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Interim Measures for the Administration of the Transfer of Insurance Business by Insurance Companies
发布时间:2015-11-25      分享到:
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Article 1 For the purposes of regulating the transfer of insurance business by insurance companies, protecting the lawful rights and interests of insurance applicants, the insured, and beneficiaries, and maintaining the order of the insurance market, these Measures are developed in accordance with the Insurance Law of the People's Republic of China (hereinafter referred to as the “Insurance Law”).

 

Article 2 The China Insurance Regulatory Commission (hereinafter referred to as the “CIRC”) shall, according to the law and as empowered by the State Council, supervise and administer the transfer of insurance business by insurance companies.

 

Article 3 The transfer of all or part of insurance business by an insurance company shall be subject to the approval of the CIRC.

The standards for “part of insurance business” as mentioned in the preceding paragraph shall be prescribed by the CIRC additionally.

 

Article 4 An insurance company shall transfer its insurance business under the principles of free will, openness, fairness, and justice.

 

Article 5 An insurance company which transfers its insurance business shall not divulge any trade secret or individual privacy known in the transfer process, nor cause any damage to the lawful rights and interests of insurance applicants, the insured, and beneficiaries.

 

Article 6 The parties to a transfer of insurance business shall enter into an insurance business transfer agreement after consultations on an equal basis.

 

Article 7 The insurance company as the transferee of insurance business (hereinafter referred to as the “transferee”) shall assume the obligations of the insurance company as the transferor of insurance business (hereinafter referred to as the “transferor”) to the insurance applicants, the insured, and beneficiaries under the original insurance contracts.

 

Article 8 The transferee shall meet the following conditions:     

 

(1) The transferred insurance business is within its scope of business.

 

(2) It has a sound corporate governance structure and adequate and effective internal controls rules.

 

(3) It is solvent, and after the transfer of insurance business, its solvency complies with the relevant provisions issued by the CIRC.

 

(4) It has no record of any major administrative punishment by a financial regulatory authority in the last two years.

 

(5) It has a branch office at the place where the insurance policies in the transferred business were originally underwritten and issued.     

 

(6) It has conducted a feasibility study regarding operating and managing the transferred business.

 

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

 

Article 9 The parties to a transfer of insurance business shall retain law firms, accounting firms, and other professional intermediaries to assess the value and compliance, among others, of the transferred insurance business.

 

Article 10 The parties to a transfer of insurance business shall, according to the relevant provisions issued by the CIRC, assess the liability reserve for the transferred business to ensure that it is sufficient and reasonable.

 

Article 11 A transfer of insurance business shall be subject to the approval of the board of directors or the shareholders’ meeting of both the transferor and the transferee; and where all insurance business is transferred, the transfer shall be subject to the approval of the shareholders’ meeting of the transferor.

 

Article 12 The parties to a transfer of insurance business shall submit the following materials in triplicate to the CIRC:

 

(1) Basic information on both parties to the transfer of insurance business.      

 

(2) An insurance business transfer agreement.

 

(3) Procedural arrangements for the transfer of insurance business.

 

(4) A feasibility plan for operating and managing the transferred insurance business.

 

(5) Assessment reports from professional intermediaries.

 

(6) An assessment report on the liability reserve for the transferred insurance business.

 

(7) The solvency report of the transferee for the prior year and an analysis report on the impact of the transferred insurance business on the transferee’s solvency.

 

(8) The document of the board of directors or the shareholders' meeting of each party to the transfer on approving the insurance business transfer agreement.

 

(9) Other materials as required by the CIRC. The materials in items (3), (5), and (6) shall be signed by both parties for confirmation. 

 

Article 13 After the CIRC approves a transfer of insurance business, the transferor shall, in a timely manner, notify in writing the involved insurance applicants and insured of the basic information on the transferee, the outline of the transfer plan, the assumption of responsibilities, and other relevant matters, and obtain the consent of them; and if the insured under a life insurance contract is deceased, the transferor shall notify in writing the beneficiary of the aforesaid information, and obtain the consent of the beneficiary. The parties to a transfer of insurance business shall reasonably implement the business transfer plan, and properly handle matters related to the business transfer.

 

Article 14 After the CIRC approves a transfer of insurance business, the parties to the transfer shall jointly issue an announcement of the transfer in a newspaper designated by the CIRC at least three times, and respectively issue an announcement of the transfer on their websites, available to the public for at least one month.

 

Article 15 Where an insurance company transfers all its insurance business and terminates its operations according to the law, it shall undergo the formalities for cancellation of its insurance business permit at the CIRC within 15 working days after the complete performance of the transfer agreement, and also undergo the relevant formalities at the administrative department for industry and commerce. Where an insurance company transfers part of its insurance business, if any modification of its insurance business permit is involved, the insurance company shall, within 15 working days after the complete performance of the transfer agreement, undergo the modification formalities according to the relevant provisions issued by the CIRC.

 

Article 16 Where an insurance company transfers its insurance business in violation of these Measures, the CIRC shall order it to take corrective action during a specified period, and punish it according to the law.

 

Article 17 These Measures shall not apply to the re-insurance in Article 28 of the Insurance Law and the transfer of insurance business in Articles 92 and 139 of the Insurance Law. In the transfer of its insurance business, an insurance company may not violate paragraph 2, Article 89 of the Insurance Law.

 

Article 18 Where any rules of the CIRC provide otherwise for the transfer of insurance business by insurance companies, such rules shall prevail.

 

Article 19 These Measures shall be subject to interpretation by the CIRC.

 

Article 20 These Measures shall come into force on October 1, 2011.

 

Statement

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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