Measures for the Administration of Chief Actuaries of Insurance Companies
Measures for the Administration of Chief Actuaries of Insurance Companies
Measures for the Administration of Chief Actuaries of Insurance Companies
Order of China Insurance Regulatory Commission [2007] No. 3
September 28, 2007
The Measures for the Administration of Chief Actuaries of Insurance Companies, which were deliberated and adopted at the chairman's working meeting of China Insurance Regulatory Commission on August 28, 2007, are hereby promulgated and shall come into force as of January 1, 2008.
Chairman Wu Dingfu
Appendix: Measures for the Administration of Chief Actuaries of Insurance Companies
Chapter I General Provisions
Article 1 For the purpose of perfecting the actuary supervision and administration system, regulating the internal governance of insurance companies, preventing operating risks and promoting the sound development of the insurance industry, these Measures are formulated in accordance with the Insurance Law of the People's Republic of China, the Administrative Regulations of the People's Republic of China on Foreign-invested Insurance Companies and other laws and administrative regulations.
Article 2 For the purpose of these Measures, the term "chief actuary" refers to a member of the top management who works in the head office of an insurance company and is in charge of actuarial and other related issues.
Article 3 Insurance companies shall set up the post of chief actuary.
Article 4 The chief actuary of an insurance company shall observe laws, administrative regulations and provisions of China Insurance Regulatory Commission (hereinafter referred to as the CIRC), abide by the articles of association of the insurance company and the code of ethics, impartially and objectively perform the actuarial duties.
Article 5 The CIRC shall examine the qualifications of chief actuaries, and supervise and administer their behaviors conducted for performing duties.
Chapter II Qualification Administration
Article 6 A chief actuary shall have good moral characters such as honesty and integrity, and professional knowledge, experiences and management ability as required by the post.
Article 7 To be a chief actuary, one shall satisfy the following requirements:
1. Having held the actuary qualification of China for at least three years;
2. Having been engaged in insurance actuarial, finance or investment work for at least eight years, including at least five years of holding a post in insurance actuarial, finance or investment management;
3. Having a dwelling house within the territory of the People's Republic of China; and
4. Other requirements as specified by the CIRC.
Where one has held the actuary qualification in a foreign country for at least three years, he/she may be exempted from requirement Item 1 as listed above, but he/she shall be assessed by the CIRC as being familiar with China's insurance actuarial supervision and administration system and having professional knowledge and ability as required by the actuary qualification of China.
Article 8 Under any of the following circumstances, one shall not assume the post of chief actuary:
1.
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