The term "applicant" as mentioned in these Measures refers to the parties to an insurance contract who have the right to claim the benefits of the policy according to law when the insurance company is revoked or bankrupt according to law, including the applicant, the insured or the beneficiary.
The term "policy transferee company" as mentioned in these Measures refers to an insurance company that operates life insurance business and is revoked or bankrupt according to law, and accepts the life insurance contract transferred by the insurance company according to law. Article 4 Insurance guarantee funds are divided into property insurance guarantee funds and personal insurance guarantee funds.
The property insurance guarantee fund is paid by the property insurance company.
The life insurance guarantee fund is formed by the payment of life insurance companies. Article 5 The principles for the use of insurance protection funds are to protect the interests of policyholders, maintain the stable operation of the insurance industry, and make centralized management and overall use according to law. Article 6 China Insurance Protection Fund Co., Ltd. (hereinafter referred to as the Insurance Protection Fund Company), which is wholly state-owned, shall be established to be responsible for raising, managing and using the insurance protection fund according to law.
The insurance protection fund company operates independently according to law, and its board of directors is responsible for the legal use and safety of the insurance protection fund. Chapter II Insurance Protection Fund Company Article 7 An insurance protection fund company shall establish and improve its corporate governance structure, internal control system and risk management system according to law, operate according to law and conduct independent accounting. Article 8 An insurance protection fund company shall engage in the following businesses according to law:
(1) Raising, managing and operating the insurance guarantee fund;
(2) Monitoring the risks of the insurance industry, and proposing supervision and disposal suggestions to the China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) when there are major risks in the operation and management of insurance companies that may endanger the policyholders and the insurance industry;
(3) Providing assistance to individuals and institutions such as policyholders and policy transferee companies, or participating in the risk disposal of the insurance industry;
(4) Participating in the liquidation of an insurance company under the circumstance that the insurance company is revoked or bankrupt according to law;
(five) management and disposal of paid assets;
(6) Other businesses approved by the State Council.
Where an insurance protection fund company puts forward suggestions on supervision and disposal to the China Insurance Regulatory Commission in accordance with Item (2) of the preceding paragraph, it shall timely send a copy of the relevant information to the Ministry of Finance and the People's Bank of China. Article 9 An insurance protection fund company shall set up a board of directors, and the members of the board of directors shall be recommended by the China Insurance Regulatory Commission, the Ministry of Finance, the People's Bank of China, the Legislative Affairs Office of State Taxation Administration of The People's Republic of China and the State Council. The chairman of the board is the legal representative of the company, recommended by the China Insurance Regulatory Commission and submitted to the State Council for approval.
An insurance protection fund company shall set up relevant institutions in accordance with the Company Law of People's Republic of China (PRC) to improve corporate governance. Article 10 In order to rescue policyholders and policy transferee companies in accordance with the law and deal with insurance risks, the insurance protection fund company may raise funds in various forms after the China Insurance Regulatory Commission has worked out a financing plan in consultation with relevant departments and submitted it to the State Council for approval. Article 11 An insurance protection fund company shall establish an insurance company information sharing mechanism with the China Insurance Regulatory Commission.
China CIRC regularly provides financial and management information to insurance companies. For an insurance company with potential risks identified by the China CIRC, the China CIRC shall provide the insurance protection fund company with special financial and business data and materials of the insurance company.
The insurance protection fund company has the obligation to keep confidential all the data and materials of the insurance company it knows. Article 12 The dissolution of an insurance protection fund company must be approved by the State Council. Chapter III Raising of Insurance Guarantee Fund Article 13 Sources of Insurance Guarantee Fund:
(1) Insurance guarantee funds paid by domestic insurance companies according to law;
(two) the compensation income obtained by the insurance protection fund company from the liquidation property of the bankrupt insurance company according to law;
(3) donation;
(four) the investment income of the above funds;
(5) Other lawful income. Article 14 An insurance company shall pay the insurance guarantee fund for its property insurance business or personal insurance business in accordance with the following provisions, and the insurance business that pays the insurance guarantee fund shall be included in the rescue scope of the insurance guarantee fund:
(1) Non-investment property insurance is paid at 0.8% of premium income; Investment property insurance shall be paid at 0.08% of business income if there is guaranteed income, and at 0.05% of business income if there is no guaranteed income;
(2) Life insurance with guaranteed income is paid at 0. 15% of business income, and life insurance without guaranteed income is paid at 0.05% of business income;
(3) Short-term health insurance is paid at 0.8% of premium income, and long-term health insurance is paid at 0. 15% of premium income;
(4) Non-investment accident insurance shall be paid at 0.8% of premium income, while investment accident insurance shall be paid at 0.08% of business income with guaranteed income and at 0.05% of business income without guaranteed income.
The term "business income" as mentioned in these Measures refers to the total amount paid by the insured to the insurance company for purchasing the corresponding insurance products according to the insurance contract.