Sept. 1 – China’s insurance regulator recently clarified several issues regarding local insurance clauses and premiums related to property insurance companies.

The China Insurance Regulatory Commission issued Baojiantingfa [2010] No. 61 on August 3, stipulating that all insurance companies will sort local insurance clauses and premiums, which were submitted to the local branches of the CIRC by their subsidiaries prior to April 1, 2010, and report to the CIRC for approval and registration before August 31, 2010.

The notice also clarifies the reporting structure. For approving products, the aforesaid contents shall be reported according to the “insurance clauses and premium rate management approach of property insurance companies”  for record-filing products, they shall be sent to the designated e-mail box or mailed to the product bureau of the Property Insurance Supervision Department of the CIRC.

The local insurance clauses and premiums which are examined and recorded by the CIRC branches prior to April 1, 2010 shall no longer be used.

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