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Measures Governing Re-insurance Operations
Updated: 2006-01-20 13:59 (Decree No. 2 of 2005 of the CIRC) (October 28, 2005) Measures Governing Re?insurance Operations, reviewed and adopted at the working Meeting of the Chairman of China Insurance Regulatory Committee (CIRC), is now promulgated and shall enter into force as of December 1, 2005. Chapter I General Principles Article 1. This set of measures is formulated in accordance with the Insurance Law of the People's Republic of China (hereinafter referred to as "Insurance law"), Measures of the People's Republic of China Governing Foreign Funded Insurance Companies, and related laws and administrative regulations to foster and develop the reinsurance market, strengthen administration over reinsurance operations, spread operational risks of insurance, and achieve the coordinated and sustainable development of the insurance sector. Article 2. Reinsurance mentioned in this set of measures refers to the operational act of insurance companies transferring partially insurance operations handled to other insurance companies. Treaty reinsurance mentioned in this set of measures refers to operational acts of an insurance company signing agreements in advance with other insurance companies, specifying that it would transfer its insurance operations undertaken to other insurance companies for reinsurance during a certain period of time. Temporary reinsurance refers to operational acts whereby an insurance company agrees with other insurance companies temporarily, specifying that it would transfer insurance operations undertaken to other insurance companies for reinsurance. Article 3. Insurance companies mentioned in this set of measures refer to commercial insurance companies that have been approved to be set up by China's insurance regulatory watchdog and have been registered according to law, including direct insurance companies and reinsurance companies. Direct insurance companies mentioned in this set of measures refer to insurance companies issuing insurance policies to insurants and directly bearing insured liabilities. Reinsurance companies mentioned refer to insurance companies specialised in reinsurance operations and not issuing insurance policies directly to insurants. Companies contracting out reinsurance mentioned in this set of measures refer to insurance companies that transfer partially insurance operations handled to other insurance companies. Companies contracting in reinsurance mentioned in this set of measures refer to insurance companies that take in insurance operations from other insurance companies. Operations contracted out mentioned in this set of measures refer to insurance operations transferred by companies contracting out reinsurance, and operations contracted in refer to insurance operations taken in by reinsurance companies. Insurance consortium mentioned in this set of measures refer to entities formed to deal with large, special risk insurance operations that a single insurance party cannot undertake or formed in line with international practice by two or more insurance companies to operate insurance business according to agreement reached in the articles of association of the consortium. Foreign funded enterprises mentioned in this set of measures refer to Chinese?foreign joint equity insurance companies, solely foreign funded insurance companies, and branches of foreign insurance companies whose setup has been approved by China's insurance watchdog. Insurance brokers mentioned in this set of measures refer to insurance brokers that accept trust from companies contracting out reinsurance to provide intermediary services to companies contracting out and in reinsurance operations and take commission as agreed. Article 4. Insurance companies, insurance consortium, insurance brokers and other insurance agencies inside the People's Republic of China shall abide by this set of measures in their handling of reinsurance operations. Article 5. Insurance companies, insurance consortium and insurance brokers shall follow the principles of being prudent and sincere. Article 6. Companies contracting in and out reinsurance companies and insurance brokers shall keep information regarding operations and finance of the above mentioned principal bodies known in the course of handling reinsurance confidential. Article 7. China Insurance Regulatory Commission (CIRC) encourages insurance companies and insurance brokers to provide reinsurance services to agricultural insurance, and heavy disaster insurance such as for earthquake, flood, etc. Article 8. The CIRC should exercise supervision and administration over reinsurance operations according to law. |
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