China Insurance Regulatory Commission, Administration of Information Disclosure of New Personal Accident Insurance Products Tentative Measures

Issued: December 6 2001
Effective: January 1 2002
Interpreting authority: China Insurance Regulatory Commission (CIRC)
Applicability: For the purposes of the Measures, "new personal accident insurance products" refers to investment-linked insurance, universal life insurance, participating insurance and other insurance products recognized by CIRC (Article 2), and "information disclosure" means provision of information about new personal accident insurance products through product information statements, insurance benefit projections, announcements, customer reports, proposals, posters and brochures, etc. (Article 3).

Main contents: Insurance companies that offer new personal accident insurance products shall comply with the Measures in information disclosure (Article 4). Insurance companies shall allow insurance purchasers to read the product information statements carefully before issuing insurance policies and shall request insurance purchasers to sign off an acknowledgment on the insurance policies that they have read and understand the product information statements (Article 7). The required contents of a product information statement are set out separately in respect of investment-linked insurance, universal life insurance and participating insurance (Articles 8, 13 and 17). Product information statements, insurance benefit projections and announcement and customer reporting systems in relation to new personal accident insurance products shall be submitted to CIRC or its local offices for its record, and shall be implemented only if no objection is raised by CIRC or its local offices within 15 days of receipt of the submissions (Articles 23 and 25).
Related legislation: Administration of Insurance Companies Provisions, May 13 2004, CLP 2004 No.6 p43