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China - April 21 2011
On 29 December 2010, the CIRC and the Ministry of Culture jointly issued the Circular on Insurance Industry Support for Development of Cultural Industries, launching a two-year pilot program aimed at encouraging the development of insurance products covering cultural activities and assets.
China - April 21 2011
On 21 March 2011, the CIRC issued draft Provisional Administrative Measures for Administration of Insurance Business Transfers by Insurance Companies and is soliciting public opinion until 11 April 2011.
China - April 21 2011
The circular, effective 20 January 2011, prohibits insurance companies and insurance asset management companies from providing guarantees to third parties for the debt of others, with the exception of the following guarantees provided in the ordinary course of business: guarantees provided in the course of litigation; export credit security provided by export credit insurance companies; and maritime security.
China - April 21 2011
Beginning 1 January 2011, the CIRC requires all insurance companies and insurance asset management companies to submit solvency reports, quarterly and annual financial reports and various other reports through an online solvency supervision information system as detailed in the Circular on Launching an Online Solvency Information Supervision System.
China - April 21 2011
On 1 January 2011, the CIRC issued the Circular on Advancing and Expanding Investigation and Rectification of Illegal Insurance Company Intermediary Business Practices, requiring each local bureau of the CIRC to target at least one provincial-level insurance company within its jurisdiction for an audit of business dealings with intermediaries.
