China Insurance Regulatory Commission has introduced two rules for the sector under its watch to implement the Administrative Licensing Law which took effect on July 1. One provides directions and the other makes procedures clear.

Regulations on licensing affairs in insurance sector were including in various documents involving different laws and rules. Some of the regulations were not in compliance with the new Administrative Licensing Law. After having these rules cleared up,

Formulated by CIRC in line with the new Licensing Law, the two rules clarify items to be gone through and illustrate each item in terms of its name, legal basis, responsible institutions, application documentation, criteria, and deadlines.

CIRC has had offices, personnel and internal process all in place for the implementation of the regime. Application forms and sample files are available at the offices receiving applications and the web site of CIRC.

CIRC has beefed up its efforts on regime building during the first half of the year. Besides the two mentioned above, other instructions issued during this period include provisions governing insurance companies, insurance assets management companies implementation of management rules on foreign insurance companies, approving and registration process of life insurance products, and responsibilities of institutions designated by CIRC.

Revision and preparation on more supervision regulations will be completed within this year.

By People's Daily Online