保险保障基金管理办法 Decree of the China Insurance Regulatory Commission

ot exceed 90 percent of policy-related benefits prior to the transfer； and

　　（2） For corporate policyholders， relief from the policy-related benefits after the transfer shall be no more than 80 percent of policy-related benefits prior to the transfer.

　　A company with ceded policies shall evaluate policyholders' policy-related benefits after the transfer in light of the standards as prescribed in the preceding Paragraph， and hereby revise life insurance contracts with the policyholders.

　　Article 19 In case an insurance company is revoked or declared bankrupt， the policyholders shall sign agreements for transferring debts and credits prior to the end of liquidation， the insurance protection fund shall offer relief to the policyholders and policyholders shall transfer debts and credits of the insurance company to the insurance protection fund.

　　After the liquidation， if the compensations obtained by the insurance protection fund exceed the paid relief， the insurance protection fund shall return the balance to policyholders.

　　Article 20 In the event of a significant crisis facing the insurance industry that may seriously endanger social public interests and financial stabilization， the CIRC can draw on the insurance protection fund.

　　Article 21 The insurance protection fund will not cover losses from any of the following businesses of an insurance company：

　　（1） insurance businesses that are directly undertaken overseas by an insurance company and inward transactions from abroad；

　　（2） policy insurance businesses of an insurance company； and

　　（3） any other insurance business as identified by the CIRC that is not under the scope of relief from the insurance protection fund.

　　Chapter V Legal Liabilities

　　Article 22 Any insurance company in violation of this Measures shall be ordered to correct and be imposed upon a fine of 50，000 yuan up to 300，000 yuan； in case the circumstances are serious， its scope of businesses may be restricted and it may be ordered to stop undertaking new businesses or its business permit for insurance businesses shall be withdraw

n.

　　The senior management personnel and persons directly responsible for the illegal acts shall be given warnings or ordered to be dismissed or replaced and be imposed upon a fine of 20，000 yuan up to 100，000 yuan in light of the different circumstances.

　　Chapter VI Supplementary Articles

　　Article 23 The insurance companies shall， within three months as of the implementation day of this Measures， pay 50% of the submitted insurance protection fund into a special account for the insurance protection fund as opened by the CIRC， and the remaining part shall be paid off within one year as of the implementation day of this Measures.

　　Article 24 The power to interpret this Measures shall be vested in the CIRC.

　　Article 25 The present Measures shall be implemented as of January 1， 2005

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