Administrative Measures for the Information Disclosure for Personal Insurance Products
Administrative Measures for the Information Disclosure for Personal Insurance Products
Administrative Measures for the Information Disclosure for Personal Insurance Products
Order of the China Banking and Insurance Regulatory Commission [2022] No. 8
November 11, 2022
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the Insurance Law of the People's Republic of China, and other laws and administrative regulations, with a view to regulating the disclosure of information on personal insurance products, promoting the healthy and sustainable development of the industry, and protecting the legitimate rights and interests of the insurance applicants, the insured, and the beneficiaries
Article 2 For the purpose of these Measures, in terms of insurance type, the personal insurance products include life insurance, annuity insurance, health insurance and casualty insurance; in terms of design type, the personal insurance products include general personal insurance, participating personal insurance, universal personal insurance and investment-linked personal insurance; in terms of insurance period, the personal insurance products include the personal insurance with a term of more than one year and the personal insurance with a term of less than one year.
Article 3 For the purpose of these Measures, the product information disclosure refers to the behavior whereby insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members make the information on their insurance products available to the applicants, the insured, the beneficiaries, and the public by online or offline means pursuant to the provisions in laws and administrative regulations.
Article 4 The product information disclosure shall abide by the principles of authenticity, accuracy, integrity, and timeliness.Insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members shall accurately explain and fully disclose product-related information without major omissions, and shall not conceal the information from or deceive the applicants, the insured, the beneficiaries, and the public.
Article 5 The China Banking and Insurance Regulatory Commission (CBIRC) shall, as required by laws and administrative regulations, and as authorized by the State Council, carry out supervision and management of the disclosure of the information on personal insurance products by insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members.
Chapter II Information disclosure subjects and methods
Article 6 Insurance companies shall be the subjects of product information disclosure.
Insurance sales personnel of the insurance companies, and insurance intermediaries and their staff members shall introduce or provide product-related information to the public in accordance with the materials for product information disclosure provided by the insurance companies.
Article 7 The targets of product information disclosure include the applicants, the insured, the beneficiaries, and the public. Insurance companies shall disclose their product information to the public and accept the supervision by insurance regulators and the public. Insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members shall disclose to the applicants, the insured, and the beneficiariesthe product information that should be known by them in a timely manner before, during, and after the sales, and safeguard the legitimate rights and interests of insurance consumers.
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Order of the China Banking and Insurance Regulatory Commission [2022] No. 8
November 11, 2022
Chapter I General Provisions
Article 1 These Measures are formulated in accordance with the Insurance Law of the People's Republic of China, and other laws and administrative regulations, with a view to regulating the disclosure of information on personal insurance products, promoting the healthy and sustainable development of the industry, and protecting the legitimate rights and interests of the insurance applicants, the insured, and the beneficiaries
Article 2 For the purpose of these Measures, in terms of insurance type, the personal insurance products include life insurance, annuity insurance, health insurance and casualty insurance; in terms of design type, the personal insurance products include general personal insurance, participating personal insurance, universal personal insurance and investment-linked personal insurance; in terms of insurance period, the personal insurance products include the personal insurance with a term of more than one year and the personal insurance with a term of less than one year.
Article 3 For the purpose of these Measures, the product information disclosure refers to the behavior whereby insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members make the information on their insurance products available to the applicants, the insured, the beneficiaries, and the public by online or offline means pursuant to the provisions in laws and administrative regulations.
Article 4 The product information disclosure shall abide by the principles of authenticity, accuracy, integrity, and timeliness.Insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members shall accurately explain and fully disclose product-related information without major omissions, and shall not conceal the information from or deceive the applicants, the insured, the beneficiaries, and the public.
Article 5 The China Banking and Insurance Regulatory Commission (CBIRC) shall, as required by laws and administrative regulations, and as authorized by the State Council, carry out supervision and management of the disclosure of the information on personal insurance products by insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members.
Chapter II Information disclosure subjects and methods
Article 6 Insurance companies shall be the subjects of product information disclosure.
Insurance sales personnel of the insurance companies, and insurance intermediaries and their staff members shall introduce or provide product-related information to the public in accordance with the materials for product information disclosure provided by the insurance companies.
Article 7 The targets of product information disclosure include the applicants, the insured, the beneficiaries, and the public. Insurance companies shall disclose their product information to the public and accept the supervision by insurance regulators and the public. Insurance companies and their insurance sales personnel, and insurance intermediaries and their staff members shall disclose to the applicants, the insured, and the beneficiariesthe product information that should be known by them in a timely manner before, during, and after the sales, and safeguard the legitimate rights and interests of insurance consumers.
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