Provisions of Insurance Company Administration Regulations

Regulations on the Administration of Insurance Companies (Revised in 2015)

(Issued by Decree No. 1 of 2009 of the China Insurance Regulatory Commission on September 25, 2009, and revised in accordance with Decision on Amending Eight Parts of the Regulations, including the <Measures for the Administration of Establishment of Overseas Insurance-type Institutions by Insurance Companies> and Other (Revised by Decision on Amending Eight Regulations)

Chapter I General Provisions

Article 1 In order to strengthen the supervision and management of insurance companies, maintain the normal order of the insurance market, protect the legitimate rights and interests of the insured, and promote the healthy development of the insurance industry, the insurance industry is regulated by the Insurance Law of the People's Republic of China (hereinafter referred to as the Insurance Law), the Company Law of the People's Republic of China (hereinafter referred to as the Company Law) and other laws, administrative regulations, and the Insurance Law of China. (hereinafter referred to as the "Company Law") and other laws and administrative regulations, these provisions are formulated.

Article 2 The China Insurance Regulatory Commission (hereinafter referred to as CIRC) is authorized by the law and the State Council to exercise unified supervision and management of insurance companies.

Dispatching agencies of the CIRC shall perform their supervisory duties within the scope of authorization by the CIRC in accordance with the law.

Article 3 An insurance company referred to in these provisions means a commercial insurance company that has been approved for establishment by the Insurance Regulatory Authority and registered in accordance with the law.

Branches of insurance companies as referred to in these regulations refer to branch offices, central branch offices, sub-branches, sales offices, marketing service departments and various types of exclusive agencies established by insurance companies as approved by the Insurance Supervisory and Regulatory Authorities in accordance with the law. The establishment and management of exclusive organizations shall be separately regulated by the CIRC.

The insurance institutions referred to in these regulations refer to insurance companies and their branches.

Article 4 The branch offices referred to in these provisions refer to the branches established by insurance companies in accordance with the law and named after the branch offices.

The provincial branches referred to in these regulations mean the branches of insurance companies that are responsible for license application, report submission and other related matters in each province, autonomous region and municipality directly under the central government in accordance with the supervisory requirements of the China Insurance Regulatory Commission (CIRC). If an insurance company has set up branches in provinces, autonomous regions and municipalities directly under the central government other than its domicile, it shall designate one of the branches as its provincial branch.

If an insurance company establishes a branch office in a municipality directly under the central government, it shall designate a branch office to be responsible for license application, report submission and other related matters in the municipality according to the regulatory requirements of CIRC.

If the provincial branch office is located in a separately listed city, the provincial branch office shall be responsible for the matters stipulated in the preceding two paragraphs.

Article 5 The insurance business shall be operated by insurance companies established in accordance with the Insurance Law as well as other insurance organizations prescribed by laws and administrative regulations, and other units and individuals shall not operate or disguise the insurance business.

Chapter II Establishment of Legal Entities

Article 6 The establishment of an insurance company shall be guided by the following principles:

(1) conformity with laws and administrative regulations;

(2) conducive to fair competition and healthy development of the insurance industry.

Article 7 To establish an insurance company, an application for preparatory construction shall be filed with the CIRC, and the following conditions shall be met:

(1) there are investors that meet the conditions prescribed by laws, administrative regulations and the CIRC, and the shareholding structure is reasonable;

(2) there is a draft charter in conformity with the provisions of the Insurance Law and the Company Law;

(3) the investors have committed to contribute or subscribe for shares, and the proposed registered capital is not less than RMB200 million and must be paid-in monetary capital;

(iv) there is a clear development plan, business strategy, organizational framework, and risk control system;

(v) the proposed chairman and general manager shall comply with the qualifications for the post as stipulated by the CIRC;

(vi) there is a person recognized by the investors as the head of the preparatory team;

(vii) other conditions prescribed by CIRC.

CIRC may adjust the minimum limit of the registered capital of an insurance company according to its business scope and scale of operation, but it shall not be less than RMB 200 million.

Article 8 If an application is made for the establishment of an insurance company, the applicant shall submit three copies of the following materials:

(1) an application for the establishment of an insurance company, which shall contain the name of the insurance company to be established, the proposed registered capital and the scope of business, etc.;

(2) a report on the feasibility study of establishing an insurance company, including the development plan, business strategy, organizational framework and risk control system, etc.;

(3) a report on the establishment of an insurance company, which shall be submitted to the CIRC for approval.

(iii) preparatory plan for the establishment of the insurance company;

(iv) draft articles of association of the insurance company;

(v) relevant materials to be submitted by investors as stipulated by the CIRC;

(vi) list of the persons in charge of the preparatory group, the proposed chairman of the board of directors, the general manager, and the certificate of approval of the person himself;

(vii) other materials as stipulated by the CIRC.

Article 9 The CIRC shall examine the application for the establishment of an insurance company, and make a decision on whether to approve or disapprove the establishment within six months from the date of acceptance of the application, and notify the applicant in writing. If the decision is not approved, it shall state the reasons in writing.

Article 10 The CIRC shall, during the period of examination of the application for the establishment of an insurance company, provide risk warnings to the investors.

The CIRC shall listen to the proposed chairman and general manager of the proposed insurance company's work ideas in the areas of operation and management and business development.

Article 11 If the CIRC approves the preparation for the establishment of an insurance company, the applicant shall complete the preparation work within one year from the date of receipt of the notice of approval for the preparation. If the preparatory work is not completed by the expiration of the preparatory period, the original decision to approve the preparatory work shall automatically become invalid.

The preparatory organization shall not engage in insurance business activities during the preparatory period. The main investors shall not be changed during the preparatory period.

Article 12 Upon completion of the preparatory work, the applicant may submit an application for opening to the CIRC if the following conditions are met:

(1) the shareholders comply with the laws, administrative regulations and the relevant provisions of the CIRC;

(2) there is a charter in conformity with the provisions of the Insurance Law and the Company Law;

(3) the registered capital has a minimum limit of RMB 200 million, and it must be paid-in monetary capital;

(iv) it has directors, supervisors and senior management personnel who meet the qualifications for appointment as prescribed by the CIRC;

(v) it has a sound organizational structure;

(vi) it has established a sound system for business, finance, compliance, risk control, asset management, anti-money laundering, etc;

(vii) it has a specific business development plan and medium- and long-term asset allocation plan formulated in accordance with the principles of asset-liability matching;

(viii) it has legal business premises, safety and fire-fighting facilities in compliance with the requirements, the business premises and office equipments are in line with the business development plan, and informationization is in compliance with the requirements of the CIRC;

(ix) it meets other conditions stipulated by the laws, administrative regulations and the CIRC.

Article 13 An applicant making an application for opening a business shall submit three copies of the following materials:

(1) application for opening a business;

(2) resolution of the founding general meeting, or in the absence of a resolution of the founding general meeting, a document or resolution of all the shareholders agreeing to the application for opening a business;

(3) articles of incorporation;

(4) names of shareholders and their proportion of shares held or capital contributed, certificate of capital verification issued by a capital verification institution of good creditworthiness, and copies of original certificates of capital entry;

(v) relevant materials to be submitted by shareholders as stipulated by the China Insurance Regulatory Commission;

(vi) resumes of directors, supervisors and senior management personnel to be appointed as directors, supervisors and senior management personnel of the company as well as the relevant certificates;

(vii) the setting up of the company's departments as well as its basic composition;

(viii) documents proving the ownership or right of use of the business premises;

(ix) relevant fire protection certificates in accordance with the regulations of the place where the company is proposed to be established;

(x) the plan for the proposed insurance insurance types, the three-year business plan, the reinsurance plan, the medium- and long-term asset allocation plan, and the main systems for business, finance, compliance, risk control, asset management and anti-money laundering;

(xi) the main systems of the proposed company; and main systems;

(xi) report on information technology construction;

(xii) notice of pre-approval of company name;

(xiii) other materials required by CIRC to be submitted.

Article 14 The CIRC shall examine the application for opening, conduct acceptance of the opening, and make a decision to approve or disapprove the opening within 60 days from the date of acceptance of the application for opening. If the decision to approve the opening of the business is qualified, the license to operate insurance business shall be issued; if the decision not to approve the opening of the business is not qualified, the applicant shall be notified in writing and the reasons shall be stated.

The approved insurance company shall hold the approval documents and license to operate insurance business, to the administrative department for industry and commerce for registration procedures, and receive a business license before business.

Chapter III Establishment of Branches

Article 15 An insurance company may apply for the establishment of branches according to the needs of business development.

The levels of branches of an insurance company shall be branch offices, central branch offices, sub-branches, sales departments or marketing service departments. An insurance company may not set up branch offices, but it should first set up branch offices in provinces, autonomous regions and municipalities directly under the central government to carry out business outside its domicile.

The insurance company may not manage its lower branches according to the tiers stipulated in the preceding paragraph; the business department or marketing service department shall not manage any other branches.

Article 16 If an insurance company is established with a minimum capital amount of RMB 200 million yuan, it shall increase its registered capital by not less than RMB 20 million yuan for the first time application for the establishment of a branch office in each province, autonomous region, or municipality directly under the Central Government other than its domicile.

Applying for the establishment of a branch, the insurer's registered capital reaches the amount stipulated in the preceding paragraph after the capital increase, it can no longer increase the corresponding registered capital.

The registered capital of an insurance company reaches RMB 500 million, and in case of sufficient solvency, the establishment of a branch is not required to increase the registered capital.

Article 17 The application for the establishment of a provincial branch shall be made by the head office of the insurance company; the application for the establishment of other branches shall be made by the head office of the insurance company, or by the provincial branch with the approval document of the head office.

An application for the establishment of a branch office in a city under the single-listed plan may also be filed by a branch office designated by the insurance company in accordance with Paragraph 3 of Article 4 of the present Provisions with the approval document of the head office.

Article 18 For the establishment of a branch, an application for establishment shall be filed and the following conditions shall be met:

(1) the solvency is sufficient in the previous year, and the solvency is sufficient in the 2 consecutive quarters prior to the submission of the application;

(2) the insurance company has a good corporate governance structure and sound internal control;

(3) the applicant has a sound branch management system;

(iv) the feasibility of the proposed branch has been fully demonstrated;

(v) if the applicant applies for the establishment of a branch other than a provincial branch in a province, autonomous region, or municipality directly under the central government other than the place of domicile, the provincial branch has already been opened;

(vi) the applicant has no record of being subjected to any major administrative punishment by the financial regulatory authorities within the last 2 years, and is not circumstances where the applicant is under investigation by CIRC for suspected major violations;

(vii) the applicant applies for the establishment of branches other than provincial branches, in the province, autonomous region or municipality directly under the central government where the proposed establishment is to be located, the provincial branch has not been subjected to the record of major administrative penalties imposed by the financial regulator within the recent 2 years, and the other branches that have already been established have not been subjected to the record of major administrative penalties imposed by the insurance authorities within the recent 6 months;

(viii) having a person in charge of the preparatory work recognized by the applicant;

(ix) other conditions prescribed by the CIRC.

Article 19 For the establishment of a branch, the applicant shall submit three copies of the following materials:

(1) application for establishment;

(2) solvency report for two consecutive quarters prior to the application and the audited solvency report for the previous year;

(3) report on the corporate governance structure of the insurance company for the previous year as well as the applicant's internal control system;

(4) the applicant's internal control system; and p>

(d) Feasibility study report on the establishment of the branch, including the 3-year business development plan and market analysis of the proposed organization, and a statement that the establishment of the branch is compatible with the company's risk management status and internal control status;

(e) management system of the applicant's branch;

(f) statement made by the applicant that it has not been subjected to any major administrative penalties by the financial regulatory authorities in the recent 2 years

(vii) if the applicant applies for the establishment of a branch other than a provincial branch, a statement that the provincial branch has not been subject to any major administrative penalties by the financial regulator in the recent 2 years;

(viii) the resume of the person in charge of the establishment of the proposed organization and the relevant supporting materials;

(ix) any other materials required by CIRC to be submitted.

Article 20 The CIRC shall, within 30 days from the date of receipt of the complete application materials, conduct a written review of the application for establishment, and make a decision of not approving the application if it does not comply with Article 18 of the present Provisions, with a written explanation of the reasons; and issue a notification of preparatory establishment to the applicant if it complies with Article 18 of the present Provisions.

Article 21 The applicant shall complete the preparatory work for the establishment of the branch within six months from the date of receipt of the preparatory notice. The preparatory period shall not be counted as part of the administrative licensing period.

If the preparatory work is not completed by the expiration of the preparatory period, a new application for establishment shall be filed in accordance with these provisions.

The preparatory organization shall not engage in any insurance business activities during the preparatory period.

Article 22 After the completion of the preparatory work, if the preparatory institution has the following conditions, the applicant may submit the opening acceptance report to CIRC:

(1) it has a legal place of business, and the safety and fire-fighting facilities are in compliance with the requirements;

(2) it has set up the necessary organizational structure and perfect management systems for business, finance, risk control, asset management, anti-money laundering, etc.

(3) the preparatory institution shall submit a new application for establishment in accordance with the provisions of this Regulation. management system;

(iii) it has established an information system compatible with its operation and management activities;

(iv) it has proposed senior management personnel or key persons in charge who meet the qualifications for the post;

(v) it has conducted induction training for its employees;

(vi) it has not started insurance business during the preparatory period;

(vii) other conditions stipulated by the CIRC. other conditions.

Article 23 The opening acceptance report submitted by the applicant shall be accompanied by three copies of the following materials:

(1) a report on the completion of the preparatory work;

(2) the resumes of the proposed senior management personnel or the principal person in charge and the relevant certificates;

(3) the certificate of the ownership or the right to use the business premises of the proposed institution;

(4) the configuration of computer equipment, application system and network; and (d) computer equipment configuration, application systems and network construction report;

(e) business, financial, risk control, asset management, anti-money laundering and other systems;

(f) institutional setup and practitioners report, including staff induction training report, etc.;

(g) in accordance with the provisions of the proposed place to submit the relevant fire certificate, without the need to carry out fire acceptance or For the record, submit the applicant has taken the necessary measures to ensure fire safety of the written commitment;

(viii) CIRC stipulates the submission of other materials.

Article 24 The CIRC shall, within 30 days from the date of receipt of the complete opening acceptance report, carry out the opening acceptance and make a decision of approval or disapproval. If the establishment of the branch is approved after passing the acceptance, it shall issue a license for the branch to operate insurance business; if the establishment of the branch is not approved after failing the acceptance, it shall notify the applicant in writing and explain the reasons.

Article 25 approved the establishment of the insurance company branch, shall hold the approval documents and branch insurance business license, to the administrative department for industry and commerce for registration procedures, to obtain a business license before business.

Chapter IV Changes, Dissolution and Revocation of Institutions

Article 26 An insurance institution shall be approved by the CIRC in one of the following cases:

(1) Change of name of the insurance company;

(2) Change of registered capital;

(3) Expansion of the scope of business;

(4) Change of the place of business;

(5) Sub-division of an insurance company to a branch of an insurance company; and (6) Change of the name of the insurance company.

(v) separation or merger of an insurance company;

(vi) amendment of the articles of association of an insurance company;

(vii) change of shareholders whose capital contribution accounts for more than 5 percent of the total capital of a limited liability company or change of shareholders holding more than 5 percent of the shares of a joint stock limited company;

(viii) other cases prescribed by the CIRC.

Article 27 An insurance institution shall report to the CIRC within 15 days from the date of occurrence of any of the following circumstances:

(i) Change of shareholders whose capital contribution does not exceed 5% of the total capital of a limited liability company, or change of shareholders holding no more than 5% of the shares of a joint stock limited company, except for the change of shareholders of a listed company;

(ii) Change of name of the shareholders of an insurance company, except for the shareholders of a listed company;

(iii) Change of name of a branch of an insurance company;

(iv) Other cases stipulated by the CIRC.

Article 28 If an insurance company is dissolved in accordance with law, it shall be approved by the CIRC and submit the following materials in triplicate:

(1) application for dissolution;

(2) resolution of the shareholders' general meeting or shareholders' meeting;

(3) information about the liquidation organization and its responsible person and relevant supporting materials;

(4) liquidation procedures;

(v) arrangement plan for debts and liabilities;

(vi) asset distribution plan and asset disposal plan;

(vii) other materials required to be submitted by CIRC.

Article 29 If an insurance company is dissolved in accordance with law, a liquidation group shall be set up and the liquidation work shall be supervised and directed by CIRC.

If an insurance company is revoked in accordance with law, the CIRC shall promptly organize the shareholders, relevant departments and relevant professionals to set up a liquidation group.

Article 30 The liquidation group shall notify the creditors within 10 days from the date of its establishment and make at least 3 announcements in the newspapers designated by CIRC within 60 days.

The liquidation group shall appoint an accounting firm or a law firm with good creditworthiness to evaluate the debts and assets of the company.

Article 31 An insurance company shall obtain approval from CIRC for the revocation of a branch. The license of a branch to operate insurance business shall automatically become invalid from the date of approval of the revocation, and shall be surrendered within 15 days from the date of approval of the revocation.

If an insurance company merges or withdraws its branches, it shall make a public announcement and notify the relevant policyholders, insured persons or beneficiaries in writing, and shall fully inform them of the delivery of premiums and receipt of insurance benefits.

Article 32 If an insurance company is dissolved or revoked in accordance with the law, its assets shall be disposed of by public auction, transfer by agreement, or by other means recognized by the CIRC.

Article 33 If an insurance company is dissolved or revoked in accordance with law, the shareholders of the company shall not distribute the assets of the company or obtain any benefits from the company before the liquidation of the liability of the insurance contract is completed.

Article 34 An insurance company shall apply for reorganization, reconciliation or bankruptcy liquidation in accordance with the law if it has any of the circumstances stipulated in Article 2 of the Law of the People's Republic of China on Enterprise Bankruptcy of the People's Republic of China*** and the People's Republic of China.

Chapter V Management of Branches

Article 35 An insurance company shall strengthen the management of its branches, supervise the branches to operate in compliance with the law, and ensure that the higher-level organization is able to implement effective control over the lower-level branches under its management.

Article 36 The head office of an insurance company shall formulate a branch management system in accordance with the provisions herein and the development needs, and its provincial branches shall formulate a branch management system for their own provinces, autonomous regions and municipalities directly under the central government in accordance with the provisions of the head office and the local actual situation.

If an insurance company establishes a branch in a municipality under separate planning, the provincial branch or the insurance company shall formulate a local branch management system in accordance with the third paragraph of Article 4 of these regulations.

Article 37 The branch management system shall include at least the following contents:

(1) the functions of branches at all levels;

(2) the requirements for the staffing of branches at all levels in terms of personnel, premises, equipment, etc.

(3) the internal decision-making system for the establishment and abolition of branches;

(4) the responsibilities and measures of higher-level organizations for the control and management of the branches of the lower-level organizations. (d) The control responsibilities and measures of the higher-level organization over the lower-level branches.

Article 38 The branch offices of an insurance company shall be equipped with the necessary number of staff members, and the senior managers or principals of the branch offices shall be regular employees who have entered into labor contracts with the insurance company.

Article 39 The branch offices of an insurance company shall have standardized and stable business premises with necessary office equipment during the period of operation.

Article 40 A branch of an insurance company shall place the original copy of the license to conduct insurance business in a conspicuous place in its business premises for inspection.

Chapter VI: Insurance Operation

Article 41 No branch of an insurance company shall operate insurance business across provinces, autonomous regions or municipalities directly under the central government, except for the cases stipulated in Article 42 of the present Provisions and other provisions of the CIRC.

Article 42 An insurance organization shall comply with the relevant provisions of the CIRC when it participates in *** insurance, operates large-scale commercial insurance or omnibus policy business, and underwrites business across provinces, autonomous regions and municipalities directly under the central government through the Internet, telemarketing and other means.

Article 43 An insurance organization shall formulate insurance terms and premium rates in a fair and reasonable manner, and shall not jeopardize the lawful rights and interests of policyholders, insured persons and beneficiaries.

Article 44 The business publicity materials of an insurance institution shall be objective, complete and true, and shall contain the name and address of the insurance institution.

Article 45 An insurance institution shall disclose relevant information in accordance with the provisions of the CIRC.

An insurance institution shall not make use of advertisements or other publicity methods to make misleading publicity about the contents of its insurance terms and the quality of its services.

Article 46 An insurance institution shall, in accordance with the provisions of the Insurance Law and the CIRC, give the policyholder a reminder of the exemption of the insurance company from liability, surrender, deduction of expenses, cash value and hesitation period, etc. in the insurance contract.

Article 47 Insurance institutions shall follow the principle of fair competition in carrying out their business and shall not engage in unfair competition.

Article 48 An insurance institution shall not make one-sided comparisons of its insurance terms and premium rates with similar insurance terms and premium rates of other insurance companies or deposit rates of financial institutions.

Article 49 An insurance institution shall not damage the credibility of other insurance institutions by fabricating or spreading false facts.

Insurance institutions shall not take advantage of the government and its subordinate departments, monopolistic enterprises or organizations to crowd out or impede other insurance institutions from conducting insurance business.

Article 50 An insurance institution shall not persuade or induce a policyholder to terminate an insurance contract with another insurance institution.

Article 51 An insurance institution shall not give or promise to give rebates of insurance premiums or other benefits to policyholders, insured persons or beneficiaries other than those agreed in the insurance contracts.

Article 52 Except for reinsurance companies, insurance institutions shall set up customer service departments or consulting and complaint departments in accordance with the regulations, and disclose the consulting and complaint telephone numbers to the public.

Insurance institutions shall handle insurance complaints seriously and inform the complainants of the handling opinions in a timely manner.

Article 53 An insurance institution shall establish a registration and management system for insurance agents, strengthen the training and management of insurance agents, and shall not instigate or induce insurance agents to engage in activities contrary to their obligations of good faith.

Article 54 An insurance institution shall not entrust any institution or individual not legally qualified to engage in insurance sales activities, and shall not pay commissions or other benefits to any institution or individual not legally qualified.

Article 55 An insurance company shall establish a sound corporate governance structure, strengthen internal management and establish a strict internal control system.

Article 56 An insurance company shall establish a relevant system for controlling and managing connected transactions. Major connected transactions of an insurance company shall be reported to CIRC in a timely manner in accordance with the regulations.

Article 57 An insurance institution shall appoint directors, supervisors and senior management personnel, and shall apply to CIRC for approval of the qualifications of the said personnel prior to their appointment.

The management of the qualifications of directors, supervisors and senior management personnel of an insurance institution shall be carried out in accordance with the Insurance Law and the relevant provisions of the CIRC.

Article 58 An insurance institution shall manage and use the license to operate insurance business in accordance with the Insurance Law and the relevant provisions of the CIRC.

Chapter VII Supervision and Administration

Article 59 The supervision and administration of insurance institutions by the CIRC shall be carried out through a combination of on-site supervision and off-site supervision.

Article 60 If an insurance institution has any of the following circumstances, CIRC may classify it as a key supervisor:

(1) serious violation of law;

(2) insufficient solvency;

(3) abnormal financial condition;

(4) other circumstances that CIRC deems necessary for key supervision.

Article 61 The CIRC's on-site inspection of an insurance institution includes, but is not limited to, the following matters:

(1) Whether the establishment or change of the institution has been approved in accordance with the law or reported to the CIRC;

(2) Whether the qualifications of the directors, supervisors, and senior management personnel have been approved in accordance with the law;

(3) Whether the declared materials of the administrative license are truthful or not ;

(iv) whether the capital and reserves are true and sufficient;

(v) whether the construction of corporate governance and internal control system is in compliance with the regulations of the CIRC;

(vi) whether the solvency is sufficient;

(vii) whether the utilization of funds is lawful;

(viii) whether the business operation and financial situation are lawful, and whether the reports and statements, documents and information are timely, complete and true;

(ix) whether the insurance terms and premium rates used are reported for approval or filing in accordance with the regulations;

(x) whether business dealings with insurance intermediaries are lawful;

(xi) whether informationization work is in compliance with the regulations;

(xii) whether other matters requiring after-action reports are reported in accordance with the regulations;

(xiii) other matters to be inspected by CIRC in accordance with the law.

Article 62 When CIRC conducts on-site inspection of an insurance institution, the insurance institution shall cooperate and provide relevant documents and materials as required by CIRC.

Article 63 The staff of CIRC shall carry out on-site inspections in accordance with law; the inspectors shall not be less than two persons and shall present relevant documents and inspection notices.

The CIRC may, in the on-site inspection, commission accounting firms and other intermediary service organizations to provide relevant professional services; where the said intermediary service organizations are commissioned to provide professional services, they shall sign a written commissioning agreement.

Article 64 Where an insurance institution has frequent withdrawals of branches, frequent changes of business places of branches, etc., which may or have adversely affected the operation of the insurance company, the CIRC is authorized to take the following measures in accordance with the supervisory needs:

(i) Requiring the insurance institution to improve the relevant system of branch management within a specified period of time;

(ii) (ii) questioning the person in charge of the insurance institution and other relevant personnel to understand the relevant circumstances of the change or revocation;

(iii) requesting the insurance institution to provide relevant documents and information on its internal decision-making on the change or revocation;

(iv) presenting a letter of reminder of significant risks or conducting a supervisory conversation with the relevant personnel;

(v) other measures taken in accordance with the law.

The insurance institution shall carry out rectification in accordance with the requirements of CIRC and promptly report the rectification situation in writing to CIRC.

Article 65 CIRC has the right to request insurance institutions to make reports or provide special information according to regulatory needs.

Article 66 An insurance institution shall, in accordance with the regulations, timely submit to CIRC reports, statements, documents and information such as business reports, actuarial reports, financial and accounting reports, solvency reports and compliance reports.

The reports, statements, documents and information submitted by an insurance institution to CIRC shall be true, complete and accurate.

Article 67 Major resolutions of the general meeting, shareholders' meeting and board of directors of an insurance company shall be reported to CIRC within 30 days after the resolutions are made, unless otherwise provided by CIRC.

Article 68 CIRC has the right to conduct supervisory conversations with the directors, supervisors and senior management of an insurance institution in accordance with the supervisory needs and require them to give explanations on the operation of the insurance business, risk control, internal management and other relevant major matters.

Article 69 If an insurance institution or its practitioners violate these provisions, the CIRC shall impose penalties in accordance with laws and administrative regulations; if there is no provision in the laws and administrative regulations, the CIRC shall order rectification, issue a warning, and impose a fine of not less than one and not more than three times of the unlawful income if there is any unlawful income, but the maximum shall not be more than RMB 30,000 yuan, and impose a fine of not more than RMB 10,000 yuan if there is no unlawful income; if a crime is suspected, it shall be transferred to the judicial authorities according to law. ; suspected of committing a crime, shall be transferred to the judicial organs to pursue their criminal responsibility.

Chapter VIII Supplementary Provisions

Article 70 These provisions shall apply to the establishment of branches of wholly foreign-owned insurance companies and Sino-foreign equity joint venture insurance companies; in case of any inconsistency between the relevant provisions made by the CIRC and these provisions, these provisions shall prevail.

These provisions shall be applicable to other management of wholly foreign-owned insurance companies and Sino-foreign equity joint venture insurance companies, unless otherwise provided by laws, administrative regulations and CIRC.

Seventy-one Except for the cases stipulated in Article 42 and Paragraph 1 of Article 72 of the present Provisions, a branch of a foreign insurance company can only carry out business within the administrative jurisdiction of the province, autonomous region, or municipality directly under the Central Government in which it has its domicile.

Other management of the branch of a foreign insurance company shall be carried out with reference to the relevant provisions of these Regulations for the head office of the insurance company, unless otherwise provided by laws, administrative regulations and the CIRC.

Article 72 Reinsurance companies, including branches of foreign reinsurance companies, may directly conduct reinsurance business throughout the country.

Reinsurance companies are subject to these provisions, except as otherwise provided by laws and administrative regulations and by the CIRC.

Article 73 Policy insurance companies and mutual insurance companies shall refer to the application of these Provisions, unless otherwise provided by the State.

Article 74 The establishment of subsidiaries and branches of an insurance company abroad shall be approved by the CIRC; the conditions for their establishment and management shall be separately provided by the CIRC.

Article 75 An insurance company shall join an insurance industry association in accordance with the provisions of the Insurance Law.

Article 76 Branches that have been established before the implementation of these provisions need not reapply for establishment approval in accordance with the establishment conditions of these provisions, but shall comply with the daily management requirements for branches under these provisions. If it does not, it shall carry out rectification within 2 years from the date of implementation of these provisions, and meet the relevant requirements of these provisions in terms of the qualification of senior management personnel or persons in charge, the standardization of premises, the use of licenses, and the management of branches.

Article 77 The reports, statements, documents and information submitted by an insurance institution in accordance with these Regulations shall be written in Chinese. If the original is in a foreign language, it shall be accompanied by a Chinese translation; if there is any inconsistency between the meaning of the Chinese language and that of the foreign language, the Chinese language shall prevail.

Article 78 The days in this provision refers to working days, excluding statutory holidays; the above and below in this provision, including this number.

Article 79 The CIRC shall be responsible for the interpretation of these provisions.

Article 80 These provisions shall come into force on October 1, 2009. The Provisions on the Administration of Insurance Companies (CIRC Decree [2004] No. 3) issued by the CIRC on May 13, 2004 shall be repealed at the same time.