Provisions on the Administration of the Employment Qualifications of Directors, Supervisors and Senior Management Personnel of Insurance Companies (Revised in 2014)
Provisions on the Administration of the Employment Qualifications of Directors, Supervisors and Senior Management Personnel of Insurance Companies (Revised in 2014)
Provisions on the Administration of the Employment Qualifications of Directors, Supervisors and Senior Management Personnel of Insurance Companies (Revised in 2014)
Order of the China Insurance Regulatory Commission [2014] No.1
January 23, 2014
Chapter I General Provisions
Article 1 The Provisions on the Administration of the Employment Qualifications of Directors, Supervisors and Senior Management Personnel of Insurance Companies (Revised in 2014) (hereinafter referred to as the "Provisions") are formulated in accordance with the Insurance Law of the People's Republic of China (hereinafter referred to as the "Insurance Law") and relevant laws and administrative regulations in order to strengthen and improve the administration of directors, supervisors and senior management personnel of insurance companies, protect the sound operations of insurance companies and facilitate the healthy development of the insurance sector.
Article 2 The China Insurance Regulatory Commission (hereinafter referred to as "CIRC") shall exercise standardized regulation of the employment qualifications of directors, supervisors and senior management personnel of insurance companies subject to laws and the authorization of the State Council.
The agencies of CIRC shall be responsible for the regulation of the employment qualifications of senior management personnel of branches of insurance companies under their jurisdiction subject to authorization, except for a branch of re-insurance companies and that of overseas insurance companies.
Article 3 For the purposes of the Provisions, the term "insurance companies" refers to commercial insurance companies that are established with the approval of the insurance regulatory authority and registered in accordance with the law.
For the purposes of the Provisions, the term "agencies of insurance companies" refers to the branch, central subsidiary, subsidiary, business department and sales services department and other designated institution established by insurance companies in accordance with the law with the approval of the insurance regulatory authority.
The administration of the employment qualifications of senior management personnel of designated institution and the administration of the employment of the person-in-charge of the sales services department shall be separately stipulated by the CIRC.
For the purposes of the Provisions, the term "insurance institutions" refers to insurance companies and the agencies thereof.
Article 4 For the purposes of the Provisions, the term "senior management personnel" refers to the following personnel with discretion or significant impact on the business and administration activities and risk control of insurance institutions:
1. general manager, deputy general manager and assistant to general manager of the headquarters;
2. secretary to the board of directors, compliance officer, chief actuary, head of finance and party responsible for audit of the headquarters;
3. general manager, deputy general manager and assistant to general manager of the branch and central subsidiary;
4. manager of subsidiary and business department; and
5. management personnel with identical authority as the aforementioned senior management personnel.
Article 5 The director, supervisor and senior management personnel of an insurance institution shall obtain the employment qualifications approved by the CIRC prior to the employment.
Chapter II Employment Qualifications and Requirements
Article 6 The director, supervisor and senior management personnel of an insurance institution shall comply with laws, administrative regulations and the relevant provisions of the CIRC and the articles of association of the insurance company.
Article 7 The director, supervisor and senior management personnel of an insurance institution shall act with integrity, have good awareness of business compliance and the management capability required for performance of duties.
Article 8 The director, supervisor and senior management personnel of an insurance institution shall pass the test on insurance regulations and related knowledge recognized by the CIRC.
Article 9 The chairman of an insurance company shall have more than five years of work experience in finance or more than ten years of work experience in salaried work.
The director and supervisor of the insurance company shall have more than five years of work experience commensurate with the duties they perform.
Article 10 The secretary to the board of directors of an insurance company shall attain university qualification or above and have more than five years of work experience commensurate with the duties he performs.
Article 11 The general manager, deputy general manager and assistant to the general manager shall meet the following requirements:
1. attain university qualification or above or obtain a bachelor's degree or above; and
2. engage in finance work for more than eight years or salaried work for more than ten years.
In addition to the requirements prescribed in the preceding paragraph, the general manager of the insurance company shall have any of the following employment experience:
1. serve as senior management personnel at the grade of general manager or above at branch of the insurance company for more than five years;
2. serve as the person-in-charge of a department of the insurance company for more than five years;
3. serve in management capacity at financial supervisory institution for more than five years; or
4. other employment qualifications as proof of possession of the knowledge, capability and experience required for the position to be assumed.
Article 12 The general manager, deputy general manager and assistant to the general manager of provincial branch of an insurance company shall meet the following requirements:
1.
......
Order of the China Insurance Regulatory Commission [2014] No.1
January 23, 2014
Chapter I General Provisions
Article 1 The Provisions on the Administration of the Employment Qualifications of Directors, Supervisors and Senior Management Personnel of Insurance Companies (Revised in 2014) (hereinafter referred to as the "Provisions") are formulated in accordance with the Insurance Law of the People's Republic of China (hereinafter referred to as the "Insurance Law") and relevant laws and administrative regulations in order to strengthen and improve the administration of directors, supervisors and senior management personnel of insurance companies, protect the sound operations of insurance companies and facilitate the healthy development of the insurance sector.
Article 2 The China Insurance Regulatory Commission (hereinafter referred to as "CIRC") shall exercise standardized regulation of the employment qualifications of directors, supervisors and senior management personnel of insurance companies subject to laws and the authorization of the State Council.
The agencies of CIRC shall be responsible for the regulation of the employment qualifications of senior management personnel of branches of insurance companies under their jurisdiction subject to authorization, except for a branch of re-insurance companies and that of overseas insurance companies.
Article 3 For the purposes of the Provisions, the term "insurance companies" refers to commercial insurance companies that are established with the approval of the insurance regulatory authority and registered in accordance with the law.
For the purposes of the Provisions, the term "agencies of insurance companies" refers to the branch, central subsidiary, subsidiary, business department and sales services department and other designated institution established by insurance companies in accordance with the law with the approval of the insurance regulatory authority.
The administration of the employment qualifications of senior management personnel of designated institution and the administration of the employment of the person-in-charge of the sales services department shall be separately stipulated by the CIRC.
For the purposes of the Provisions, the term "insurance institutions" refers to insurance companies and the agencies thereof.
Article 4 For the purposes of the Provisions, the term "senior management personnel" refers to the following personnel with discretion or significant impact on the business and administration activities and risk control of insurance institutions:
1. general manager, deputy general manager and assistant to general manager of the headquarters;
2. secretary to the board of directors, compliance officer, chief actuary, head of finance and party responsible for audit of the headquarters;
3. general manager, deputy general manager and assistant to general manager of the branch and central subsidiary;
4. manager of subsidiary and business department; and
5. management personnel with identical authority as the aforementioned senior management personnel.
Article 5 The director, supervisor and senior management personnel of an insurance institution shall obtain the employment qualifications approved by the CIRC prior to the employment.
Chapter II Employment Qualifications and Requirements
Article 6 The director, supervisor and senior management personnel of an insurance institution shall comply with laws, administrative regulations and the relevant provisions of the CIRC and the articles of association of the insurance company.
Article 7 The director, supervisor and senior management personnel of an insurance institution shall act with integrity, have good awareness of business compliance and the management capability required for performance of duties.
Article 8 The director, supervisor and senior management personnel of an insurance institution shall pass the test on insurance regulations and related knowledge recognized by the CIRC.
Article 9 The chairman of an insurance company shall have more than five years of work experience in finance or more than ten years of work experience in salaried work.
The director and supervisor of the insurance company shall have more than five years of work experience commensurate with the duties they perform.
Article 10 The secretary to the board of directors of an insurance company shall attain university qualification or above and have more than five years of work experience commensurate with the duties he performs.
Article 11 The general manager, deputy general manager and assistant to the general manager shall meet the following requirements:
1. attain university qualification or above or obtain a bachelor's degree or above; and
2. engage in finance work for more than eight years or salaried work for more than ten years.
In addition to the requirements prescribed in the preceding paragraph, the general manager of the insurance company shall have any of the following employment experience:
1. serve as senior management personnel at the grade of general manager or above at branch of the insurance company for more than five years;
2. serve as the person-in-charge of a department of the insurance company for more than five years;
3. serve in management capacity at financial supervisory institution for more than five years; or
4. other employment qualifications as proof of possession of the knowledge, capability and experience required for the position to be assumed.
Article 12 The general manager, deputy general manager and assistant to the general manager of provincial branch of an insurance company shall meet the following requirements:
1.
......