保险公司管理规定 Regulations on Administration of Insurance Companies

sumed interest rate， which may jeopardize the solvency of the insurance company；

　　（6） Other requirements imposed by CIRC on the principle of prudential supervision and administration.

　　Article 73

　　To alter the insurance clauses and premium rates that have been approved by or filed with CIRC， an insurance company shall re-submit them for approval by or filing with CIRC.

　　An insurance company may reach a complementary agreement on special matters with the counter-party when signing a specific insurance contract， but the cases in items （1）-（6） in the second paragraph of the preceding article shall not be allowed.

　　Article 74

　　An insurance company should determine pricing factors including the assumed interest rates of long-term life insurance policies in accordance with CIRC's relevant regulations.

　　Article 75

　　An insurance company shall actively develop insurance products catering to the social demands and strive to make innovations in products and services.

　　The language of insurance clauses and premium rates of an insurance company shall be clear， definite， and easy to understand.

　　Article 76

　　Insurance associations may issue model texts of property or life insurance clauses.

　　Insurance associations may， in view of practical needs， promulgate guiding insurance premium rates.

　　Chapter V Insurance Funds and Insurance Company's Solvency

　　Article 77

　　An insurance company shall legally put aside guarantee funds. An insurance company shall not use or dispose of the guarantee funds on their own unless for the purpose of paying off debts during liquidation.

　　Article 78

　　An insurance company shall legally put aside insurance protection funds， which shall be centrally managed and planned as a whole in accordance with CIRC's relevant regulations.

　　Article 79

　　An insurance company shall put aside， according to relevant regulations of CIRC， insurance liability reserves， which must be authentic and adequate.

　　Article 80

　　The utilization of insurance funds shall be confined to：

　　（1） Bank deposits；

　　（2） Buying and selling of government bonds；

　　（3） Buying and selling of financial bonds；

　　（4） Buying and selling of corporate bonds；

　　（5） Buying and selling of securities investment funds.

　　（6） Other ways stipulated by the State Council.

　　The specific ways that an insurance company invests the insurance funds and the proportions on investing products and ascertained minimum credit ratings of specific investments shall be in accordance with the relevant regulations of CIRC.

　　Article 81

　　Domestic insurance companies' overseas fund management activities shall comply with relevant prescriptions of the State.

　　Article 82

　　An insurance company may establish insurance assets management companies， and entrust them to manage its insurance funds.

　　Article 83

　　An insurance company shall， on the principle of protecting the interests of the insured and guaranteeing solvency， operate steadily to ensure that the actual solvency margin is no less than the minimum standard margin at any time.

　　Article 84

　　An insurance company's actual solvency margin shall be the balance of recognized assets minus recognized liabilities.

　　The confirmation， computation， and reporting of recognized assets and liabilities shall comply with the relevant regulations of CIRC.

　　Article 85

　　An insurance company's minimum solvency margin standard shall be subject to the stipulation and adjustment of CIRC.

　　Article 86

　　An insurance company with actual solvency margin below the minimum standard shall take effective measures to improve its insolvency positions. They shall also report to CIRC on relevant improvement plans， concrete measures， and final results.

　　Article 87

　　An insurance company's solvency adequacy rate shall be the actual solvency margin divided by the minimum solvency margin. CIRC may rank those companies with solvency adequacy rate below 100% as key objects for regulation， and accordingly take the following regulatory measures：

　　（1） For companies with solvency adequacy rate above 70%， CIRC may require them to bring forward an improvement plan and satisfy the minimum solvency standard within a time limit. If the deadline fails to be met， CIRC may take such regulatory measures as requiring them to increase their capital， charging them to buy reinsurance， and restricting their business scope， dividend distribution to shareholders， fixed asset purchase， operating expense， and growth of branches， etc， until the minimum solvency margin requirement is satisfied；

　　（2） For companies with solvency adequacy rates between 30% and 70%，besides the measures mentioned above， CIRC may take such regulatory measures as charging them to auction the bad assets， transfer insurance business， restrict senior managerial personnel's salaries and duty consumption level， restrict commercial advertising， adjust funds management， stop developing new business， etc.

　　（3） For companies with solvency adequacy rates below 30%， besides the measures mentioned above， CIRC may legally take over the management of the company.

　　Chapter VI Supervision and Inspection

　　Article 88

　　CIRC bases its supervision and administration of insurance companies on the combination of solvency regulation and market behavior regulation.

　　An insurance company shall be under the supervision and administration-of CIRC in accordance with law.

　　Article 89

　　CIRC shall supervise and administrate an insurance institution by both on-site and off-site means.

　　Article 90

　　CIRC may list those institutions with the following cases as key inspection objects：

　　（1） Serious violation of laws and regulations；

　　（2） Inadequate solvency；

　　（3） Abnormal financial condition；

　　（4） Reports， statements， documents or materials submitted proved to be false；

　　（5） Other situations that CIRC deems necessary to emphatically examine.

　　Article 91

　　CIRC's on-site inspection of an insurance institution involves some or all of the following issues：

　　（1） Whether the approval or filing procedures regarding the establishment and alteration of the institutions are complete；

　　（2） Whether the contents of presented materials are in line with the facts；

　　（3） Whether the capital and various reserves are authentic and adequate；

　

　（4） Whether solvency is adequate；

　　（5） Whether the fund management is legal；

　　（6） Whether business operation and financial conditions are good， and whether the financial statements are complete and authentic；

　　（7） Whether the insurance clauses and premium rates in use have been submitted for approval or filing in accordance with regulations；

　　（8） Whether the business interactions with insurance intermediaries comply with laws and regulations；

　　（9） Whether the formalities of the appointment or alteration of senior managerial personnel are complete；

　　（10） Whether the relevant matters stipulated as reporting after the event have been timely reported；

　　（11） Other matters that CIRC deems necessary to examine.

　　Article 92

　　An insurance institution shall cooperate with CIRC in the on-site inspection， and provide relevant documents and materials as required by CIRC.

　　Article 93

　　CIRC shall dispatch as least 2 inspectors for on-site inspection， and the inspectors shall present their relevant certificates and inspection notification. To entrust such intermediaries as accounting firms to perform inspection， CIRC shall provide a written trust document.

　　Article 94

　　An insurance institution shall timely submit business operation reports， actuarial reports， financial accounting reports， solvency reports， and relevant regulatory reports and statements， according to regulations.

　　Article 95

　　The statements and reports that an insurance institution submits to CIRC shall be complete， authentic and accurate.

　　Article 96

　　An insurance institution's business operation reports， financial accounting reports， solvency reports and other relevant reports and statements shall be signed by the corporate representative or the general manager. The annual financial report and solvency report shall be audited by certified public accountant. An insurance institution's actuarial report shall be signed by the actuary recognized by CIRC. The insurance branches' reports and statements shall bear the signature of the person-in-charge and stamp of the branches.

　　Article 97

　　The material resolutions of the shareholders' meeting and the board of directors shall be reported to CIRC within 30 days after the conclusion of the resolutions.

　　Article 98

　　CIRC may require an insurance institution to explain the material matters concerning insurance business operation and risk management by speaking to or inquiring the senior managerial personnel， according to the needs of regulation and administration.

　　Article 99

　　Where an insurance institution or their staffs violate these regulations， CIRC shall give the institution or the staffs a warning， order it（them） to make corrections， and impose administrative punishment according to relevant laws and regulations. Those suspicious of c

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