China Insurance Regulatory Commission Beijing Branch, Issues Relevant to Standardizing the Administration of Personal Accident Insurance Products of Beijing Municipality Circular

Issued: December 16 2004
Effective: as of date of issue
Applicability: In the event of a conflict between previous documents issued by the China Insurance Regulatory Commission Beijing Branch and this Circular, this Circular shall prevail (Item Six).

Main contents: All personal accident insurance companies shall no longer be required to submit materials for product examination, approval and record filing to the China Insurance Regulatory Commission Beijing Branch. Personal accident insurance products for sale shall be subject to examination and approval or record filing of the China Insurance Regulatory Commission (CIRC) (Item One). Insurance companies will not be required to submit sales plans for product portfolios to the Beijing Branch, but may not alter the liability coverages, excluded liability, policy periods, premium rates and cash value of the products when putting them together. In case of any changes, the head office shall report the same to the CIRC for product examination and approval or record filing in accordance with relevant provisions (Item Two).
Related legislation: Administration of the Examination, Approval and Record Filing of Personal Accident Insurance Products Procedures, 2004 and Several Issues Concerning the«Administration of the Examination, Approval and Record Filing of Personal Accident Insurance Products Procedures» Circular, 2004