The Zhitong Finance App learned that on September 4, the State Financial Supervisory Administration solicited public comments on the “Insurance Law of the People's Republic of China (Revision Draft for Comments)”. The revised draft consists of 8 chapters and 214 articles. The main contents include: first, strengthening shareholders' penetrating supervision and including shareholders and actual controllers of insurance institutions within the scope of supervision; second, improving the prudential supervision system, strengthening supervisory requirements such as corporate governance, risk management, and internal control; improving solvency supervision, strengthening asset liability management, and improving fund use supervision; third, improving risk management and market exit rules; 4 is strengthening insurance consumer protection, improving insurance contract rules, and further clarifying regulations to ensure that insurance institutions violate laws; 5. Liability coverage, increase the margin of fines.
The original text is as follows:
The State Financial Supervisory Administration on the “Insurance Law of the People's Republic of China
(Draft for Comments on the Revised Draft)》Public Consultation
In order to fully implement Xi Jinping's idea of the rule of law and implement the spirit of the Central Financial Work Conference and the decisions and arrangements of the Party Central Committee and the State Council on improving the financial rule of law, the General Administration of Financial Supervision actively promoted the revision of the “Insurance Law of the People's Republic of China” and formed the “Insurance Law of the People's Republic of China (Revision Draft for Comments)” (hereinafter referred to as the revised draft), which is now being publicly solicited for comments.
Guided by Xi Jinping's ideology of socialism with Chinese characteristics in the new era, this revision work summarizes recent insurance industry reform and development achievements and supervisory practices. The main line is to comprehensively strengthen institutional supervision, behavioral supervision, functional supervision, penetrating supervision, and continuous supervision, focusing on eliminating gaps in supervision, filling regulatory shortcomings, and clarifying regulatory mandates, thoroughly implementing the concept of putting the people first, and comprehensively improving the effectiveness of supervision.
The main contents of the revised draft include: first, strengthening shareholder penetration supervision, including shareholders and actual controllers of insurance institutions in the scope of supervision; second, improving the prudential supervision system, strengthening regulatory requirements such as corporate governance, risk management, internal control, etc.; improving solvency supervision, strengthening asset liability management, and improving fund use supervision; third, improving risk management and market exit rules; fourth, strengthening insurance consumer protection, improving insurance contract rules, and further clarifying the rules prohibiting sexual acts of insurance agencies; fifth, increasing the cost of illegal violations, expanding the coverage of legal liability, and increasing The margin of the fine.
In the next step, the General Administration of Financial Supervision will fully absorb opinions and suggestions from all sectors of society in accordance with the basic requirements of scientific legislation, democratic legislation, and legislation according to law, further revise and improve relevant legal provisions, actively cooperate with the legislature to complete follow-up work, and push for the “Insurance Law of the People's Republic of China” to be revised and introduced as soon as possible.
This article was selected from the official website of the “State Financial Supervisory Administration”. Zhitong Finance Editor: Feng Qiuyi.