The Insurance Law was promulgated in 1995 and amended in 2002, 2009, 2011 and 2015 respectively. The latest revision entered into force on April 24, 2015.
There are 185 articles in total.
The key points are as follows:
1.Insurance business shall be operated by insurance companies established pursuant to this Law and other insurance organizations stipulated by laws and administrative regulations; no other organizations or individuals shall operate insurance business.
2.Legal persons and other organizations within the territory of China which need domestic insurance shall take out insurance from insurance companies within the territory of China.
3.The insurance, banking, securities and trust sectors shall be segregated in operations and administration, and insurance companies, securities institutions and trust institutions shall be formed separately, except as otherwise specified by the state.
4.The insurance regulatory body under the State Council shall be responsible for the supervision and administration of the insurance sector according to the law.
5.The formation of representative offices within the territory of the People’s Republic of China by foreign insurance companies shall be subject to the approval of the insurance regulatory body under the State Council. Representative offices shall not carry out any insurance operation.
6.No insurer shall concurrently operate the personal insurance business and the property insurance business. However, upon approval of the insurance regulatory body under the State Council, an insurance company which operates property insurance business may operate short-term health insurance business and accidental injury insurance business.
7.Insurance agencies and insurance brokers shall obtained the insurance agency business permit or brokerage business permit issued by the insurance regulatory authorities.
8.Chinese-foreign equity joint venture insurance companies, wholly foreign-owned insurance companies and subsidiary companies of foreign insurance companies shall be governed by this Law; except as otherwise provided for by laws and administrative regulations.