The first level is the insurance law. The Insurance Law, which came into effect on June 1 995+1October1,marks a milestone in the construction of China's insurance legal system. The new Insurance Law, implemented on June 5438+1 October12009, is based on the reality of the insurance industry, which improves the level of insurance legalization and lays a legal foundation for accelerating the development of modern insurance service industry.
The second level, insurance administrative regulations. The State Council has issued three regulations: First, the Regulations on the Administration of People's Insurance Company of China and Foreign Insurance Companies formulated by 200 1; Second, the Regulations on Compulsory Liability Insurance for Motor Vehicle Traffic Accidents formulated in 2006; The third is the agricultural insurance regulations formulated by 20 12.
The third layer is the departmental regulations of the CIRC. Authorized by the Insurance Law, the China Insurance Regulatory Commission has the right to formulate and issue regulations on the supervision and administration of the insurance industry.
The fourth level, normative documents. The regulatory documents issued by the CIRC and its dispatched offices, as a supplement to the upper-level law, are an integral part of China's insurance supervision legal system.