transfers of insurance business

By Yuan Min and Li Wenzhi  King & Wood’s Insurance Group

In order to regulate transfers of insurance business by insurance companies, the China Insurance Regulatory Committee (CIRC) recently issued the Provisional Measures on Administration of Insurance Business Transfers by Insurance Companies (the "Measures"), which will become effective on October 1, 2011.

"Transfers of insurance business" refers to when an insurance company decides to transfer all or part of its insurance business to another insurance company through mutual consultation and negotiation. This transfer mechanism is a way for insurance companies to voluntarily exit from the insurance market.  The Measures do not apply to the following circumstances: (i) an insurance company that engages in the life insurance business and is transferring its insurance business as a result of being closed down or being declared bankrupt; (ii) an insurance company that fails to meet the prescribed solvency requirements and is forced by the regulatory committee to transfer its insurance business; and (iii) an insurance company in the reinsurance business.

Continue Reading Not Your Average Assignment of Contracts: New Provisional Measures Governing Transfers of Insurance Business

作者:袁敏、力文智 金杜律师事务所保险组

为规范保险公司保险业务转让行为,保监会近日颁布了《保险公司保险业务转让管理暂行办法》(以下简称《办法》),并将于2011年10月1日正式实施。

保险公司的保险业务转让,是指保险公司在平等协商基础上将其经营的全部或者部分保险业务自愿转让给其他保险公司的行为。保险业务转让制度是保险市场退出机制的重要组成部分。经营有人寿保险业务的保险公司在被撤销或者破产情形下发生的保险业务转让,因偿付能力不足而被监管机构强制要求的保险业务转让,以及再保险业务,都不适用该《办法》。

Continue Reading 保监会颁布保险公司保险业务转让管理暂行办法