1 Chapter 12 Regulation of Insurance

2 Content 1. Insurance Regulations in China 1. Insurance Regulations in China 2. Insurance Regulation in the United States 3. Insurance Regulations in Canada

3 1. Insurance Regulations in China 1.1 The Enactment of Insurance Law 1.1 The Enactment of Insurance Law On March 3rd 1985, the State Council published the Temporary Ordinance for Insurance Enterprise for enforcement. On March 3rd 1985, the State Council published the Temporary Ordinance for Insurance Enterprise for enforcement. Insurance Law of the People’s Republic of China was passed on July 23rd 1995 and was put into force on October 1st of the same year. Insurance Law of the People’s Republic of China was passed on July 23rd 1995 and was put into force on October 1st of the same year.

4 1.2 Insurance Regulatory Organizations China Insurance Regulatory Commission (CIRC) was established in November 18th, China Insurance Regulatory Commission (CIRC) was established in November 18th, Now the CIRC has its agency structure--the provincial bureau in each province, municipal cities directly under the Central Government (Beijing, Tianjing, Shanghai and Chongqing) as well as in special zones, such as Shenzhen, Zhuhai and Xiamen, etc. Now the CIRC has its agency structure--the provincial bureau in each province, municipal cities directly under the Central Government (Beijing, Tianjing, Shanghai and Chongqing) as well as in special zones, such as Shenzhen, Zhuhai and Xiamen, etc.

5 1.3 Contents of Regulation Regulation Market admittance  Market admittance Business Regulation  Business Regulation The permission  The permission of establishment of establishment

6 2. Insurance Regulation in the United States Solvency regulation regulation Regulation of business of business conduct conduct State Regulation Regulation

7 2. Insurance Regulation in the United States The sale of investment- type Insurance products. The securities industry in the United States is subject to federal regulation Federal Regulation

8 3.1 Federal Regulation  3.1 Federal Regulation 3. Insurance Regulations in Canada The Insurance Companies Act is the primary federal law that governs insurance companies. The Act governs how a federally incorporated insurance company operates. A federal agency, the Office of the Superintendent of Financial Institutions (OSFI) is responsible for overseeing all financial institutions in Canada.

9 3.2 Provincial Regulation  3.2 Provincial Regulation  Solvency regulation regulation  Regulation of business conduct business conduct

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