Overview

With the rapid development of China’s insurance industry and the opening of the Chinese insurance market to the world, Chinese insurance law and regulation has become an increasingly relevant topic for insurance practitioners and academics. The Regulation of Insurance in China therefore provides a much needed analysis of the Chinese regulatory system. This is the first systematic text written in English on the regulation of insurance in China and provides a comprehensive and systematic analysis of rules of law and administrative regulations on China’s insurance industry and insurance market, covering four level of regulatory hierarchy − the statutory law, the regulations enacted by the central government (the State Council), the regulations developed by the insurance supervision and regulation authority of the State Council, and self-regulations by the insurance industry. This book is essential reading for insurance companies and legal practitioners looking to do business in China, as well as reference for lawyers practising insurance law. It is also a useful resource for students and academics studying Chinese law.

Full Product Details

Author:   Zhen Jing
Publisher:   Taylor & Francis Inc
Imprint:   CRC Press Inc
Weight:   2.000kg
ISBN:  

9780815358268

ISBN 10:   0815358261
Pages:   1472
Publication Date:   28 June 2021
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Hardback
Publisher's Status:   Active
Availability:   In Print  
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Table of Contents

CHAPTER 1 Introduction of Insurance Regulation and Insurance Industry 1.1 Introduction 1.2 The nature of insurance 1.3 Reasons and objectives of insurance regulation 1.4 The outline of this book 1.5 The development of China's insurance industry 1.6 The present insurance market in China 1.7 The further development of the insurance industry 1.8 Conclusion CHAPTER 2 Chinese Legal System and the Insurance Legislation 2.1 Introduction 2.2 Philosophical traditions of Chinese law 2.3 The legislative system 2.4 The judicial system 2.5 Insurance legislation in China 2.6 Administrative regulations by the State Council The judicial interpretations of statutory law by the SPC Regulations enacted by the insurance supervision and regulation authority of the State Council and other relevant regulatory authorities Self-regulation rules 2.10 The regulatory framework of insurance in China 2.11 Conclusion CHAPTER 3 Insurance Supervision and Regulation Authority and System 3.1 Introduction 3.2 A historical consideration of the development of insurance regulatory authority 3.3 Statutory functions and responsibilities of the insurance supervision and regulation authority of the State Council 3.4 The China Banking and Insurance Regulatory Commission 3.5 The functions and responsibilities of local offices of the CBIRC 3.6 The new duty of the local offices of the CBIRC to implement certain administrative licensing matters 3.7 The allocation of responsibilities between the CBIRC and its local offices for the supervision and regulation of property insurance companies and reinsurance companies 3.8 Methods of insurance supervision and regulation 3.9 Corrective measures and administrative penalties 3.10 Conclusion CHAPTER 4 Formation and Dissolution of Insurance Companies 4.1 Introduction 4.2 Formation of insurance companies 4.3 Formation of branch offices 4.4 Formation of overseas insurance institutions 4.5 Formation of reinsurance companies 4.6 Formation and business scope of insurance group companies Regulation on modification, dissolution and abolition of insurance institutions Market access and withdrawal of non-insurance subsidiaries of insurance companies 4.9 Supervision and administration of insurance institutions 4.10 Supervision and administration of insurance group companies 4.11 Conclusion CHAPTER 5 Regulation of Foreign-Funded Insurance Companies and the Representative Offices of Foreign Insurance Institutions 5.1 Introduction 5.2 Regulation on the administration of foreign-funded insurance companies 5.3 The Implementation Rules for the RAFFIC 5.4 Administration of representative offices of foreign insurance institutions in China 5.5 Conclusion CHAPTER 6 Regulation of Administrative Licencing and Insurance Permits 6.1 Introduction 6.2 The principles of insurance licensing 6.3 Administrative licensing and insurance permits 6.4 The Provisions on Implementation Procedures of Administrative Licensing 6.5 Regulation of insurance permits 6.6 Conclusion CHAPTER 7 Regulation of Corporate Governance 7.1 Introduction 7.2 The legal framework for corporate governance of insurance companies 7.3 Statutory requirements for directors, supervisors and senior officers of insurance companies 7.4 Requirements for directors, supervisors and senior officers formulated by the CBIRC The regulation of corporate governance structure 7.6 Regulation of the operation of the board of directors of insurance companies 7.7 Administration of auditing of directors and senior managers of insurance companies Internal audit of insurance companies 7.9 Guidelines for salary management rules of insurance companies 7.10 Compliance management of insurance companies 7.11 Related-party transactions of insurance companies 7.12 Risk management of insurance companies 7.13 Comprehensive risk management of personal insurance companies 7.14 Internal control of insurance companies 7.15 Evaluation of insurance company corporate governance 7.16 Corporate governance of insurance group companies and of insurance groups 7.17 Information disclosure by insurance companies 7.18 Corporate governance action plan for three years from 2020 to 2022 7.19 Conclusion CHAPTER 8 Regulation of Equites of Insurance Companies 8.1 Introduction 8.2 Classification of equites of insurance companies 8.3 Qualifications of shareholders 8.4 Acquisition of equities 8.5 Funds for acquiring equities 8.6 Behaviours of shareholders 8.7 Management of equity matters 8.8 Submission of materials to the CBIRC 8.9 Supervision and administration 8.10 Equity information disclosure by insurance companies 8.11 Conclusion CHAPTER 9 Regulation of Insurance Business 9.1 Introduction 9.2 An overview of law and regulations for insurance business 9.3 The regulation on scope of insurance business 9.4 Statutory and regulatory requirements for insurance clauses and premium rates 9.5 Regulation of insurance clauses and premium rates of property insurance 9.6 Regulation of insurance clauses and premium rates of commercial motor vehicle insurance 9.7 Regulation of insurance clauses and premium rates of personal insurance 9.8 Development of insurance products by property insurance companies 9.9 Improving the product supervision of property insurance companies 9.10 Strengthening the supervision of personal insurance products 9.11 Regulation of product development and design of personal insurance companies 9.12 Regulation of information disclosure of insurance products 9.13 Premium rate adjustment and information disclosure of long-term medical insurance products 9.14 Regulation of actuaries 9.15 Regulation of reinsurance business 9.16 Conclusion CHAPTER 10 Regulation of Conduct of Insurance Companies 10.1 Introduction 10.2 Legal framework for the regulation of the conduct of insurers 10.3 Regulation of the conduct of insurance business 10.4 Regulation on conduct of insurers in advertising or selling insurance products 10.5 Prohibition of misconducts of insurers and their employees 10.6 Guidelines for the determination of misleading sales of personal insurance 10.7 Guiding opinions on liability for misleading sales of personal insurance 10.8 The basic services of the personal insurance business 10.9 Telephone sales of insurance products 10.10 Retrospective administration of insurance sales practices 10.11 Electronic return visit of life insurance 10.12 Regulation of the conduct of insurance claims 10.13 Evaluation of the service of insurance companies 10.14 Evaluation of the business operation of insurance companies 10.15 Conclusion CHAPTER 11 Regulation of Solvency 11.1 Introduction 11.2 The legal framework of regulation of solvency 11.3 The first generation of solvency regulation system 11.4 The conceptual framework of the second generation of solvency regulation system 11.5 The documentary framework of C-ROSS 11.6 The impact of the C-ROSS 11.7 The second phase of the construction of the C-ROSS 11.8 Capital guarantee funds 11.9 The management of reserves for non-life insurance businesses of insurance companies 11.10 Conclusion CHAPTER 12 Regulation of the Use of Insurance Funds 12.1 Introduction 12.2 The current state of insurance funds utilization 12.3 Regulatory principles for insurance funds utilization 12.4 An overview of the regulatory framework regarding the use of insurance funds 12.5 Channels for the use of insurance funds 12.6 Insurance funds in bank deposits 12.7 Insurance funds investment in bonds 12.8 Insurance funds investment in stocks 12.9 Investment of insurance funds in real estate 12.10 Indirect investment of insurance funds in infrastructure projects 12.11 Insurance funds investment in equities 12.12 Investing insurance funds in infrastructure debt investment plans 12.13 Insurance funds investment in collective trust funds 12.14 Investment of insurance funds in venture capital funds 12.15 The proportional regulation of the utilization of insurance funds 12.16 Modes of insurance funds utilization 12.17 Entrusted investment of insurance funds 12.18 Regulation of the insurance asset custody business 12.19 Decision-making operating mechanisms for insurance funds utilization 12.20 Risk management and control for insurance funds utilization 12.21 Supervision and administration for insurance funds utilization 12.22 Overseas investment with insurance funds 12.23 Administration of insurance assets management companies 12.24 Insurance asset allocation management 12.25 Internal control of insurance funds 12.26 The scoring supervision over internal control and regulatory compliance in the use of insurance funds 12.27 Five-grade risk based insurance asset classification 12.28 Disclosure of capital use information by insurance companies 12.29 Conclusion CHAPTER 13 Regulation of Insurance Agents 13.1 Introduction 13.2 Insurance intermediaries market in China 13.3 General agency principles 13.4 Regulations of insurance agents 13.5 The duties of insurance agents 13.6 Supervision and administration of insurance agents 13.7 Regulation of side-line bancassurance business 13.8 Strengthening the supervision and administration of insurance intermediaries 13.9 Strengthening the administration of intermediary channel of insurance companies 13.10 Conclusion CHAPTER 14 Regulation of Insurance Brokers 14.1 Introduction 14.2 Insurance brokerage market in China 14.3 An overview of regulation of insurance brokers 14.4 The features of insurance brokers 14.5 The business scope of insurance broker 14.6 The duties of insurance brokers 14.7 Insurance brokers' liability for loss and damages caused to the proposers 14.8 Regulatory rules for insurance brokers 14.9 Foreign-funded insurance brokers 14.10 Conclusion CHAPTER 15 Regulation of Insurance Adjusters 15.1 Introduction 15.2 The development of insurance adjusters 15.3 The Provisions on the Supervision and Administration of Insurance Adjusters 15.4 The basic rules for insurance adjusting 15.5 Foreign investors are permitted to operate loss adjusting business in China 15.6 Factors which affects legal effect of an insurance adjusting report 15.7 Conclusion CHAPTER 16 Health Insurance 16.1 Introduction 16.2 The present position of commercial health insurance in China 16.3 An overview of the regulatory framework for commercial health insurance 16.4 The Opinions of the General Office of the State Council on Accelerating Development of Commercial Health Insurance 2014 16.5 The Measures for the Administration of Health Insurance 16.6 Health insurance business with individual tax preferences Critical illness insurance Conclusion CHAPTER 17 Pension Insurance 17.1 Introduction 17.2 The legal framework for the regulation of commercial pension insurance 17.3 The State Council's opinions on the development of commercial pension insurance 17.4 The measures for the administration of old-age security management business 17.5 The programme of the elderly housing reverse mortgage pension insurance 17.6 The programme of individual tax-deferred commercial pension insurance business 17.7 The Interim Measures for the Administration of the Utilization of Individual Tax- Deferred Commercial Pension Insurance Funds Conclusion CHAPTER 18 Agriculture Insurance 18.1 Introduction 18.2 An overview of the regulatory framework for agriculture insurance in China 18.3 Development of agriculture insurance in China 18.4 The State Council's Regulation of Agriculture Insurance 18.5 Qualification requirements for an insurance company to conduct agriculture insurance 18.6 Agriculture insurance contracts clauses and premium rates 18.7 The drafting of clauses on agriculture insurance products subsidized by the central treasury 18.8 Catastrophe risk reserve of agriculture insurance 18.9 Underwriting and claim handing of agriculture insurance 18.10 Premium subsidies by governments 18.11 The Pilot Programme on agricultural catastrophe insurance 18.12 The Pilot Programme of full cost insurance and income insurance for the three major grain crops 18.13 Further development of agriculture insurance 18.14 Self-regulation of agriculture insurance Typical crop insurance clauses 18.16 Conclusion CHAPTER 19 Catastrophe Insurance 19.1 Introduction 19.2 The legal framework for catastrophe insurance 19.3 The China Urban and Rural Residential Building Earthquakes Catastrophe Insurance Pool and the early development of the catastrophe insurance system 19.4 The Implementation Plan for Establishing the Catastrophe Insurance System for Urban and Rural Residential Housing in Earthquakes 19.5 The Measures for the Administration of the Special Reserve Fund for Urban and Rural Residents' Earthquake Catastrophe Insurance 19.6 The Model Insurance Clauses for Urban and Rural Residents Housing Earthquake Catastrophe Insurance 19.7 Earthquake insurance practice in Sichuan Province 19.8 Earthquake insurance systems in other countries 19.9 Conclusion CHAPTER 20 Motor Vehicle Insurance 20.1 Introduction 20.2 Legal framework for motor insurance 20.3 Compulsory motor insurers 20.4 Persons who are required to take compulsory motor insurance 20.5 The scope of the insured persons The limits of the amount covered under a compulsory motor insurance policy 20.7 The scope of the third party victims 20.8 The insured's pre-contractual duty of disclosure 20.9 The insurer's pre-contractual duty to explain the content of the contract 20.10 The contents of a compulsory motor insurance contract 22.11 The Road Traffic Accident Social Relief Fund 20.12 The third party rights against the insurers 20.13 Non-compulsory commercial motor insurance 20.14 Conclusion CHAPTER 21 Regulation of Internet Insurance 21.1 Introduction 21.2 The development of Internet insurance in China 21.3 Regulation of internet insurance 21.4 Guarantee insurance business on Internet platform 21.5 Retrospective management of Internet insurance sales activities 21.6 Conclusion CHAPTER 22 Regulation of Mutual Insurance Organisations 22.1 Introduction 22.2 The development and significance of mutual insurance in China 22.3 Pilot Measures for the Supervision and Administration of Mutual Insurance Organizations 22.4 Conclusion CHAPTER 23 Protection of Insurance Consumers 23.1 Introduction 23.2 Legal framework for the protection of the insurance consumers 23.3 Insurance consumer confidence index 23.4 An overview of the insurance security fund 23.5 The Administration of insurance security fund 23.6 The business operation of the Insurance Security Fund Co. Ltd 23.7 The construction of system and mechanisms for protection of consumers 23.8 The handling of consumers' complains 23.9 Consumers disputes resolution 23.10 Conclusion CHAPTER 24 The Self-Regulatory Institutions 24.1 Introduction 24.2 The Insurance Association of China 24.3 Insurance Asset Management Association of China 24.4 Insurance intermediary associations 24.5 Conclusion Appendix 1 The Insurance Law of the People's Republic of China

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Professor Zhen Jing is Chair in Commercial Law at the School of Law, Bangor University. She has taught insurance law for many years and has practical experience in the Chinese insurance industry. She is author of Chinese Insurance Contracts: Law and Practice which was awarded the 2017 British Insurance Law Association Book Prize.

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