Let me give you an example, insurance business, which I hope will help you | Return to the previous chapter General Provisions Article 1 In order to cultivate and develop the reinsurance market, strengthen the management of reinsurance business, spread the risks of insurance business, and realize the healthy, coordinated and sustainable development of the insurance industry, according to the provisions of the Insurance Law of People's Republic of China (PRC) (hereinafter referred to as the Insurance Law) and the Regulations on the Administration of Chinese and Foreign Insurance Companies in People's Republic of China (PRC), Article 2 The term reinsurance as mentioned in these Provisions refers to The term "contract reinsurance" as mentioned in these Provisions refers to the business behavior that an insurance company enters into a contract with other insurance companies in advance and agrees to reinsurance with the insurance business underwritten by other insurance companies within a certain period of time. The term "temporary reinsurance" as mentioned in these Provisions refers to the business behavior that an insurance company temporarily agrees to reinsurance its insurance business with other insurance companies. Article 3 The insurance companies mentioned in these Provisions refer to commercial insurance companies established with the approval of China Insurance Regulatory Authority and registered according to law, including direct insurance companies and reinsurance companies. The term "direct insurance company" as mentioned in these Provisions refers to an insurance company that issues an insurance policy to the insured and directly assumes the insurance liability; Reinsurance companies mentioned in these Provisions refer to insurance companies that specialize in reinsurance business and do not directly issue insurance policies to policyholders. The term "reinsurance ceding company" as mentioned in these Provisions refers to an insurance company that transfers part of its insurance business to other insurance companies; Reinsurance companies mentioned in these Provisions refer to insurance companies that accept insurance business transferred from other insurance companies. The reinsurance ceding business mentioned in these Provisions refers to the insurance business transferred by the reinsurance ceding company; The term "separation" as mentioned in these Provisions refers to the insurance business that reinsurance companies accept to operate separately. The term "insurance consortium" as mentioned in these Provisions refers to an organization formed by two or more insurance companies to jointly manage insurance business in order to cope with special risks or huge insurance business that a single insurer cannot bear, or in accordance with international practice and its articles of association. The term "foreign-funded insurance companies" as mentioned in these Provisions refers to Sino-foreign joint venture insurance companies, wholly foreign-owned insurance companies and branches of foreign insurance companies established with the approval of the China Insurance Regulatory Authority. The term "insurance broker" as mentioned in these Provisions refers to an insurance brokerage institution entrusted by a reinsurance ceding company to provide intermediary services for the reinsurance business between the reinsurance ceding company and the reinsurance ceding company, and collect commissions as agreed. Article 4 Insurance companies, insurance consortia, insurance brokers and other insurance institutions in People's Republic of China (PRC) shall abide by these Provisions when handling reinsurance business. Article 5 Insurance companies, insurance consortia and insurance brokers shall follow the principles of prudence and utmost good faith when handling reinsurance business. Article 6 Reinsurance ceding companies, reinsurance ceding companies and insurance brokers shall have the obligation to keep confidential the business and financial information of the above-mentioned units that they know in the process of handling reinsurance business. Article 7 The China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) encourages insurance companies and insurance brokers to actively provide reinsurance services for agricultural insurance and catastrophe insurance such as earthquakes and floods. Article 8 China CIRC shall supervise and manage reinsurance business according to law. Edit this paragraph | Return to the top Chapter II Business Operation Article 9 Reinsurance business is divided into life insurance reinsurance and non-life insurance reinsurance. An insurance company shall separately account for life insurance reinsurance and non-life insurance reinsurance. Article 10 An insurance company shall, in accordance with the provisions of the Insurance Law, determine the retained insurance premium and retained risk of each dangerous unit; The excess should be reinsurance. Article 11 When handling contract reinsurance and temporary reinsurance, a direct insurance company shall give priority to making quotations to insurance companies in China and meet the following requirements: (1) It shall make quotations to at least two professional reinsurance companies in China; (2) The sum of the offer shares shall not be less than 50% of the transfer business. Article 12 Except for aerospace insurance, nuclear insurance, petroleum insurance and credit insurance, a direct insurance company that handles contract reinsurance or temporary reinsurance shall meet the following requirements: (1) The business allocated by each dangerous unit to the same reinsurance company shall not exceed 80% of the insured amount or liability limit of direct insurance business; (2) The insurance amount or liability limit allocated to the affiliated enterprises of the insured in each temporary reinsurance contract shall not exceed 20% of the insurance amount or liability limit of the direct insurance business. Article 13 During the duration of statutory reinsurance, a direct insurance company shall handle statutory reinsurance in full and on time in accordance with the relevant provisions of the China Insurance Regulatory Commission. A statutory reinsurance company shall pay in full and on time in accordance with regulations. Article 14 At the request of the reinsurance company, the reinsurance company shall inform the reinsurance company of its own responsibilities and direct insurance. Fifteenth insurance companies and insurance brokers can use financial instruments to develop and design new risk transfer products, and shall report to the China Insurance Regulatory Commission for approval or filing in accordance with relevant regulations. Article 16 Reinsurance companies in China shall be equipped with full-time reinsurance cedants and reinsurance cedants living in China. Edit this paragraph | Return to the top of the page Chapter III Reinsurance Brokers Article 17 Insurance brokers engaged in reinsurance brokerage business shall not damage the reputation and legitimate rights and interests of insurance companies. Article 18 An insurance broker may introduce or design reinsurance contracts according to business needs. Article 19 An insurance broker shall, in accordance with the agreement with the reinsurance ceding company, timely send bills, settle reinsurance funds and perform other obligations, and shall not misappropriate or intercept reinsurance premiums, amortized claims, amortized handling fees and amortized expenses. Article 20 At the request of a reinsurance branch, an insurance broker shall, in accordance with the agreement with the reinsurance branch, promptly inform the reinsurance branch of the retention liability and direct insurance it knows. Article 21 An insurance broker may, at the request of a reinsurance ceding company, cooperate with the settlement of claims. Edit this paragraph | Return to the previous page Chapter IV Supervision and Administration Article 22 Unless approved by the China Insurance Regulatory Commission, a foreign-funded insurance company may not engage in reinsurance business with its affiliated enterprises. Article 23 When handling reinsurance business, an insurance company shall evaluate various reserves in accordance with actuarial principles and methods, and accurately and fully withdraw and carry forward various reserves in accordance with the relevant provisions of the China Insurance Regulatory Commission. Article 24 The contents related to reinsurance business in the solvency report of an insurance company shall meet the requirements of the Rules for Compiling and Reporting the Solvency Report of Insurance Companies. Article 25 The solvency of a branch of a foreign reinsurance company shall be determined according to the solvency of its head office. The retention premium of a branch of a foreign reinsurance company is limited to the amount directly authorized by its head office. Article 26 A direct insurance company shall submit the following materials to the China Insurance Regulatory Commission before March 3 1 every year: (1) All dangerous units allocated the business of the same reinsurance company to contract reinsurance and temporary reinsurance transactions in the previous year, except for those that exceeded the insurance amount or liability limit of direct insurance business by 50%, except for aerospace insurance, nuclear insurance, petroleum insurance and credit insurance; (2) The share allocated to reinsurance companies in the previous year's contract reinsurance; (3) Insurance brokers and overseas reinsurers listed in the company list in the previous year; (4) The reinsurance arrangement plan of the property insurance company this year, including reinsurance policy, contract reinsurance, dangerous unit division standard and retention limit of each dangerous unit; (5) Changes in the reinsurance arrangement plan of the life insurance company this year; (6) Conditions and criteria for selecting overseas reinsurance companies to be merged this year. Article 27 An insurance company shall submit the following reports to the China Insurance Regulatory Commission before April 30 of each year: (1) The reinsurance business operation in the previous year; (2) The withdrawal method and amount of various reserves related to reinsurance business signed by actuaries. Twenty-eighth direct insurance companies shall promptly report to the China Insurance Regulatory Commission on major insurance claims, reinsurance arrangements and major adjustments to reinsurance policies. The major insurance claims mentioned in the preceding paragraph refer to claims for property losses of more than 50 million yuan or personal injuries of more than 30 million yuan in insurance accidents. Article 29 A branch of a foreign reinsurance company shall submit relevant reports to the China Insurance Regulatory Commission in accordance with the following requirements: (1) Before July 30 of each year, submit a written opinion on the solvency or operating status of its head office issued by the insurance regulatory agency in the place where its head office is registered according to local laws; (2) Before 65438+February 3 1 of each year, submit the underwriting authority and retained premium amount for the next year authorized by its head office; (3) Submit the reinsurance business report before June 30 and July 30 of each year, including the reinsurance company name, business type, contract form, reinsurance premium, amortization claims and amortization expenses. Article 30 When handling reinsurance business, an insurance company shall timely and accurately submit reinsurance statistical information and other reinsurance business data in accordance with the provisions of the China Insurance Regulatory Commission. Article 31 An insurance consortium shall report the financial report, business analysis report and overseas reinsurance of the previous year to the China Insurance Regulatory Commission before March 36 each year. Edit this paragraph | Return to the previous chapter on legal liability Article 32 If an insurance company handles reinsurance ceding business in violation of the provisions of these Regulations, the China Insurance Regulatory Commission shall order it to make corrections and impose a fine of more than 50,000 yuan but less than 300,000 yuan; If the circumstances are serious, the business scope may be restricted, and it may be ordered to stop accepting new business or revoke the insurance business license. In violation of these provisions, the senior management personnel and other directly responsible personnel of the insurance company who are directly responsible for handling reinsurance business may be given a warning by the China Insurance Regulatory Commission according to different situations, ordered to be replaced, and imposed with a fine ranging from 20,000 yuan to 65,438+10,000 yuan. Edit this paragraph | Return to the top Chapter VI Supplementary Provisions Article 33 These Provisions shall apply mutatis mutandis to the reinsurance business of policy insurance companies. Where these Provisions are not applicable, the policy insurance company shall report the relevant information to the China Insurance Regulatory Commission within 3 months from the date of promulgation of these Provisions. Article 34 The China Insurance Regulatory Commission shall be responsible for the interpretation of these Provisions. Thirty-fifth the provisions shall come into force as of June 5, 2005.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.