China Insurance Regulatory Commission, Circular on Launching Pilot Variable Annuity Projects
中国保险监督管理委员会关于开展变额年金保险试点的通知
July 08, 2011 | BY
clpstaff &clp articles &Pilot variable annuity projects launched in Beijing, Shanghai, Guangdong, Shenzhen and Xiamen.
Issued: May 5 2011
Main contents: An insurance company that wishes to participate in the pilot variable annuity projects shall satisfy the following conditions:
(1) having engaged in investment-linked insurance business for at least three years;
(2) not having a record of having had a major administrative penalty imposed by the China Insurance Regulatory Commission (CIRC) in the last year;
(3) as at the end of the preceding year and as at the end of the two quarters preceding the submission of the application, its solvency falling into adequacy level II; and
(4) having an information system that supports the variable annuity management model (Article 1).
During the pilot period, an insurance company shall be restricted to applying for only one variable annuity product and the product applied for may not be less than seven years (Articles 3 and 4).
Related legislation: Tentative Measures for the Administration of Variable Annuities, May 5 2011, CLP 2011 No.6 p.32
clp reference:3900/11.05.05(1)prc reference:保监寿险 [2011] 624号promulgated:2011-05-05This premium content is reserved for
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