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CIRC Calls for Effectively Cleaning Up and Rectifying Various Types of Insurance Trading Venues
released by:admin Time:2012-6-19 15:30:49 Read:1650Time

Promulgating InstitutionChina Insurance Regulatory Commission
Promulgatin DateMarch 5,2012
The China Insurance Regulatory Commission (CIRC) requires insurance companies investing in or providing insurance to trading places to provide the following information about themselves and their subsidiaries, to ensure compliance with the law:
(1) Insurance institutions involved in investing in market places shall report the investment time, amount and proportion of initial investment, fund source, decision-making and approval, investment balance and proportion, basic information of invested market places, basic information of transactions, and opinions of local governments on handling market places.

(2) Insurance institutions that provide insurance services to relevant market places and transactions shall report the underwritten insurance coverage, insurance responsibility, premium income, reinsurance, compensation and insurance period, including overall situation and the specific situation of each policy.

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