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Provisions on the Supervision and Administration of Loss Adjusters (2015 Amendment)
发布时间:2016-01-25      分享到:
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Article 1 To regulate the operations of loss adjusters, protect the lawful rights and interests of the parties to insurance activities, maintain the market order, and promote the sound development of the insurance sector, these Provisions are developed in accordance with the Insurance Law of the People's Republic of China (hereinafter referred to as the “Insurance Law”) and other laws and administrative regulations.

Article 2 For the purposes of these Provisions, “loss adjusters” means institutions which specially engage in the assessment, survey, identification, and loss adjustment, among others, of the subject matters of insurance or the insured events as authorized by clients and receive remuneration as agreed on.

A loss adjuster to be formed within the territory of the People's Republic of China shall satisfy the qualification requirements prescribed by the China Insurance Regulatory Commission (“CIRC”) and obtain a loss adjustment business permit (hereinafter referred to as the “permit”).

Article 3 Loss adjusters shall comply with laws, administrative regulations, and the relevant provisions issued by the CIRC, and follow the principles of independence, objectiveness, fairness, and impartiality.

Article 4 The loss adjustment business legally conducted by loss adjusters shall be protected by the law, and no entity or individual may interfere with it.

Article 5 Where an insurance company or the insured sustains any damage for the fault of a loss adjuster in the process of adjustment, the loss adjuster shall assume compensatory liability according to the law.

Article 6 The CIRC shall perform the duty of supervising and administering loss adjusters as authorized by the State Council.

The local offices of the CIRC shall perform their regulatory duties as authorized by the CIRC.

Chapter II Market Access

Section 1 Formation of Institutions

Article 7 A loss adjuster shall adopt one of the following forms of organization:

(1) Limited liability company.

(2) Joint-stock limited company.

(3) Partnership.

Article 8 For the formation of a loss adjuster, the following conditions shall be met:

(1) Its shareholders, promoters, or partners are of good credit standing and have no record of any major violation of laws in the last three years.

(2) Its company bylaws or the partnership agreement is in compliance with the relevant provisions.

(3) Its chairman of the board of directors or executive director and senior executives meet the prescribed conditions.

(4) It has a sound organizational structure and adequate and effective management rules.

(5) It has a fixed domicile suitable for its scale of business.

(6) It has business, financial, and other computer software and hardware facilities suitable for its business development.

(7) Other conditions as set out in laws, administrative regulations, and the provisions issued by the CIRC.

Article 9 The registered capital of a loss adjuster shall be the amount of capital contribution subscribed by all shareholders, as registered with the company registration authority.

Article 10 An entity or individual prohibited by any law or administrative regulation from investing in enterprises may not be a promoter, shareholder, or partner of a loss adjuster.

Where any employee of an insurance company invests in a loss adjuster, the employee shall inform the insurance company in writing of the investment; and where a director or senior executive of an insurance company or an insurance intermediary institution invests in a loss adjuster, such investment shall be subject to the consent of the shareholders' meeting in accordance with the relevant provisions of the Company Law of the People’s Republic of China (hereinafter referred to as the “Company Law”).

Article 11 The names of a loss adjuster and its branch offices shall include the words “loss adjustment,” and its trade name shall not be the same as that of any existing loss adjuster, except as otherwise specified by the CIRC.

Article 12 To apply for formation of a loss adjuster, all the shareholders, all the promoters, or all the partners shall designate a representative or jointly authorize an agent to handle matters related to the application with the CIRC.

Article 13 Loss adjusters may apply for formation of branches and business departments. To apply for formation of a branch office, a loss adjuster shall meet the following conditions:

(1) Its internal control rules are adequate and effective.

(2) Its existing organizational structure is in normal operation, and it has committed no major violation of laws in the last year.

(3) The proposed primary person in charge meets the prescribed conditions.

(4) The branch office to be formed has business premises satisfying the prescribed requirements and other facilities related to its operations.

Article 14 After receiving an application for formation of a loss adjuster, the CIRC may alert the applicant to risks and conduct interviews on issues related to the formation to learn the market development strategy, business development plan, development of internal control rules, personnel structure, and other relevant matters of the institution to be formed.

The CIRC may, as actually needed, organize an on-site check.

Article 15 After approving the formation of a loss adjuster or a branch office thereof according to the law, the CIRC shall issue a permit to the applicant.

Article 16 Under any of the following circumstances, a loss adjuster shall report it to the CIRC in writing within five days after the modification resolution is adopted:

(1) Modification of the name of the institution or any branch office thereof. 

(2) Modification of the domicile of the institution or the business premises of any branch office thereof.

(3) Modification of the name of any promoter, principal shareholder, or investor of the institution.

(4) Modification of any principal shareholder or investor.

(5) Material modification of the equity structure or capital contribution proportion of the institution.

(6) Modification of the registered capital or the contributed capital of the institution.

(7) Amendment of the company bylaws or the partnership agreement.

(8) Division, combination, dissolution, or modification of the form of organization of the institution.

(9) Abolition of any branch office of the institution.

Article 17 Where any modification of a loss adjuster involves any matter recorded in the permit, it shall surrender the original permit, obtain a new one, and issue an announcement in accordance with the relevant provisions of the Measures for the Administration of Insurance Permits.

Article 18 The permit of a loss adjuster shall be valid for three years, and a loss adjuster shall apply to the CIRC for renewal 30 days before its permit expires.

Where a loss adjuster applies for renewal of its permit, the CIRC shall, before the expiration of the permit, comprehensively review and assess the loss adjuster's operations in the last three years and make a decision to approve or disapprove the renewal. In the case of disapproval, it shall provide a written explanation of the reasons for the disapproval.

The loss adjuster shall surrender the original permit to the CIRC within ten days of receiving the decision; or in the case of approval, obtain a new permit.

Section 2 Office Qualifications

Article 19 For the purposes of these Provisions, “senior executive” of a loss adjuster means the following person:

(1) The general manager, a deputy general manager, or an executive with the same power of the institution which is a company.

(2) The executive partner or a manager with the same power of the institution which is a partnership.

(3) The primary person in charge of a branch office of the institution.

Article 20 The proposed chairman of the board of directors or executive director and senior executives of a loss adjuster shall meet the following conditions:

(1) Having an educational background of junior college or above.

(2) Having two years or more of economic work experience.

(3) Having the management capability required for performing his or her duties and being familiar with insurance laws and administrative regulations and the relevant provisions of the CIRC.

(4) Being honest and trustworthy and having good conduct.

(5) Other conditions as set out by the CIRC.

One with ten years or more of financial or assessment work experience may be exempt from the condition in item (1) of the preceding paragraph.

Article 21 A person who falls under any of the circumstances as set out in Article 146 of the Company Law or falls under any of the following circumstances shall not serve as the chairman of the board of directors or executive director or a senior executive of a loss adjuster:

(1) The person as a former director, supervisor, or senior executive of an insurance company or insurance intermediary institution whose permit has been revoked for any violation of laws was personally liable or was directly liable as a leader for the revocation of permit, and it has not been more than three years since the date of revocation.

(2) The person as a former director, supervisor, or senior executive of a financial institution has been disqualified for the office by the financial regulatory authority for his or her violation of laws or discipline, and it has not been more than five years since the disqualification.

(3) The person has been prohibited from access to the financial sector during a certain period as decided by the financial regulatory authority, and the period has not expired.

(4) The practicing qualification of the person as a former professional of an institution such as an asset appraisal institution or verification institution has been revoked for his or her violation of laws or discipline, and it has not been more than five years since the revocation.

(5) It has not been more than two years since the person was issued a warning or fined by the financial regulatory authority.

(6) The person is under investigation by the judicial authority, the disciplinary inspection and supervision department, or the financial regulatory authority.

(7) Other circumstances as set out by the CIRC.

Article 22 Without the consent of the shareholders' meeting, a director or senior executive of a loss adjustment company may not concurrently hold any position in an institution with any conflict of interest.

A partner of a loss adjuster may not, independently or by cooperation with others, engage in any business in competition with the institution.

Article 23 To appoint or remove the chairman of the board of director or executive director or a senior executive, a loss adjuster shall submit a written report on it to the CIRC within five days of making the decision.

The CIRC may require a loss adjuster to replace its chairman of the board of directors or executive director or any of its senior executive who fails to meet the prescribed conditions.

Article 24 Where the chairman of the board of directors or executive director or a senior executive of a loss adjuster is prosecuted for any suspected economic crime, the loss adjuster shall submit a written report to the CIRC within five days after the prosecution is instituted and within five days after the case is closed.

Article 25 Where a loss adjuster appoints anyone the temporary person in charge under special circumstances, it shall submit a written report to the CIRC within five days after the appointment decision is made. The term of office of the temporary person in charge shall not exceed three months.

Chapter III Operation Rules

Section 1 General Rules

Article 26 A loss adjuster or any branch office thereof shall put its permit in a conspicuous place of its domicile or business premises.

Article 27 A loss adjuster may engage in the following business:

(1) The inspection, valuation, and risk assessment of the subject matter of insurance before and after insurance is underwritten.

(2) The survey, inspection, and loss adjustment of the subject matter of insurance after an insured event occurs and the handling of the residue value of the subject matter of insurance.

(3) Risk management consulting.

(4) Other business approved by the CIRC.

Article 28 Loss adjusters and their branch offices may engage in loss adjustment activities within the territory of the People's Republic of China.

Article 29 The practitioners of a loss adjuster and its branch offices shall meet the conditions as set out by the CIRC.

For the purposes of these Provisions, “loss adjustment practitioner” means an employee of a loss adjuster or any branch office thereof who engages in the inspection, valuation, or risk assessment of the subject matter of insurance before insurance is underwritten or engages in the survey, inspection, or loss adjustment, among others, of the subject matter of insurance after an insured event occurs.

Article 30 A loss adjuster or any branch office thereof shall provide its practitioners with training on insurance law and insurance business and education on professional ethics.

Article 31 A loss adjuster or any branch office thereof shall establish special account books to record the revenues and expenditures in the loss adjustment business.

A loss adjuster or any branch office thereof shall establish complete and standardized business archives, including the following at a minimum:

(1) Basic information involved in its loss adjustment business, including but not limited to the names of insurers, insurance applicants, the insured, and beneficiaries, the subject matters of insurance, the types of accident, and the adjusted value of loss.

(2) Information on the amounts of remuneration and the collection thereof.

(3) Other important business information.

The records of a loss adjuster shall be true and complete.

Article 32 A loss adjuster and its practitioners shall have the following rights:

(1) Right to require a client and other relevant parties to provide documents and materials and other necessary assistance related to claims adjustment, as needed for business execution.

(2) Right to conduct loss adjustment activities in an objective and impartial manner and suspend business execution or terminate the performance of the contract if a party refuses to provide assistance or requires the provision of a false loss adjustment report.

(3) Other rights as prescribed by laws, administrative regulations, and the provisions issued by the CIRC.

Article 33 A loss adjuster and its practitioners shall perform the following obligations:

(1) Complying with laws, administrative regulations, and the provisions issued by the CIRC, accepting sector management, and maintaining the reputation of the sector.

(2) Complying with the assessment rules, professional ethics, and other relevant standards.

(3) Verifying the authenticity of the relevant documents, certifications, and materials used.

(4) Other obligations as prescribed by laws, administrative regulations, and the provisions issued by the CIRC.

Article 34 A loss adjuster or any branch office thereof or any practitioner thereof which has any interest relationship with any party to the loss adjustment activity shall inform the other party or parties of the relationship.

A party to the adjustment activity shall have the right to require the withdrawal of a loss adjuster or any practitioner thereof which has an interest relationship with the party or any other party to the adjustment activity.

Article 35 A loss adjuster shall be responsible for its practitioners' conduct of the loss adjustment business.

Article 36 To engage in the loss adjustment business, a loss adjuster or any branch office thereof shall enter into a written contract with a client, agreeing on the rights and obligations of both parties and other relevant matters. Such a contract may not violate laws, administrative regulations, and the provisions issued by the CIRC.

Article 37 A loss adjuster and its branch offices shall prepare a standard client notification letter and present it to clients in conducting business.

The client notification letter shall, at a minimum, include the basic information on the loss adjuster and its branch offices, such as the name, business premises, contact methods, and scope of business thereof.

If there is any affiliation between the loss adjuster or its director or senior executive and an insurance company or insurance intermediary institution related to its loss adjustment business, it shall be explained in the client notification letter.

Article 38 A loss adjuster and its branch offices and the practitioners thereof shall diligently perform their duties in conducting the loss adjustment business, and the loss adjustment report shall not contain any major omission.

If a loss adjustment report involves the amount of claim payment, the insurance clauses on which the amount is based shall be specified.

Section 2 Prohibited Conduct

Article 39 No loss adjuster or branch office thereof may forge, alter, lease out, lend, or transfer its permit.

Article 40 No loss adjustment practitioner may seek or engage in the loss adjustment business in his or her own name or concurrently practice in two or more loss adjusters.

Article 41 In conducting the loss adjustment business, a loss adjuster or any branch office thereof or any practitioner thereof may not deceive insurance applicants, the insured, beneficiaries, or insurance companies by the following means:

(1) Issuing any loss adjustment report which is false or not impartial to a party to the insurance contract.

(2) Concealing or fabricating any important information on the insurance contract.

(3) For an institution, practicing in the name of any other institution without permission or allowing any other institution to practice in its name.

(4) For a practitioner, practicing in the name of any other person, allowing any other person to practice in his or her name, or signing any loss adjustment report in place of any other person.

(5) Fraudulently obtaining a claim payment by colluding with any insurance applicant, insured, or beneficiary.

(6) Conducting any false claim settlement by fabricating an insured event which has never occurred or by intentionally exaggerating the degree of damage in an insured event which has occurred.

(7) Otherwise deceiving an insurance applicant, insured, beneficiary, or insurance company.

Article 42 In conducting the loss adjustment business, a loss adjuster or any branch office thereof or any practitioner thereof may not:

(1) make any false advertising or publicity;

(2) damage the goodwill of any other insurance intermediary institution by means such as fabrication, spreading false facts, and disparagement using any administrative punishment or interrupt the market order by any other act of unfair competition;

(3) force or induce an insurance applicant to entry into or restrict an insurance applicant from entering into a loss adjustment contract, force or induce an insurance applicant to accept the result of loss adjustment, or restrict the normal operations of any other insurance intermediary institution, by taking advantage of administrative power, shareholder privileges, or professional advantage or by any other improper means;

(4) provide or promise to provide any insurance company or employee thereof, insurance applicant, insured, or beneficiary with any benefit not under the contract;

(5) seek improper benefits for any other institution or individual by taking advantage of its business;

(6) seek other improper benefits by taking advantage of executing the loss adjustment business;

(7) divulge any trade secret or individual privacy of an insurance applicant, insured, beneficiary, or insurance company known in its operations; or

(8) falsely issue invoices or overcharge the adjustment fees.

Article 43 A loss adjuster or any branch office thereof may not conduct loss adjustment transactions with any institution or individual which illegally engages in the insurance business or insurance intermediary business.

Chapter IV Market Exit

Article 44 The CIRC shall not grant the renewal of the permit of a loss adjuster which falls under any of the following circumstances:

(1) Failing to file a renewal application before the expiration of its permit.

(2) No longer meeting any institution formation condition except item (1) of Article 8 of these Provisions.

(3) Being unable to conduct normal operations for internal mismanagement.

(4) Failing to effectively address issues related to its major violation of laws.

(5) Failing to pay the regulatory fees as required.

Article 45 Where the permit of a loss adjuster expires and the CIRC does not grant renewal of the permit or the permit is retracted, cancelled, or revoked according to the law, liquidation shall be organized or the loss adjustment business shall be settled according to the law, and a liquidation or settlement report shall be submitted to the CIRC.

Article 46 Where a loss adjuster is dissolved, a liquidation group shall be formed according to the law to conduct liquidation, and within ten days of appearance of the cause of dissolution, a written report shall be submitted to the CIRC.

After the end of liquidation, the loss adjuster shall submit a liquidation report to the CIRC.

Article 47 Where a loss adjuster is dissolved, if it is discovered in the process of liquidation that the loss adjuster is unable to repay its due debts and its assets are not enough to repay all its debts or it is evidently insolvent, a bankruptcy application shall be filed according to the law, and the liquidation of its property and the disposition of its claims and debts shall be governed by the statutory procedures for bankruptcy.

Article 48 Where the business license of a loss adjuster is revoked or an insurance brokerage company is abolished, ordered to close, or legally declared bankrupt by a people's court, a liquidation group shall be formed according to the law to conduct liquidation under the statutory procedure and submit a liquidation report to the CIRC.

Article 49 The CIRC shall nullify the permit of a loss adjuster which exists the market under any of the following circumstances, and issue an announcement of it:

(1) Its permit expires, and according to the law, the CIRC does not grant renewal of its permit.

(2) Its permit is retracted, cancelled, or revoked according to the law.

(3) It is dissolved, its business license is revoked, or it is abolished, ordered to close, or declared bankrupt according to the law.

(4) Other circumstances as set out in laws and administrative regulations.

A loss adjuster whose permit is nullified shall surrender the original permit in a timely manner.

Article 50 The CIRC shall nullify the permit of a branch office of a loss adjuster under any of the following circumstances, and issue an announcement of it:

(1) The permit of the loss adjuster owning the branch office is nullified according to the law.

(2) The branch office is abolished by the loss adjuster owning it.

(3) The branch office is ordered to close or its business license is revoked according to the law.

(4) The permit of the branch office is retracted, cancelled, or revoked according to the law.

(5) Other circumstances under which the permit of the branch office shall be nullified as set out in a law or administrative regulation.

A branch office whose permit is nullified of a loss adjuster shall surrender the original permit in a timely manner.

Chapter V Supervisory Inspection

Article 51 A loss adjuster and the branch offices thereof shall, according to the relevant provisions issued by the CIRC, submit statements, reports, documents, and materials in a timely, accurate, and complete manner, and submit the relevant electronic texts as required by the CIRC.

The statements, reports, and materials submitted by a loss adjuster or any branch office thereof shall bear the signature of the legal representative, the executive partner , the primary person in charge, or any person authorized by him or her and the seal of the institution or branch office.

Article 52 A loss adjuster or any branch office thereof shall properly preserve its business archives, account books, business ledgers, original vouchers of the commission revenue, and other relevant materials for not less than five years if the duration of insurance is not more than one year and for not less than ten years if the duration of insurance is longer than one year, starting from the day when the insurance contract is terminated.

Article 53 A loss adjuster shall, according to the relevant provisions, pay the regulatory fees into an account designated by the CIRC.

Article 54 A loss adjuster shall , within three months after the end of each accounting year, engage an accounting firm to audit its financial condition including but not limited to its assets, liabilities, and profits, and submit the relevant audit report to the CIRC.

The CIRC may, as needed, require a loss adjuster or any branch office thereof to submit a specific external audit report.

Article 55 The CIRC may, as needed in supervision, hold regulatory interviews with the chairman of the board of directors or executive director and the senior executives of a loss adjuster, requiring them to provide explanations on the major issues in operations.

Article 56 The CIRC shall conduct an on-site inspection of a loss adjuster or any branch office thereof according to the law, including but not limited to the following:

(1) Whether the formation or modification of the institution or branch office has been approved or whether the obligation to report the same has been performed according to the law.

(2) Whether its operations are lawful.

(3) Whether it is in good financial condition.

(4) Whether the reports, statements, and materials submitted to the CIRC are timely, complete, and true.

(5) Whether its internal control rules are adequate and effectively implemented.

(6) Whether the appointment of its chairman of the board of directors or executive director and senior executives complies with the relevant provisions.

(7) Whether it has effectively performed the duty of managing its practitioners.

(8) Whether its announcements are published in a timely and true manner.

(9) Whether its computer equipment and information systems are in good operating condition.

Article 57 Where a loss adjuster or any branch office thereof is under investigation by the CIRC for any of the following reasons, the CIRC shall have the authority to order it to stop part or all of its business during the period of investigation:

(1) It is suspected of any serious violation of insurance law or administrative regulation.

(2) There is any major risk in its operations.

(3) It is unable to conduct normal operations.

Article 58 A loss adjuster or any branch office thereof shall, according to the following requirements, cooperate with the CIRC in an on-site inspection, and may not refuse or obstruct the supervisory inspection legally conducted by the CIRC:

(1) It shall provide the relevant documents and materials as required, and may not delay the provision of or displace or conceal them.

(2) Its relevant managers, financial staff members, and practitioners shall appear on the site to provide explanations and answer questions as required.

Article 59 A loss adjuster or any branch office thereof which falls under any of the following circumstances may be placed by the CIRC under priority inspection:

(1) There are any abnormal changes in its operations or financial condition.

(2) It fails to submit reports and statements on time or provides any false reports, statements, documents, and materials.

(3) It is suspected of any major violation of laws or has received any administrative punishment by the CIRC.

(4) Other circumstances under which the CIRC deems priority inspection necessary.

Article 60 In the process of an on-site inspection, the CIRC may engage an accounting firm and other private intermediary institutions to provide the relevant services; and if so, shall enter into written engagement agreements with them.

The CIRC shall inform the inspected loss adjuster or the branch office thereof of the engagement.

Article 61 A loss adjuster or any branch office thereof which believes that an inspector has violated any law or administrative regulation or the relevant provisions issued by the CIRC may report it or submit a complaint to the CIRC.

A loss adjuster or any branch office thereof shall have the right to apply for administrative reconsideration or institute administrative litigation against the administrative disposition measure taken by the CIRC.

Chapter VI Legal Liability

Article 62 Where an administrative licensing applicant conceals relevant information or provides false materials in the application for the formation of a loss adjuster or for any other administrative licensing, the CIRC shall reject or disapprove its application and issue a warning to it, and the applicant may not apply for the administrative licensing again within one year.

Article 63 Where a licensee forms a loss adjuster or passes administrative licensing from the CIRC by fraud, bribery, or any other improper means, the CIRC shall revoke the administrative licensing according to the law, and issue a warning to and impose a fine of 10, 000 yuan on the licensee; and the applicant may not apply for the administrative licensing again within three years.

Article 64 For any operation of the loss adjustment business in the name of a loss adjuster without a permit, the CIRC shall order the violator to take corrective action, issue a warning to the violator, and impose a fine of 10,000 yuan on the violator if there is no illegal income or impose a fine of three times the amount of illegal income but not exceeding 30,000 yuan on the violator if there is any illegal income.

Article 65 Where a permit is forged, altered, leased out, lent, or transferred, the CIRC shall order the violator to take corrective action, issue a warning to the violator, and impose a fine of 10,000 yuan on the violator if there is no illegal income or impose a fine of three times the amount of illegal income but not exceeding 30,000 yuan on the violator if there is any illegal income.

Article 66 For a loss adjuster falling under any of the following circumstances, the CIRC shall order it to take corrective action, and issue a warning to and impose a fine of 10,000 yuan on it:

(1) Preparing or providing any false reports, statements, documents, or materials.

(2) Refusing or obstructing any legally conducted supervisory inspection.

(3) Appointing any person failing to meet the prescribed conditions.

Article 67 Where a loss adjuster or any branch office thereof or any practitioner thereof violates Article 33, 34, 38, or 40 of these Provisions, the CIRC shall order the violator to take corrective action, issue a warning to the violator, and impose a fine of not more than 10,000 yuan on the violator if there is no illegal income or impose a fine of not more than three times the amount of illegal income but not exceeding 30,000 yuan on the violator if there is any illegal income.

Article 68 For a loss adjuster or any branch office thereof or any practitioner thereof falling under any of the circumstances as set out in Articles 41 and 42 of these Provisions, the CIRC shall order the violator to take corrective action, issue a warning to the violator, and impose a fine of not more than 10,000 yuan on the violator if there is no illegal income or impose a fine of not more than three times the amount of illegal income but not exceeding 30,000 yuan on the violator if there is any illegal income.

Article 69 For a loss adjuster or any branch office thereof falling under any of the following circumstances, the CIRC shall order it to take corrective action, and issue a warning to and impose a fine of not more than 10,000 yuan on it:

(1) Failing to pay the regulatory fees as required.

(2) Failing to put its permit at its domicile or business premises as required.

(3) Failing to undergo the modification registration of its permit as required or failing to apply for the renewal of its permit during the prescribed time limit.

(4) Failing to surrender its permit as required.

(5) Failing to establish and preserve special account books and business archives as required.

(6) Failing to perform its notification obligation as required.

(7) Failing to issue announcements as required.

(8) The actual term of office of its temporary person in charge exceeding the prescribed period.

(9) Failing to report any matter as set out in Article 16 as required.

(10) Failing to submit the relevant reports, statements, documents, or materials as required.

(11) Conducting loss adjustment transactions with any entity or individual which illegally engages in the insurance business or insurance intermediary business.

Article 70 Where a loss adjuster or any branch office thereof violates these Provisions, the CIRC shall, in addition to punishing the institution or branch office under this Chapter, issue a warning to and impose a fine of not more than 10,000 yuan on the directly liable supervising executive or any other liable person of the institution or branch office.

Article 71 Where it is discovered after a director, senior executive, or practitioner of a loss adjuster or any branch office thereof resigns that such a person violated the insurance regulatory provisions during his or her former service in the institution or branch office, the person shall be held liable according to the law.

Article 72 Where the CIRC discovers that a loss adjuster or any branch office thereof is suspected of tax evasion, illegal fundraising, pyramid sales, or money laundering, among others, which falls under the jurisdiction of any other authority, it shall report or transfer it to the other authority.

Where a violator of these Provisions is suspected of a crime, the CIRC shall report or transfer it to the judicial authority.

Chapter VII Supplemental Provisions

Article 73 For the purposes of these Provisions, “insurance intermediary institutions” includes insurance agencies, insurance brokerage institutions, loss adjusters, and their branch offices.

Article 74 Foreign-funded loss adjusters formed with the approval of the CIRC shall be governed by these Provisions, except as otherwise specified in the relevant international treaties to which China has acceded or specified by the CIRC.

Article 75 The formats of various forms submitted as required by these Provisions shall be developed by the CIRC.

Article 76 The relevant periods as mentioned in these Provisions shall, except those expressed by year or month, be computed by working days excluding legal holidays.

“Not less than” or “not more than” as mentioned in these Provisions includes the figure itself.

Article 77 These Provisions shall come into force on October 1, 2009, upon which the Provisions on the Administration of Loss Adjusters (Order No. 3 [2001], CIRC) issued by the CIRC on November 16, 2001, shall be repealed.

Article 78 Loss adjusters legally formed before these Provisions come into force shall remain to exist, and the specific measures for application to those failing to meet all of the conditions in these Provisions shall be additionally developed by the CIRC.

The English translation is provided by the China Insurance Regulatory Commission and may only be used as a reference. In case a different interpretation arises, the original Chinese shall prevail.

 

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