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Provisions on the Supervision and Administration of Full-Time Insurance Agencies (2015 Amendment)
发布时间:2016-01-25      分享到:
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Chapter I General Provisions

Article 1 To regulate the operations of full-time insurance agencies, protect the lawful rights and interests of the insured, 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, “full-time insurance agencies” means institutions which engage in the insurance business on behalf of insurance companies as authorized by insurance companies and collect commissions from insurance companies, including full-time corporate insurance agents and their branch offices.

A full-time corporate insurance agent 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 an insurance agency business permit (hereinafter referred to as the “permit”).

Article 3 Full-time insurance agencies shall comply with laws, administrative regulations, and the relevant provisions issued by the CIRC, and follow the principles of free will, good faith, and fair competition.

Article 4 The CIRC shall supervise and administer full-time insurance agencies as authorized by the State Council in accordance with the Insurance Law.

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 5 Except as otherwise specified by the CIRC, a full-time insurance agency shall adopt either of the following forms of organization:

(1) Limited liability company.

(2) Joint-stock limited company.

Article 6 For the formation of a full-time corporate insurance agent, the following conditions shall be met:

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

(2) Its registered capital reaches the minimum amount specified in the Company Law of the People's Republic of China (hereinafter referred to as the “Company Law”) and these Provisions.

(3) Its bylaws are in compliance with the relevant provisions.

(4) Its chairman of the board of directors or executive director and senior executives satisfy the office qualifications as set out in these Provisions.

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

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

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

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

Article 7 The minimum registered capital of a full-time corporate insurance agent to be formed shall be 50 million yuan, except as otherwise specified by the CIRC.

The registered capital of a full-time corporate insurance agent must be paid-in monetary capital.

Article 8 An entity or individual prohibited by any law or administrative regulation from investing in enterprises may not be a promoter or shareholder of a full-time corporate insurance agent.

Where any employee of an insurance company invests in a full-time corporate insurance agent, 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 full-time corporate insurance agent, such investment shall be subject to the consent of the shareholders' meeting in accordance with the relevant provisions of the Company Law.

Article 9 The name of a full-time insurance agency shall include the words “insurance agency” or “insurance sales,” and its trade name shall not be the same as that of any existing insurance intermediary institution, except as otherwise specified by the CIRC.

Article 10 To apply for formation of a full-time corporate insurance agent, all the shareholders or all the promoters shall designate a representative or jointly authorize an agent to handle matters related to the application with the CIRC.

Article 11 The branch offices of a full-time corporate insurance agent shall include branches and business departments. To form a branch office, a full-time corporate insurance agent shall meet the following conditions:

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

(2) Its registered capital satisfies the requirements of these Provisions.

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

(4) The proposed primary person in charge satisfies the office qualifications as set out in these Provisions.

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

Article 12 After receiving an application for formation of a full-time corporate insurance agent, 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 company to be formed.

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

Article 13 After approving the formation of a full-time corporate insurance agent according to the law, the CIRC shall issue a permit to the applicant.

Only after receiving the permit may the applicant engage in the insurance agency business.

Article 14 Under any of the following circumstances, a full-time insurance agency shall report it to the CIRC in writing within five days of occurrence thereof:

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

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

(3) Modification of the name of any promoter or principal shareholder of the agency.

(4) Modification of any principal shareholder of the agency.

(5) Modification of the registered capital of the agency.

(6) Material modification of the equity structure of the agency.

(7) Modification of the form of organization of the agency.

(8) Division or combination of the agency.

(9) Amendment of the company bylaws.

(10) Formation or abolition of any branch office of the agency.

Article 15 Where any modification of a full-time corporate insurance agent 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 16 The permit of a full-time corporate insurance agent shall be valid for three years, and a full-time corporate insurance agent shall apply to the CIRC for renewal 30 days before its permit expires.

Where a full-time corporate insurance agent applies for renewal of its permit, the CIRC shall, before the expiration of the permit, comprehensively review and assess the full-time corporate insurance agent'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 full-time corporate insurance agent 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 17 For the purposes of these Provisions, “senior executive” of a full-time insurance agency means the following person:

(1) The general manager, a deputy general manager, or an executive with the same power of a full-time corporate insurance agent.

(2) The primary person in charge of a branch office of a full-time corporate insurance agent.

Article 18 The proposed chairman of the board of directors or executive director and senior executives of a full-time insurance agency shall meet the following conditions and be subject to the confirmation of the CIRC:

(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 issued by 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 work experience may be exempt from the condition in item (1) of the preceding paragraph..

Article 19 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 full-time insurance agency:

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

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

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

Article 20 Without the consent of the shareholders' meeting, a director or senior executive of a full-time insurance agency may not concurrently hold any position in an institution with any conflict of interest.

Article 21 To apply to the CIRC for the confirmation of satisfaction of office qualifications for the chairman of the board of directors or executive director and senior executives, a full-time insurance agency shall honestly complete an application form and submit the relevant materials.

The CIRC may investigate or interview the proposed chairman of the board of directors or executive director and senior executives of a full-time insurance agency.

Article 22 Where the chairman of the board of directors or executive director or a senior executive of a full-time insurance agency is transferred to or holds concurrently any post at the same or a lower level within the agency, reconfirmation of his or her satisfaction of office qualifications is not required.

Where a full-time insurance agency removes the chairman of the board of directors or executive director or a senior executive from the office or consents to his or her resignation, he or she shall be automatically disqualified for the office.

The appointment or removal of the chairman of the board of directors or executive director or a senior executive by a full-time insurance agency shall be reported to the CIRC in writing within five days after the decision is made.

Article 23 Where the chairman of the board of directors or executive director or a senior executive of a full-time insurance agency is prosecuted for any suspected economic crime, the full-time insurance agency 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 24 Where a full-time insurance agency 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 25 A full-time corporate insurance agent shall put its permit in a conspicuous position of its domicile or business premises.

A branch office of a full-time corporate insurance agent shall put a photocopy (bearing the official seal of the corporate body owning the branch office) of the permit of the company and its business license in a conspicuous position of its business premises.

Article 26 A full-time insurance agency may engage in the following insurance agency business:

(1) Selling insurance products as an agent.

(2) Collecting insurance premiums as an agent.

(3) Conducting damage survey and claim settlement for the relevant insurance business as an agent.

(4) Other business approved by the CIRC.

Article 27 To engage in the insurance agency business in a province, autonomous region, or municipality directly under the Central Government other than its place of registration, a full-time corporate insurance agent shall form branch offices.

The business territory of a branch office of a full-time corporate insurance agent shall not be beyond the province, autonomous region, or municipality directly under the Central Government where it is located.

Article 28 The practitioners of a full-time insurance agency shall meet the conditions as set out by the CIRC.

For the purposes of these Provisions, “insurance agency practitioner” means an employee of a full-time insurance agency who engages in the sale of insurance products, damage survey, claim settlement, or other relevant business.

Article 29 A full-time insurance agency shall provide its practitioners with training on insurance law and insurance business and education on professional ethics.

The pre-job training received by an insurance agency practitioner shall not be less than 80 hours, and an insurance agency practitioner shall receive on-the-job training and education every year for not less than 36 hours accumulatively, including not less than 12 hours of training on legal knowledge and education on professional ethics.

Article 30 A full-time insurance agency shall establish special account books to record the revenues and expenditures in the insurance agency business.

A full-time insurance agency which collects insurance premiums as an agent shall open an independent premium agent account to conduct settlement.

Article 31 A full-time insurance agency shall establish complete and standardized business archives, including the following at a minimum:

(1) Basic information on the insurance policies sold as an agent, including but not limited to the names of insurers, insurance applicants, and the insured, the names of products, insured amounts, premiums, and methods of payment.

(2) Information on the collection of insurance premiums as an agent and delivery of collected premiums to insurance companies represented.

(3) Information on the amounts of insurance agency commissions and the collection thereof.

(4) Other important business information.

The records of a full-time insurance agency shall be true and complete.

Article 32 A full-time insurance agency shall properly manage and use the various documents and materials provided by the insurance companies represented; and submit the remaining documents and materials to the insurance companies represented within 30 days after the end of the agency relationship.

Article 33 To engage in the insurance agency business, a full-time insurance agency shall enter into a written agency contract with an insurance company represented, agreeing on the rights and obligations of both parties and other relevant matters. An agency contract may not violate laws, administrative regulations, and the provisions issued by the CIRC.

Article 34 A full-time insurance agency 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 full-time insurance agency and the insurance company represented, such as the names, business premises, scope of business, and contact methods thereof.

If there is any affiliation between the full-time insurance agency or its director or senior executive and the insurance company represented or the relevant insurance intermediary institution, it shall be explained in the client notification letter.

Article 35 A full-time insurance agency shall clearly alert an insurance applicant to the clauses in the insurance contract regarding the liability exemptions or exceptions, surrender, deduction of other expenses, cash value, and cooling-off period, among others.

Article 36 A full-time corporate insurance agent shall take out professional liability insurance or deposit a bond within 20 days of obtaining a permit.

A full-time corporate insurance agent shall, within ten days of taking out professional liability insurance or deposit a bond, submit to the CIRC a photocopy of the professional liability insurance policy or a photocopy of the bond deposit agreement and a photocopy of the original voucher of deposit of the bond.

Article 37 A full-time corporate insurance agent which takes out professional liability insurance shall ensure the continuing validity of the insurance.

The limit of liability for each accident under the professional liability insurance policy owned by a full-time corporate insurance agent shall not be less than 1 million yuan, and the cumulative liability limits under a one-year policy shall not be less than 5 million yuan and not be less than two times the full-time insurance agency's operating revenue in the prior year.

If the cumulative liability limits under professional liability insurance reach 50 million yuan, further increase in the liability limits under professional liability insurance is not required.

Article 38 A full-time corporate insurance agent which deposits a bond shall deposit the bond at 5% of its registered capital; if it increases its registered capital, it shall increase the amount of the bond accordingly; but if the amount of the bond deposited reaches 1 million yuan, further increase in the bond is not required.

The bond of a full-time corporate insurance agent shall be deposited in the form of bank deposit or any other form recognized by the CIRC.

If the bond is deposited in the form of bank deposit, it shall be deposited in a special account in a commercial bank.

Article 39 Under any of the following circumstances, a full-time corporate insurance agent may use the bond:

(1) Its registered capital is reduced. 

(2) Its permit is cancelled.

(3) It takes out professional liability insurance meeting the prescribed conditions.

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

Within five days of using the bond, a full-time corporate insurance agent shall report it to the CIRC in writing..

Section 2 Prohibited Conduct

Article 40 No full-time corporate insurance agent may forge, alter, lease out, lend, or transfer its permit.

Article 41 The scope of business of a full-time insurance agency may not exceed the scope as specified in Article 26 of these Provisions.

Article 42 The insurance agency business conducted by a full-time insurance agency shall not exceed the scope of business and the business territory of the insurance company represented, except insurance agency business involving co-insurance outside its business territory, insurance underwritten outside its business territory, or master policies as otherwise specified by the CIRC.

Article 43 In conducting the insurance agency business, a full-time insurance agency and its practitioners may not deceive insurance applicants, the insured, beneficiaries, or insurance companies by the following means:

(1) Concealing or fabricating any important information related to the insurance contract.

(2) Conducting any misleading sale.

(3) Forging or modifying without permission the insurance contract, selling false insurance documents, or providing false certifications to the parties to the insurance contract.

(4) Obstructing an insurance applicant from performing or inducing any insurance applicant not to perform the obligation of telling the truth.

(5) Fraudulently obtaining commissions by fabricating any insurance agency business or surrender.

(6) Conducting any false claim settlement.

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

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

Article 44 In conducting the insurance agency business, a full-time insurance agency and its practitioners may not:

(1) force or induce an insurance applicant to entry into or restrict an insurance applicant from entering into an insurance contract 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;

(2) misappropriate, intercept, or encroach on insurance premiums, surrender values, or claim payments;

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

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

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

Article 45 A full-time insurance agency may not damage the goodwill of competitors by fabrication or spreading false facts, nor disrupt the insurance market order by false advertisements, false publicity, or any other act of unfair competition.

Article 46 A full-time insurance agency may not conduct insurance agency transactions with any institution or individual which illegally engages in the insurance business or insurance intermediary business.

Article 47 A full-time insurance agency may not withhold commissions from the insurance premiums collected.

Article 48 A full-time insurance agency may not enter into insurance contracts on behalf of insurance applicants.

Article 49 A full-time insurance agency may not recruit practitioners on condition of their payment of fees or purchase of insurance products, may not promise unreasonably high returns, and may not use the number of directly or indirectly recruited persons or sale performance as the main basis for computing the remuneration of practitioners.

Chapter IV Market Exit

Article 50 The CIRC shall not grant the renewal of the permit of a full-time corporate insurance agent 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 company formation condition except item (1) of Article 6 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 51 Where the permit of a full-time corporate insurance agent 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 insurance agency business shall be settled according to the law, and a liquidation or settlement report shall be submitted to the CIRC.

Article 52 Where a full-time corporate insurance agent 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 full-time corporate insurance agent shall submit a liquidation report to the CIRC.

Article 53 Where a full-time corporate insurance agent is dissolved, if it is discovered in the process of liquidation that the full-time corporate insurance agent 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 54 Where the business license of a full-time corporate insurance agent is revoked or a full-time corporate insurance agent 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 55 The CIRC shall nullify the permit of a full-time corporate insurance agent which exits 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 full-time corporate insurance agent whose permit is nullified shall surrender the original permit in a timely manner.

Chapter V Supervisory Inspection

Article 56 A full-time insurance agency shall, according to the relevant provisions issued by the CIRC, submit the relevant reports, statements, 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 full-time insurance agency shall bear the signature of the legal representative or the primary person in charge or a person authorized by him or her and the seal of the agency.

Article 57 A full-time insurance agency 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 58 A full-time insurance agency shall, according to the relevant provisions, pay the regulatory fees into an account designated by the CIRC.

Article 59 A full-time corporate insurance agent 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 full-time corporate insurance agent to submit a specific external audit report.

Article 60 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 full-time insurance agency, requiring them to provide explanations on the major issues in operations.

Article 61 The CIRC shall conduct an on-site inspection of a full-time insurance agency according to the law, including but not limited to the following:

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

(2) Whether its capital is true and adequate.

(3) Whether the set-aside and use of the bond is in compliance with the relevant provisions.

(4) Whether it complies with the provisions on professional liability insurance.

(5) Whether its operations are lawful.

(6) Whether it is in good financial condition.

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

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

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

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

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

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

Article 62 Where a full-time insurance agency 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 63 A full-time insurance agency 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 64 A full-time insurance agency 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 65 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 full-time insurance agency of the engagement.

Article 66 A full-time insurance agency 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 full-time insurance agency 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 67 Any illegal operation of the insurance agency business without a permit shall be banned by the CIRC, and the CIRC shall confiscate any illegal income and impose a fine of not less than the amount nor more than five times the amount of the illegal income on the violator or if there is no illegal income or the amount of illegal income is less than 50,000 yuan, impose a fine of not less than 50,000 yuan nor more than 300,000 yuan on the violator.

Article 68 Where an administrative licensing applicant conceals relevant information or provides false materials in the application for the formation of a full-time corporate insurance agent 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 69 Where a licensee forms a full-time corporate insurance agent 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 70 Where a full-time insurance agency fails to submit a report as required on the occurrence of any matter as set out in Articles 14, 39, and 52, the CIRC shall order it to take corrective action, issue a warning to it, and impose a fine of not more than 10,000 yuan on it 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 it if there is any illegal income; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not more than 10,000 yuan on him or her.

Article 71 Where a full-time insurance agency appoints any person not satisfying the office qualifications, the CIRC shall order it to take corrective action and impose a fine of not less than 20,000 yuan nor more than 100,000 yuan on it; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not less than 10,000 yuan nor more than 50,000 yuan on him or her.

Where a full-time insurance agency employs any person not meeting the prescribed conditions, 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; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not more than 10,000 yuan on him or her.

Article 72 Where a full-time corporate insurance agent leases out, lends, or transfers its permit, the CIRC shall order it to take corrective action and impose a fine of not less than 10,000 yuan nor more than 100,000 yuan on it; if the circumstances are serious, order it to suspend business for an overhaul or revoke its permit; and for the directly liable supervising executive or any other liable person of the company, issue a warning to and impose a fine of not less than 10,000 yuan nor more than 50,000 yuan on him or her.

Article 73 For a full-time insurance agency falling under any of the following circumstances, the CIRC shall order it to take corrective action, issue a warning to it, and impose a fine of not more than 10,000 yuan on it 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 it if there is any illegal income:

(1) Conducting business beyond the approved scope of business or business territory.

(2) Conducting business beyond the scope of business or business territory of the insurance company represented.

(3) Conducting insurance agency transactions with any entity or individual which illegally engages in the insurance business or insurance intermediary business.

(4) Failing to manage and use as required the various documents and materials delivered to it by insurance companies.

Article 74 For a full-time insurance agency falling under any of the following circumstances, the CIRC shall order it to take corrective action and impose a fine of not less than 20,000 yuan nor more than 100,000 yuan on it; if the circumstances are serious, order it to suspend business for an overhaul or revoke its permit; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not less than 10,000 yuan nor more than 100,000 yuan on him or her:

(1) Failing to deposit a bond as required or using the bond in violation of the relevant provisions.

(2) Failing to take out the professional liability insurance as required or failing to maintain the continuing validity of the professional liability insurance.

(3) Failing to establish as required the special account books to record its business revenues and expenditures.

Article 75 Where, in violation of Article 34 of these Provisions, a full-time insurance agency fails to prepare or present a client notification letter as required, 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; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not more than 10,000 yuan on him or her.

Article 76 For a full-time insurance agency or any of its practitioners falling under the circumstances as set out in Article 43 or 44 of these Provisions, the CIRC shall order the agency or practitioner to take corrective action and impose a fine of not less than 50,000 yuan nor more than 300,000 yuan on the agency or practitioner; if the circumstances are serious, revoke its permit; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not less than 30,000 yuan nor more than 100,000 yuan on him or her.

Article 77 Where a full-time insurance agency or any of its practitioners seeks any illegal benefits by taking advantage of executing any insurance agency business in the process of conducting the insurance agency business, the CIRC shall issue a warning to and impose a fine of not more than 10,000 yuan on the agency or practitioner.

Article 78 Where a full-time insurance agency violates Article 45 of these Provisions, the CIRC shall issue a warning to it, and impose a fine of not more than 10,000 yuan on it if there is any illegal income or impose a fine of not more than three times the amount of illegal income but not exceeding 30,000 yuan on it if there is any illegal income; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not more than 10,000 yuan on him or her.

Article 79 Where a full-time insurance agency violates Article 49 of these Provisions, the CIRC shall issue a warning to and impose a fine of 10,000 yuan on it; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not more than 10,000 yuan on him or her.

Article 80 Where a full-time insurance agency fails to submit or preserve the relevant reports, statements, documents, or materials under these Provisions or fails to provide the relevant information or materials as required, the CIRC shall order it to take corrective action during a specified period; and if it fails to do so, impose a fine of not less than 10,000 yuan nor more than 100,000 yuan on it; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not less than 10,000 yuan nor more than 50,000 yuan on him or her.

Article 81 For a full-time insurance agency falling under any of the following circumstances, the CIRC shall order it to take corrective action and impose a fine of not less than 100,000 yuan nor more than 500,000 yuan on it; and if the circumstances are serious, may restrict its scope of business, order it to stop accepting new business, or revoke its permit; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not less than 50,000 yuan nor more than 100,000 yuan on him or her:

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

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

Article 82 For a full-time insurance agency falling under any of the following circumstances, the CIRC shall order it to take corrective action, issue a warning to it, and impose a fine of not more than 10,000 yuan on it 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 it if there is any illegal income; and for the directly liable supervising executive or any other liable person of the agency, issue a warning to and impose a fine of not more than 10,000 yuan on him or her:

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

(2) Failing to put its permit or a photocopy thereof (bearing the official seal of the corporate body owning it) and its business license at its domicile or business premises as required.

(3) Failing to surrender its permit as required.

(4) 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.

(5) Failing to manage its business archives as required.

(6) Failing to use as required an independent account to collect insurance premiums as an agent.

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

(8) Failing to issue announcements as required.

(9) Withholding commissions from the insurance premiums collected as an agent.

(10) Entering into insurance contracts on behalf of insurance applicants.

Article 83 Where any provision of Articles 165 to 170 of the Insurance Law is violated, if the circumstances of the violation are serious, the CIRC may disqualify the directly liable supervising executive and other directly liable persons of the violator from holding the corresponding offices.

Article 84 For a violation of any law or administrative regulation with serious circumstances, the CIRC may prohibit the relevant liable persons from access to the insurance sector for a certain period or even for life.

Article 85 Where it is discovered after a director, senior executive, or practitioner of a full-time insurance agency resigns that such a person violated the insurance regulatory provisions during his or her former service in the agency, the person shall be held liable according to the law.

Article 86 Where the CIRC discovers that a full-time insurance agency 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 87 For the purposes of these Provisions, “insurance intermediary institutions” includes insurance agencies, insurance brokerage institutions, loss adjusters, and their branch offices.

Article 88 Foreign-funded full-time insurance agencies 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.

These Provisions shall apply, mutatis mutandis, to the formation and management of a partnership full-time insurance agency, except as otherwise specified by the CIRC.

Article 89 The formats of various forms submitted as required by these Provisions shall be developed by the CIRC.

Article 90 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,” “not more than,” or “nor more than” as mentioned in these Provisions includes the figure itself.

Article 91 These Provisions shall come into force on October 1, 2009, upon which the Provisions on the Administration of Insurance Agencies (Order No. 14 [2004], CIRC) issued by the CIRC on December 1, 2004, shall be repealed.

Article 92 Full-time insurance agencies 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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