Legal basis: People's Republic of China (PRC) Insurance Law.
Article 133 Insurance supervision and management institutions shall, in accordance with their duties as stipulated in this Law and the State Council, follow the principles of legality, openness and fairness, supervise and manage the insurance industry, maintain the order of the insurance market, and protect the legitimate rights and interests of policyholders, insured persons and beneficiaries.
Article 134 The insurance supervision and administration institution of the State Council shall, in accordance with laws and administrative regulations, formulate and promulgate relevant provisions on insurance supervision and administration.
Article 135 The insurance clauses and premium rates of insurance products related to social public interests, insurance products subject to compulsory insurance according to law and newly developed life insurance products shall be reported to the insurance supervision and administration institution of the State Council for approval. When examining and approving, the insurance regulatory agency of the State Council shall follow the principles of protecting public interests and preventing unfair competition. The insurance clauses and premium rates of other types of insurance shall be reported to the insurance supervision and administration institution for the record.
The specific measures for the examination, approval and filing of insurance clauses and premium rates shall be formulated by the the State Council Insurance Regulatory Authority in accordance with the provisions of the preceding paragraph.