China Insurance Regulatory Commission, Provisions for the Administration of the Qualifications of Directors and Senior Management Personnel of Insurance Companies

Promulgated: July 12 2006
Effective: September 1 2006
Interpreting authority: China Insurance Regulatory Commission (CIRC)
Applicability: The term "branches and sub-branches of insurance companies" refers to branches, central sub-branches, sub-branches and business departments established by insurance companies in accordance with the law (Article 2).
The term "senior management personnel" refers to the following personnel who have decision-making powers or significant influence over the operation and management activities of an insurance institution:
1. general managers, deputy general managers and assistants to general managers of the head office, branches and central sub-branches;
2. the secretary to the board of directors, person in charge of legal compliance, the chief actuary and the person in charge of finance of the head office;
3. managers of sub-branches and business departments; and
4. persons in charge having the same authority of office as the aforementioned senior management personnel (Article 3).

  Where laws or administrative regulations have other stipulations on the administration of the qualifications of directors and senior management personnel of insurance group companies, insurance holding companies and policy insurance companies, such stipulations shall apply. Where laws or administrative regulations do not have such stipulations, these Provisions shall apply (Article 50). The stipulations on the qualifications administration of senior management personnel of insurance companies' head office in these Provisions shall also apply to senior management personnel of branches of foreign insurance companies (Article 51). Unless specially provided in the Provisions, the administration of the qualifications of independent directors, persons in charge of legal compliance, chief actuaries and persons in charge of finance shall be provided separately by the CIRC (Article 52).

Main contents: The check and approval system shall apply to the examination of qualifications of the following personnel:
(1) directors, and general managers, deputy general managers and assistants to general managers of the head office, branches and central sub-branches; and
(2) the secretary to the board of directors, the person in charge of compliance, the chief actuary and the person in charge of finance of the head office.