China Insurance Regulatory Commission, Measures for the Administration of the Old-age Pension Insurance Business of Insurance Companies

Main Contents: Life insurance companies and old-age pension insurance companies may engage in the old-age pension insurance business upon verification of the CIRC (Article 10). Old-age pension insurance companies may launch enterprise annuity management business throughout China (Article 11). Clauses and premium rates for old-age pension insurance proposed by insurance companies shall be submitted for examination and approval or record filing in accordance with relevant CIRC provisions (Article 16).

In the case of old-age pension annuity insurance products where the proposer has investment options, the insurance company may not, within the five years before the proposer reaches the age to start receiving old-age pension as stipulated in the insurance contract, recommend high-risk investment portfolios to him/her (Article 23). An insurance company may underwrite a group old-age pension annuity insurance policy for members of the same group proposer in different provinces, autonomous regions and municipalities directly under the central government (Article 26). Where the beneficiary of enterprise annuity has investment options, the insurance company may not recommend high-risk investment portfolios to him/her within the five years before he/she reaches the statutory retirement age (Article 40).

Related Legislation: PRC Insurance Law (Amended), Feb 28 2009, CLP 2009 No.3 p.35