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Insurance organizations that suspend their activities must PDF

Insurance organizations that suspend their activities must, according to the law of the people's Republic of China "on insurance" in advance to declare and obtain permission from the People's Bank of China.

As for the prices of insurance products, a tariff system has now been chosen in China. This is a typical situation for emerging markets that seek to protect domestic industries. Insurance rules and premium rates for the main types of commercial insurance are determined by the DFCR.In one province, Autonomous region, city of Central subordination, insurance companies must apply uniform insurance conditions, premium rates and limits of fluctuation of premium rates, which should not exceed 30 %. More precise limits of fluctuation are provided by the branches of the People's Bank of China in provinces, Autonomous regions, cities of Central subordination, taking into account the real circumstances on the ground. Insurance rules and premium rates of various types of insurance, drawn up by insurance companies, should be reported to the DFC of the People's Bank of China. If no refusal has been received from the People's Bank of China within 30 days, they are considered approved.

When introducing a new type of insurance, companies must prove its feasibility to the People's Bank of China.

Insurance companies engaged in property insurance must submit the following documents:

- insurance rules and justification of premium rates;

- forecast of development of insurance activity, data on damages for the last three years, management costs and expected profit;

- methods of calculation of tariff rates.

Insurance companies carrying out personal insurance must submit:

– insurance rules and the rationale for the tariff rates;

- forecast of development of insurance activity, the approved tariff rates, the used table of mortality, standards of administrative costs, profitability;

- methods of calculation of tariff rates, insurance amounts and insurance payments.

Branches and offices of insurance companies are prohibited from drawing up insurance rules and setting premium rates.

Insurance rules, tariff rates for the main types of insurance, other information about the activities of the insurance company (including foreign) must be printed in Chinese.

If necessary, a document in a foreign language can be attached to the main document.

The main types of insurance are approved by the People's Bank of China. It reserves the right to change the basic types of insurance, taking into account the level of development of the market. Among them:

a) Property insurance:

- basic property insurance;

- comprehensive property insurance;

- insurance of construction of objects against all risks;

- insurance of installation of objects from all risks;

– insurance in case of damage of machinery;

- shipbuilding insurance;

- insurance of property related to a foreign party;

- insurance of the property of a foreign party against all risks;

b) vehicle insurance:

- rolling stock insurance;

- tractor insurance;

– insurance of vessels;

- insurance of fishing vessels;

– insurance of aircraft;

– car insurance;

- insurance of coastal and river vessels;

C) insurance of cargo handling:

- insurance of internal cargo overload;

- insurance of sea cargo transshipment;

- insurance of ground cargo transshipment;

– insurance of containers;

- mail insurance;

d) liability insurance:

- professional liability insurance;

- civil liability insurance;

– insurance of responsibility of the businessman;

– insurance of responsibility for quality of products;

- credit card manufacturer liability insurance;

e) insurance of business risks:

– investment insurance;

- insurance guarantee and compensation;

- insurance guarantees the integrity of the entrepreneur;

(e) personal insurance:

– life insurance;

- comprehensive personal insurance;

- collective personal insurance;

- collective life insurance;

- insurance of education and marriage of children;

- insurance of the only child in the family;

g) accident insurance:

- individual accident insurance;

- collective accident insurance;

h) pension insurance:

- individual pension insurance;

- collective pension insurance;

– health insurance;

- medical expenses insurance;

– reinsurance.

 

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