All life insurance companies and insurance regulatory bureaus:
In order to standardize the approval and filing management of life insurance products (hereinafter referred to as products) and cooperate with the implementation of the Measures for the Administration of Approval and Filing of Life Insurance Products (Order No.6 [2004] of the CIRC), relevant matters are hereby notified as follows:
First, all newly developed life insurance products approved by China Insurance Regulatory Commission (hereinafter referred to as "CIRC") shall be reported to the CIRC for approval, including:
(1) Life insurance products other than traditional, dividend-sharing, universal and investment-linked products;
(2) Life insurance products with group dividend, universal group and joint group investment that have not been developed in accordance with the Notice on Printing and Distributing the Actuarial Provisions on New Life Insurance Products (No.67 of China Insurance Regulatory Commission [2003]);
(3) Other newly developed life insurance products subject to examination and approval as stipulated by the China Insurance Regulatory Commission.
Two, in addition to the above products, other life insurance products should be reported to the China Insurance Regulatory Commission for the record, including:
(1) Accident insurance products;
(2) Health insurance products;
(3) Traditional life insurance products that comply with the Notice on Issuing Relevant Actuarial Provisions (No.90 issued by China Insurance Regulatory Commission [1999]);
(4) Personal dividend-sharing, personal universal and personal investment-linked life insurance products that meet the Notice on Printing and Distributing the Actuarial Provisions on New Life Insurance Products (No.67 [2003] of China Insurance Regulatory Commission);
(V) According to the Notice on Printing and Distributing the Actuarial Provisions on New Life Insurance Products (No.67 [2003] of China Insurance Regulatory Commission), life insurance products with group dividend, group omnipotence and group investment linkage were developed.
Three, the insurance company can make changes to the approved products. If the product type, pricing basis or pricing method changes after the change, the insurance company shall apply to the China Insurance Regulatory Commission for product approval or filing in accordance with the provisions of this Notice; If the product type, pricing basis and pricing method are not changed after the change, the insurance company shall submit the product to the China CIRC for the record.
Four, insurance companies should strengthen product risk management, respect the opinions of actuarial responsible persons and legal responsible persons and other professionals. In case of major product problems, the insurance company shall promptly report to the China Insurance Regulatory Commission and the local insurance regulatory bureau.
Five, the insurance company shall submit the product summary materials to the China Insurance Regulatory Commission before March 15 every year, including:
(a) the business report of the products sold in the previous year, including premium income, compensation and surrender;
(2) A product pricing review report, which discusses the adequacy and rationality of the pricing of major products of various types of insurance according to individual life insurance, individual health insurance, individual accident insurance, group life insurance, and group accident insurance, and shall be signed by actuaries;
The main products refer to the products whose premium income in the previous year exceeded 5% of the total premium of this insurance type in that year;
(3) The legal responsible person shall sign the lawsuit report caused by product terms in the previous year;
(4) An analysis report on the influence of the product structure of the insurance company on its solvency signed by the actuary;
(5) Other product information that the insurance company considers necessary to report;
(6) Other materials required by the China CIRC.
Six, the insurance company's product portfolio sales plan does not need to be reported to the China Insurance Regulatory Commission for approval or filing, but the insurance company shall not change the insurance liability, exclusion liability, insurance period, rate and cash value of each product when combining products.
Seven, the insurance company shall submit electronic documents of product materials in pdf format, in which the electronic documents of actuarial reports shall be separated from other materials.
Eight, the China Insurance Regulatory Commission through the internal website to the Insurance Regulatory Bureau announced in addition to the actuarial report of product approval or filing materials.
Nine, the branches of insurance companies will no longer submit product approval and filing materials to the local insurance regulatory bureau.
Ten, the insurance regulatory bureaus may, according to local conditions, require the branches of insurance companies to report product catalogues and other information.
July 2004 1 day
I'm glad to answer the landlord's question. Please forgive me if there is any mistake.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.