Laws of the People's Republic of China

Circular of the China Insurance Regulatory Commission Concerning the Issuance of the Measures for the Administration of Concurrent-Business Insurance Agencies and Conducting Pilot Work

Bao Jian Fa [2006] No.109

Beijing Insurance Regulatory Bureau and Liaoning Insurance Regulatory Bureau:

In order to further regulate the concurrent-business insurance agency market, promote concurrent-business insurance agencies to operate in accordance with laws and regulations, improve regulatory efficiency as well as realize the goal of developing insurance industry into a big and strong one in a fast and stable manner, China Insurance Regulatory Commission formulated the Trial Measures for the Administration of Concurrent-Business Insurance Agencies (hereinafter referred to as Trial Measures) in order to significantly reform the regulatory system of concurrent-business insurance agency, and decided to conduct pilot work in Beijing and Liaoning and will promote it to the whole nation in case conditions are mature enough. We hereby issue these Trial Measures and inform the related matters concerning the pilot work as follows:

1.

The application scope of these Trial Measures shall be limited to Beijing and Liaoning.

2.

Beijing Insurance Regulatory Bureau and Liaoning Insurance Regulatory Bureau (hereinafter referred to as the two pilot insurance regulatory bureaus) shall know well the importance of reforming the regulatory system of concurrent-business insurance agency, pay high attention to the pilot work, earnestly organize the pilot work and implement them as soon as possible so as to guarantee substantial results to be achieved from the pilot work.

3.

The two pilot insurance regulatory bureaus shall do well in the prophase disseminating and promoting work of these Trial Measures, shall, on the basis of these Trial Measures, formulate specific pilot plans and specific rules for their implementation as well as adopt effective measures to advance step by step and by highlighting certain aspects.

4.

In the pilot process, any of the two pilot insurance regulatory bureaus may put forward opinions on further improving these Trial Measures and the related suggestions on the pilot work to China Insurance Regulatory Commission.

The China Insurance Regulatory Commission

October 24, 2006