Regulations on the Administration of Post-holding Qualifications of the Financial Principals of Insurance Companies
Regulations on the Administration of Post-holding Qualifications of the Financial Principals of Insurance Companies
Regulations on the Administration of Post-holding Qualifications of the Financial Principals of Insurance Companies
Order of the China Insurance Regulatory Commission [2008] No. 4
December 11, 2008
The Regulations on the Administration of Post-holding Qualifications of the Financial Principals of Insurance Companies, which were approved at the executive meeting of China Insurance Regulatory Commission on December 1, 2008, are hereby promulgated and shall come into force on February 1, 2009.
Regulations on the Administration of Post-holding Qualifications of the Financial Principals of Insurance Companies
Chapter I General Provisions
Article 1 These Regulations are formulated in accordance with the Insurance Law of the People's Republic of China, the Company 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 in order to stimulate insurance companies to strengthen their operation and management, perfect their corporate governance, and achieve the sustained and sound development of the insurance industry.
Article 2 The term "financial principals of insurance companies" as mentioned in these Regulations (hereinafter referred to as the financial principals) shall refer to the top management of the headquarters of insurance companies who are responsible for the value management activities of the enterprise including the accounting and financial management, etc.
Article 3 An insurance company shall establish the post of financial principal.
When an insurance company appoints a financial principal, the company shall, prior to the appointment, apply to the China Insurance Regulatory Commission (hereinafter referred to as the CIRC) for the approval of the post-holding qualifications of the financial principal to be appointed; the company shall not appoint a person in any form without approval.
Article 4 A financial principal shall perform the duties with due diligence, comply with the relevant provisions of laws, administrative regulations, and the CIRC, and abide by the articles of association of the insurance company and the code of conduct.
Article 5 The CIRC shall supervise and administer the appointment and performance of duties of the financial principals according to law.
Chapter II Administration of the Post-holding Qualifications
Article 6 A financial principal shall have the moral character of good faith and diligence and good professional ethics, and shall have the professional knowledge, practicing experiences and management ability necessary for the performance of his/her post.
Article 7 A financial principal shall meet the following requirements:
1. Holding a bachelor's degree or above;
2. Having 5 years or more of financial working experience, or 8 years or more of economic working experience;
3. Having the experience of holding the post of a leader or a manager of an enterprise, public institution or state organ;
4. Having the statutory professional qualifications to engage in the relevant fields such as accounting, finance, investment or actuarial affairs at home or abroad, or having a senior professional title of the accounting or auditing category;
5. Being familiar with the laws, regulations and supervision and administration provisions necessary for the performance of responsibilities, and having good professional basis in aspects including accounting, actuarial affairs, investment or risk management, etc.;
6.
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