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Chapter 12 Regulation of Insurance

Chapter 12 Regulation of Insurance. Content. 1. Insurance Regulations in China 2. Insurance Regulation in the United States 3. Insurance Regulations in Canada. 1. Insurance Regulations in China. 1.1 The Enactment of Insurance Law

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Chapter 12 Regulation of Insurance

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  1. Chapter 12Regulation of Insurance

  2. Content 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 On March 3rd 1985, the State Council published theTemporary Ordinance for Insurance Enterprise for enforcement. Insurance Law of the People’s Republic of Chinawas 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, 1998. • 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 Market admittance The permission of establishment Regulation Business Regulation

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

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

  8. 3. Insurance Regulations in Canada 3.1 Federal Regulation 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 • Solvency regulation • Regulation of business conduct

  10. The End of Chapter 12 Return(返回)

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