China Insurance Regulatory Commission, Circular on Strengthening the Administration of the Underwriting of Agricultural Insurance

Issued: April 7 2011

Main contents: The Circular states that the head office of organisations intending to launch an agricultural insurance business shall submit a written report to the China Insurance Regulatory Commission in advance (Article 1). The branch office at the provincial level intending to launch an agricultural insurance business shall obtain the consent of the head office and formulate a detailed business development plan; have a relatively sound agricultural insurance service network and products that have been filed with the regulatory authority for the record; formulate relatively sound agricultural insurance business management rules and regulations, and practical operational procedures; formulate an agricultural reinsurance plan as well as arrangement and contingency plans for catastrophic risks; and submit a written report to the local insurance regulatory bureau in advance (Article 2).