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CHAPTER 9 Regulation of the insurance business

Regulation of Insurance in China,The


Page 352

CHAPTER 9

Regulation of the insurance business

9.1 Introduction

The operation of the insurance business is regulated by the Insurance Law and the regulatory rules enacted by the Insurance Supervision and Regulation Authority of the State Council (i.e. the former China Insurance Regulatory Commission [the CIRC] and the current China Banking and Insurance Regulatory Commission [CBIRC]). This chapter considers how insurance business is regulated in China, focusing on the following aspects: the scope of the insurance business, the statutory and regulatory requirements for insurance clauses and premium rates, development and supervision of insurance products, information disclosure of insurance products, premium rate adjustment of long-term medical insurance products, regulation of actuaries, and regulation of reinsurance business.

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