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CIRC develops pilot program for insurance products supporting cultural industries

Hogan Lovells
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China
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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

CIRC seeking public comments on draft measures for insurance business transfers

Hogan Lovells
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China
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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

CIRC issues circular on relevant matters concerning standardizing provision of external guarantees by insurance institutions

Hogan Lovells
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China
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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

CIRC launches online system for solvency supervision

Hogan Lovells
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China
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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

CIRC announces rectification campaign against illegal business practices in the insurance intermediary market

Hogan Lovells
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China
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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

New draft measures on representative offices by insurance institutions published for public comment

Hogan Lovells
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China
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April 21 2011

The CIRC published the draft Administrative Measures for Representative Offices of Foreign Insurance Institutions on 22 March 2011 and is seeking public comment until 11 April 2011

CIRC targets insurance sales pyramid schemes

Hogan Lovells
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China
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April 21 2011

The CIRC issued the Circular on Preventing and Attacking Suspected Pyramid Sales Schemes of Insurance Intermediaries on 19 January 2011, directing insurance companies to strengthen compliance controls and examine the activities of intermediaries in the course of their business cooperation