insurance company shall obtain the post-holding qualifications approved by the CBIRC or the local office thereof before holding posts.
Chapter II Post-holding Qualification Requirements
Article 6 The directors, supervisors and senior executives of an insurance company shall abide by laws, administrative regulations and the relevant provisions of the CBIRC as well as the articles of association of the insurance company.
Article 7 The directors, supervisors and senior executives of an insurance company shall meet the following basic requirements:
1. have full capacity for civil conduct;
2. have conduct of good faith and good law-abiding and compliance records;
3. have the knowledge, experience and competence required for the performance of duties, as well as time and conditions required for normal performance of duties within the territory of China; and
4. have the independence required for holding the post of director, supervisor or senior executive.
Article 8 The directors, supervisors and senior executives of an insurance company shall have an undergraduate qualification or above or a bachelor's degree or above.
Article 9 The board chairman of an insurance company shall have more than five years of financial work experience or more than ten years of economic work experience (including not less than three years of financial work experience).
Article 10 The directors and supervisors of an insurance company shall have more than five years of work experience commensurate with the duties performed by them.
Article 11 The general manager of an insurance company shall have more than eight years of financial work experience or more than ten years of economic work experience (including not less than five years of financial work experience), while having any of the following work experiences:
1. has served as the general manager of any provincial-level branch of the insurance company or a higher-lever senior executive for more than five years;
2. has served as the main principal of any department of the insurance company for more than five years; or
3. has served as an equivalent manager in the financial regulator for more than five years.
Whoever has more than ten years of financial work experience including not less than two years of work experience in the insurance industry while serving as an equivalent manager in any state authority or large or medium-sized enterprise for more than five years may be exempted from the restrictions on work experience as prescribed in the preceding paragraph.
Article 12 The deputy general managers and general manager assistants of an insurance company shall have engaged in financial work for more than eight years or in economic work for more than ten years.
Article 13 The secretary of the board of directors of an insurance company shall have engaged in financial work for more than five years or in economic work for more than eight years.
Article 14 The chief actuary of an insurance company shall meet the following requirements:
1. he/she has obtained a professional qualification for Chinese actuary, SOA actuary, IFoA actuary, French actuary or in the actuarial field of any other country (region) recognized by the CBIRC for more than three years, is familiar with China's insurance actuarial regulatory system, and has the professional skills required for engaging in insurance actuarial work;
2. he/she has engaged in insurance actuarial, insurance finance or insurance investment work for more than eight years, including more than five years of work experience in insurance actuarial, insurance finance or insurance investment management in the insurance industry; and
3.
......
Order of the China Banking and Insurance Regulatory Commission [2021] No. 6
June 3, 2021
The Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies, which were adopted upon deliberation at the first commission meeting in 2021 of the China Banking and Insurance Regulatory Commission on January 6, 2021, are hereby promulgated and shall come into effect as of July 3, 2021.
Guo Shuqing, Chairman
Administrative Provisions on the Post-holding Qualifications of Directors, Supervisors and Senior Executives of Insurance Companies
Chapter I General Provisions
Article 1 These Provisions are formulated in accordance with the Insurance Law of the People's Republic of China, the Administrative Licensing Law of the People's Republic of China and other relevant laws and administrative regulations with a view to strengthening and improving the administration of directors, supervisors and senior executives of insurance companies, ensuring the robust and stable operation of insurance companies and promoting the sound development of the insurance industry.
Article 2 The China Banking and Insurance Regulatory Commission (hereinafter referred to as the “CBIRC”) shall, as authorized by laws and regulations, supervise and administer the post-holding qualifications of the directors, supervisors and senior executives of insurance companies in a unified manner.
Local offices of the CBIRC shall legally and independently take responsibility for supervising and administering the post-holding qualifications of the senior executives of branch offices of insurance companies within their respective jurisdictions, except for branches of Chinese-funded reinsurance companies or of overseas insurance companies. Local offices of the CBIRC shall, under authorization, legally and independently take responsibility for supervising and administering the post-holding qualifications of the directors, supervisors and senior executives of insurance companies within their respective jurisdictions.
Article 3 For the purposes of these Provisions, "insurance companies" refer to commercial insurance companies which are established with the approval of the CBIRC and legally registered.
For the purposes of these Provisions, "homogeneous insurance companies" refer to homogeneous property insurance companies, homogeneous life insurance companies or homogeneous reinsurance companies.
The administration of the post-holding qualifications of senior executives of exclusive institutions shall be prescribed separately by the CBIRC.
Article 4 For the purposes of these Provisions, "senior executives" refer to the following persons who have decision-making powers or significant influence over the operation and management activities as well as risk control of insurance companies:
1. the general manager, deputy general managers and general manager assistants of the head office;
2. the secretary of the board of directors, chief actuary, compliance officer, finance chief and audit officer of the head office;
3. the general manager, deputy general managers and general manager assistants of a provincial-level branch;
4. the general manager of any other branch or central sub-branch; and
5. management personnel with the same functions and powers as the above-mentioned senior executives.
Article 5 The directors, supervisors and senior executives of an insurance company shall obtain the post-holding qualifications approved by the CBIRC or the local office thereof before holding posts.
Chapter II Post-holding Qualification Requirements
Article 6 The directors, supervisors and senior executives of an insurance company shall abide by laws, administrative regulations and the relevant provisions of the CBIRC as well as the articles of association of the insurance company.
Article 7 The directors, supervisors and senior executives of an insurance company shall meet the following basic requirements:
1. have full capacity for civil conduct;
2. have conduct of good faith and good law-abiding and compliance records;
3. have the knowledge, experience and competence required for the performance of duties, as well as time and conditions required for normal performance of duties within the territory of China; and
4. have the independence required for holding the post of director, supervisor or senior executive.
Article 8 The directors, supervisors and senior executives of an insurance company shall have an undergraduate qualification or above or a bachelor's degree or above.
Article 9 The board chairman of an insurance company shall have more than five years of financial work experience or more than ten years of economic work experience (including not less than three years of financial work experience).
Article 10 The directors and supervisors of an insurance company shall have more than five years of work experience commensurate with the duties performed by them.
Article 11 The general manager of an insurance company shall have more than eight years of financial work experience or more than ten years of economic work experience (including not less than five years of financial work experience), while having any of the following work experiences:
1. has served as the general manager of any provincial-level branch of the insurance company or a higher-lever senior executive for more than five years;
2. has served as the main principal of any department of the insurance company for more than five years; or
3. has served as an equivalent manager in the financial regulator for more than five years.
Whoever has more than ten years of financial work experience including not less than two years of work experience in the insurance industry while serving as an equivalent manager in any state authority or large or medium-sized enterprise for more than five years may be exempted from the restrictions on work experience as prescribed in the preceding paragraph.
Article 12 The deputy general managers and general manager assistants of an insurance company shall have engaged in financial work for more than eight years or in economic work for more than ten years.
Article 13 The secretary of the board of directors of an insurance company shall have engaged in financial work for more than five years or in economic work for more than eight years.
Article 14 The chief actuary of an insurance company shall meet the following requirements:
1. he/she has obtained a professional qualification for Chinese actuary, SOA actuary, IFoA actuary, French actuary or in the actuarial field of any other country (region) recognized by the CBIRC for more than three years, is familiar with China's insurance actuarial regulatory system, and has the professional skills required for engaging in insurance actuarial work;
2. he/she has engaged in insurance actuarial, insurance finance or insurance investment work for more than eight years, including more than five years of work experience in insurance actuarial, insurance finance or insurance investment management in the insurance industry; and
3.
......