China Insurance Regulatory Commission, Circular on Strengthening the Administration of the Chief Actuaries of Personal Insurance Companies

中国保险监督管理委员会关于加强人身保险公司总精算师管理的通知

September 18, 2013 | BY

CLP Temp &clp articles &

Chief actuary of an insurance company bears lifetime liability.

Clp Reference: 3910/03.08.01 Promulgated: 2013-08-01 Effective: 2013-08-05

Issued: August 1 2013

Effective: August 5 2013

Main contents: If an insurance company faces a major risk in terms of its interest spread loss, solvency, cash flow, etc., the chief actuary shall report the same to the China Insurance Regulatory Commission (CIRC) in a timely manner. If he/she fails to do so, the CIRC shall pursue his/her liability in accordance with the law (Article 13).

The chief actuary of an insurance company shall bear lifetime liability in respect of his or her duty performance acts, such as product pricing, assessment of the statutory liability reserve and determination of dividend distribution plans (Article 14).

clp reference:3910/03.08.01 issued:2013-08-01 effective:2013-08-05

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