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BIZCHINA> Laws and Regulations
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Measures Governing Re-insurance Operations
Updated: 2006-01-20 13:59 Chapter II Operations Article 9. Reinsurance can be divided into life reinsurance and non?life reinsurance, and insurance companies should keep separate accounts and calculation for life reinsurance and non?life reinsurance. Article 10. Insurance companies shall, in line with the provisions of the Insurance Law, identify the self retained insurance premium and self retained risks of every single risk unit, and handle reinsurance for the extra ones. Article 11. Direct insurance companies handling treaty reinsurance and temporary reinsurance shall provide offers to domestic insurance companies as a priority, conforming to the following provisions: 1. providing offers to at least two professional reinsurance companies inside China; 2. total percentage contracted out by offers should not be lower than 50% of the total operations contracted out. Article 12. Except aviation and spaceship insurance, nuclear insurance, petroleum insurance, and credit insurance, direct insurance companies, when handling treaty reinsurance or temporary reinsurance, shall conform to the following provisions: 1. operations contracted to the same company contracting in reinsurance under each and every risk unit shall not exceed 80% of the insurance value of direct insurance operations or 80% of the liability limits; 2. insurance value of liability limits contracted out to associated enterprises of the insurant under each temporary reinsurance contract shall not exceed 20% of the insurance value of direct insurance operations or 20% of the liability limits. Article 13. Within the legitimate existence of reinsurance, direct insurance companies shall, in line with the related provisions of the CIRC, handle reinsurance for its operations contracted in a timely manner and according to the full amount. Companies contracting in reinsurance legitimately shall pay compensation in a timely manner and according to the full amount as per regulations. Article 14. As per the requirements of the companies contracting in reinsurance, companies contracting out reinsurance should notify the companies contracting in reinsurance its own liabilities and information regarding direct insurance. Article 15. Insurance companies and insurance brokers may avail themselves of the financial tools to develop new products to divert risk and submit that to the CIRC for examination and approval or record filing according to related regulations. Article 16. Companies contracting in reinsurance inside China shall have specialized staff handling verification of reinsurance and compensation of reinsurance that live inside China. Chapter III Reinsurance Brokerage Article 17. Insurance brokers engaging in reinsurance brokerage shall not harm the reputation and lawful benefits and rights of insurance companies. Article 18. Insurance brokers may introduce or design reinsurance contracts according to the needs of operations. Article 19. Insurance brokers shall, in line with the agreement with companies contracting out reinsurance, mail bills, settle reinsurance money, and perform other duties in a timely manner. They are not allowed to embezzle or detain reinsurance premium, compensation, poundage, and expenses returned. Article 20. As per the request of the companies contracting in reinsurance, insurance brokers shall, according to the agreement with companies contracting out reinsurance, notify in a timely manner the companies contracting in reinsurance such information as self retained liability and related information of direct insurance of the companies contracting out reinsurance known to them. Article 21. As per the requests of the companies contracting out or in reinsurance, insurance brokers may assist in the payment of claims of compensation cases. Chapter IV Supervision and Administration Article 22. Unless approved by the CIRC, foreign funded insurance companies are not allowed to engage in reinsurance business with their associated enterprises. Article 23. Insurance companies engaging in reinsurance companies shall evaluate various kinds of reserves according to the theory and methods of actuarial calculation, withdraw and settle various reserves accurately and in full according to the related provisions of the CIRC. Article 24. A solvency report of insurance companies containing items of reinsurance business shall conform to the requirements of the compiling rules of an insurance company solvency report. |
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