July 2020 PRC Insurance News Alert

1银保监会印发《保险代理人监管规定(征求意见稿)》
CBIRC Published the Draft Regulatory Provisions on Insurance Agencies
为进一步完善保险代理人管理制度，银保监会继2018年7月13日首次发布征求意见稿后,于2020年4月16日再次发布《保险代理人监管规定（征求意见稿）》。征求意见稿将《保险专业代理机构监管规定》《保险销售从业人员监管办法》《保险兼业代理管理暂行办法》进行整合，统一专业代理、兼业代理和个人代理人的监管规则。
In order to further improve the insurance agency regulatory system, CBIRC published the updated draft Regulatory Provisions on Insurance Agencies for public comments on April 16, 2020, twenty-one months after it published the first draft on July 13, 2018. The draft provisions integrated the Regulatory Provisions on Professional Insurance Agencies, Regulatory Measures on Insurance Sales Personnel and Interim Administrative Measures on Part-time Insurance Agencies, and reconciled regulatory rules for professional agencies, part-time agencies and individual agents.
1) 注册资本金。经营区域为注册登记地所在省、自治区、直辖市、计划单列市的保险专业代理公司的注册资本最低限额为2000万元，经营区域不限于注册登记地所在省、自治区、直辖市、计划单列市的保险专业代理公司的注册资本最低限额为5000万元。
Registered capital. Professional insurance agency companies operating business locally (i.e. within their home provincial regions or cities specifically designated for state planning purposes) should have no less than RMB20 million in registered capital, while those operating business across the country should have no less than RMB50 million in registered capital.
2) 取消许可证3年有效期的规定。保险代理公司（无论专业或兼业）取得保险代理资质后可以长期进行经营，无需再申请资质有效期续展。
Three-year license term changed to indefinite term. A professional or part-time insurance agency license, once issued, will remain effective indefinitely and no license renewal will be required.
3) 投资限制。保险公司与保险专业中介机构的人员不得投资保险专业代理公司。
Investment restrictions. Employees of insurance companies and professional insurance intermediary institutions are not allowed to invest in a professional insurance agency company.
4) 个人保险代理人。保险公司应当制定个人保险代理人管理制度。个人保险代理人发生违法违规行为的，保险公司应当按照有关规定对团队主管追责。
Individual insurance agents. An insurance company should formulate a management system for individual insurance agents. If an individual insurance agent violates laws or regulations, the insurance company should hold the relevant team leader accountable in accordance with relevant rules.
5) 执业登记。保险公司、保险专业及兼业代理机构应当为其个人保险代理人、保险代理机构从业人员进行执业登记。个人保险代理人、保险代理机构从业人员只可通过一家机构进行执业登记。
Practice registration. Insurance companies and insurance agency companies (professional or part-time) should complete practice registration for their individual insurance agents and their insurance agency practitioners. Individual insurance agents and insurance agency practitioners can only apply for practice registration through one institution.
6) 高管任职资格条件。有如下情形的，不得担任保险专业代理机构的高级管理人员和分支机构主要负责人：
Qualifications for senior management personnel. A person falling under one of the following circumstances will not be allowed to serve as a senior management member of a professional insurance agency company or the main responsible person of a branch:
担任破产清算的公司、企业的董事或者厂长、经理，对该公司、企业的破产负有个人责任的，自该公司、企业破产清算完结之日起未逾3年；
being a director, factory manager or manager of a company or enterprise who is personally accountable for the bankruptcy of such company or enterprise, and a three-year period has not elapsed since the completion of bankruptcy liquidation of such company or enterprise;
个人所负数额较大的债务到期未清偿；
owing a relatively large amount of overdue debt;
因严重失信行为被国家有关单位确定为失信联合惩戒对象且应在保险领域受到相应惩戒，或者最近5年内具有其他严重失信不良记录。
being subject to joint punishment for dishonesty by the relevant governmental authorities due to serious dishonest behavior and being subject to corresponding punishment in the insurance sector, or having other serious dishonest records during the past five years.
7) 分支机构设立条件。征求意见稿明确了保险专业代理公司新设分支机构经营保险代理业务的条件，提高了保险专业代理公司分支机构的准入门槛，如要求该机构最近1年内没有受到刑罚或者重大行政处罚、最近2年内设立的分支机构不存在运营未满1年退出市场的情形等。
Branching requirements. The draft provisions set forth certain heightened qualification requirements for professional insurance agency companies to establish branches, including, for example, the company should not be subject to any criminal penalty or major administrative punishment during the past year, and none of the company’s branches established during the past two years having exited the market within one year after commencement of operations.
8) 保险代理字样。保险专业代理公司名称中应当包含“保险代理”字样。保险专业代理公司在许可证注销后，公司继续存续的，不得从事保险代理业务，并应当依法办理名称、营业范围和公司章程等事项的变更登记，确保其名称中无“保险代理”字样。
Insurance agency wording. The name of a professional insurance agency company should include the wording “insurance agency”. After a professional insurance agency company cancels its insurance agency license, the company should not continue to conduct insurance agency business, and should amend its name, business scope and articles of association to remove the wording “insurance agent” in accordance with law.
9) 职业责任保险累计赔偿限额及保证金。取消了职业责任保险累计赔偿额5000万及保证金100万的缴存上限，保险专业代理公司增加注册资本的，应按比例增加保证金数额。
Maximum limits removed for professional liability insurance and deposit. The RMB50 million maximum limit for the professional liability insurance purchased by a professional insurance agency company and the RMB1 million cap on the deposit payable by such company have been abolished. If such company increases its registered capital, the deposit amount should be increased proportionately.
2银保监会印发《再保险业务管理规定（修改稿）》
CBIRC Published the Administrative Rules on Reinsurance Business (Revised Draft)
2020年6月4日，银保监会印发《再保险业务管理规定（修改稿）》，向业内征求意见。
On June 4, 2020, CBIRC published the Administrative Rules on Reinsurance Business (revised draft), seeking comments from the industry.
修改稿的主要变化与亮点如下：
Main changes and highlights of the Revised Draft are listed below:
1) 直保公司经营再保险业务资质。直接保险公司开展再保险分入业务的，应当满足以下条件：(i)由总公司统一办理，除中国银保监会另有规定外，分支机构不得办理再保险分入业务；(ii)设立独立的再保险业务部门，配备不少于5名独立于直接保险业务的专职再保险分入业务的核保、核赔、财务、精算等方面人员，年分入保费规模超过5亿元的，前述人员不得少于10人；(iii)建立完整的分入业务管理制度和独立的分入业务信息系统，并与财务系统实现自动对接。
Qualifications for direct insurance companies to conduct reinsurance business. To conduct reinsurance business, a direct insurance company should meet the following requirements: (i) the reinsurance business should be handled centrally by its head office, and, unless otherwise provided by CBIRC, not by its branches; (ii) an independent reinsurance business department should be established and staffed with no less than 5 full-time employees (or 10 if the annual ceded-in premium exceeds RMB500 million) handling reinsurance underwriting, claims, finance, actuary, etc., independently from the direct insurance business; and (iii) having established a complete management system and an independent information system for the ceding-in business, which systems should have an automatic interface with its financial system.
2) 再保险规划。保险公司应当制定再保险规划，内容应包括再保险安排的目的、分保限额、业务集中度、风险管控机制等。保险集团应当制定集团内的再保险战略，内容应包括集团的风险累积和净自留管理、信用风险管控、集团内单个保险主体的再保险安排和管理的自主权、集团内分保战略及操作等。
Reinsurance planning. An insurance company should formulate a reinsurance plan, which should include contents such as the purpose of reinsurance arrangements, ceding limits, business concentration, and risk management and control mechanisms. An insurance group company should formulate an intra-group reinsurance strategy , which should include contents such as the group’s risk accumulation and net retained liability management, credit risk management and control, powers and autonomy of individual insurance entities within the group to make and manage reinsurance arrangements, and intra-group ceding strategy and operation.
3) 再保险规划的实施。再保险规划的制定、实施、评估和调整由高级管理层负责，董事会应对再保险规划的制定和调整进行审批，并对实施情况进行监督。
Implementation of reinsurance plan. The senior management should be responsible for the formulation, implementation, evaluation and adjustment of the reinsurance plan, and the board of directors should be responsible for approving the formulation and adjustment of the reinsurance plan and supervising its implementation.
4) 再保险合同的签署。除再保险分出人和再保险接受人双方书面同意延期外，再保险分出人和再保险接受人应当在再保险合同成立后三个月内完成再保险合同的签署。
Execution of reinsurance contract. A ceding company and its reinsurer should execute the reinsurance contract within three months after the formation of such contract, unless a later date is otherwise agreed between the parties.
5) 管理制度。保险人应当建立再保险业务集中度管理制度、再保险业务档案管理制度、临时分保管理制度、境外分出业务监测制度、以及再保险业务流动性风险管理制度。
Management system. An insurance company should formulate rules for reinsurance business concentration management, reinsurance business file management, facultative reinsurance management, monitoring of ceding-out business to overseas, and reinsurance business liquidity risk management.
6) 分保比例。除航空航天保险、核保险、石油保险、信用保险外，直接保险公司以比例再保险方式分出财产险直接保险业务时，每一危险单位分给同一家再保险接受人和与其关联的再保险接受人的总比例，不得超过再保险分出人承保直接保险合同保险金额或者责任限额的80%。
Ceding limits. Except for aviation and space insurance, nuclear insurance, oil insurance and credit insurance, when a direct insurance company cedes out its P&C insurance business by means of proportional reinsurance, it should not cede, for each risk unit, over 80% of the insured amount or maximum limit under its direct insurance contract to one reinsurance company and its affiliated reinsurers.
7) 业务分类。保险人应当严格按照规定对合约分保和临时分保进行分类，不得以临时分保名义变相经营合约分保业务。
Business classification.An insurance company should strictly follow the rules in classifying treaty reinsurance and facultative reinsurance, and should not conduct treaty reinsurance under the guise of facultative reinsurance.
3银保监会发布《关于规范互联网保险销售行为可回溯管理的通知》
CBIRC Issued the Circular on Standardizing Traceability Management of Online Insurance Sales Activities
2020年6月30日，银保监会发布《关于规范互联网保险销售行为可回溯管理的通知》。通知针对互联网保险领域的突出问题，规范互联网保险销售行为。通知聚焦互联网保险销售页面管理和销售过程记录，通过制定互联网保险销售行为可回溯制度，实现销售行为可还原，从而遏制销售误导、保护消费者的合法权益。
On June 30, 2020, CBIRC issued the Circular on Standardizing Traceability Management of Online Insurance Sales Activities. The circular seeks to address certain significant problems with online insurance and standardize online insurance sales activities. Focusing on management of sales webpages and records of sales process, the circular establishes a traceability system for online insurance sales activities, in order to facilitate reconstruction of the sales process, prevent misleading sales tactics and protect consumers’ rights.
通知适用于保险公司和保险中介机构，实施范围是投保人为自然人的商业保险产品。通知将于2020年10月1日起实施，届时仍不能符合通知要求的保险机构，应立即停止相关的互联网保险销售业务。
The circular applies to insurance companies and insurance intermediary institutions, and to those commercial insurance products whose policyholders are natural persons. The circular will be implemented starting from October 1, 2020, and those insurance institutions that fail to meet the requirements in the circular by that date should cease to conduct the relevant online insurance business.
通知主要包括五个方面内容：
The circular covers the following five key aspects:
1) 互联网保险销售行为可回溯管理的定义和范围。互联网保险销售行为可回溯，是指保险机构通过销售页面管理和销售过程记录等方式，对在自营网络平台上销售的投保人为自然人的商业保险产品的交易行为进行记录和保存，使其可供查验。
Definition and scope of traceability management of online insurance sales activities. Traceability of online insurance sales activities means that insurance institutions should, by way of sales webpage management, sales process records and etc., record and archive the transactions on their self-operated online platforms of those commercial insurance products whose policyholders are natural persons, in order to achieve verifiability.
2) 销售页面管理。销售页面只能设置在保险机构自营网络平台；保险公司可以在非自营网络平台设置投保申请链接，由投保人点击链接进入自营网络平台的销售页面。通知要求，销售页面和非销售页面必须分隔；对于重要条款（如进入投保流程的提示、免除或可能免除保险公司责任的条款、健康告知提示等）需单独设置页面展示；销售页面应设置由投保人自主确认已阅读有关内容的标识。
Management of sales webpages. Sales webpages should be displayed on insurance institutions’ self-operated online platforms; policy application links can be made available on non-self-operated platforms, which can direct applicants to the sales webpages. Sales webpages should be separate from non-sales webpages, and certain important terms (such as reminder that the insurance application process starts, terms that exempt or may exempt insurers from liabilities and health disclosure reminder) should be displayed on separate webpages. Sales webpages should include tags that allow applicants to confirm on their own that they have read the relevant contents.
3) 互联网销售过程管理。通知要求保险机构验证投保人、被保险人和受益人的身份真实性，细化了销售过程的记录标准。通知强调，保险机构收集、使用消费者信息应当遵循合法、正当、必要的原则。
Management of online sales process. The circular requires insurance institutions to verify identity of policyholders, insureds and beneficiaries, and specifies the standards for recording the sales process. The circular emphasizes that insurance institutions should comply with the principles of lawfulness, properness and necessity in collecting and using consumers’ information.
4) 可回溯资料内控管理。通知明确了互联网保险销售行为可回溯资料的内容、资料保管期限，并要求保险机构建立内控体系，实现对可回溯管理的全流程的有效监管。通知强调互联网保险销售行为可回溯资料应当可以还原为可供查验的有效文件，销售页面应当可以还原为可供查验的有效图片或视频。
Internal management of traceable records. The circular sets forth the content and record keeping requirements for the traceability records of online insurance sales activities, and requires insurance institutions to establish internal controls to effectively supervise the entire process of traceability management. Traceability records should be retrievable into verifiable documents, and sales webpages should be retrievable into verifiable image or video files.
5) 其它。保险机构开展互联网保险销售时涉及非互联网保险销售方式的，保险机构通过固定场所设置的自助终端销售保险产品的，均适用该通知。
Miscellaneous. The requirements set forth in the circular also apply where insurance institutions employ offline sales methods while conducting online insurance sales, or sell insurance products via self-service machine at a fixed place.
4银保监会发布《关于进一步明确农业保险业务经营条件的通知》
CBIRC Issued the Notice re Further Clarification on Qualification Requirements for Conducting Agricultural Insurance
2020年6月1日，银保监会发布《关于进一步明确农业保险业务经营条件的通知》，自发布之日起生效。通知适用于农业保险业务，包括有政策支持的农业保险业务和商业性农业保险业务。
On June 1, 2020, the general office of CBIRC issued the Notice re Further Clarification on Qualification Requirements for Conducting Agricultural Insurance, which took effect immediately. The notice applies to agricultural insurance business, whether policy-oriented or commercial in nature.
1) 农险业务无需许可。符合条件的机构无需提出农业保险经营资格申请即可在所在地展开农险业务。
No licensing requirement for conducting agricultural insurance. If an institution has met the relevant qualification requirements, the institution can conduct agricultural insurance in its home province without seeking an approval of its qualifications.
2) 农险业务经营条件。通知规定保险公司经营农险业务需达到如下经营条件：
Qualifications requirements for conducting agricultural insurance. The notice provides that an insurance company should meet the following qualification requirements in order to conduct agricultural insurance:
符合《保险法》《农业保险条例》等法律法规规定。
having complied with the Insurance Law, Agricultural Insurance Regulations and other laws and regulations.
公司业务范围包含农业保险。
its business scope including agricultural insurance.
公司治理和内控管理良好，近3年内未因农业保险业务受到重大行政处罚。
having sound corporate governance and internal control, and having not been subject to material administrative penalties in connection with agricultural insurance during the past three years.
有经股东会或董事会批准的农业保险发展规划，包括经营策略、组织架构和风控体系等。
having agricultural insurance development plans, including business strategy, organizational structure, risk control system and etc., which have been approved by its shareholders meeting or board of directors.
有专门的农业保险管理部门，并配备8名以上农业、保险等相关专业人员，具有较强的农业保险经营和风险管理能力。
having an agricultural insurance management department, with 8 or more employees with experience in agriculture, insurance, etc.; and having relatively strong capabilities to conduct agricultural insurance and manage related risks.
具备相对独立、完善的农业保险信息管理系统，与设立在中国银行保险信息技术管理有限公司的全国农业保险信息管理平台实现数据对接，能完整、及时、准确报送农业保险数据信息。
having a relatively independent and comprehensive agricultural insurance information management system, which can achieve electronic data interchange with the national agricultural insurance information management platform maintained by China Banking and Insurance Information Technology Management Co. Ltd., and can report agricultural insurance data and information in a complete, timely and accurate manner.
有稳健的农业再保险、大灾风险安排以及风险应对预案。
having appropriate arrangements for agricultural reinsurance and catastrophes and plans for risk responses.
上一年度末及最近两个季度末综合偿付能力充足率180％以上；其中专业性农业保险公司上一年度末及最近两个季度末综合偿付能力充足率150%以上。
its comprehensive solvency ratio being no less than 180% as of the end of the last year and as of each of the most recent two quarters; or no less than 150% for a specialized agricultural insurance company.
农业保险业务与其他业务分开管理，单独核算损益。
its agricultural insurance business being managed and accounted for separately from other businesses.
银保监会规定的其他条件。
having met other qualification requirements prescribed by CBIRC
3) 农险业务经营退出。保险机构主动退出农险业务经营需要报告银保监会或其当地局。总公司退出的，其省级分公司自动退出。
Exit from agricultural insurance. An insurance institution should report to CBIRC or its local bureau when it ceases to conduct agricultural insurance. When an insurance company exits the agricultural insurance business, its provincial branches will be deemed to have automatically exited.
4) 两年宽限期。已获得农业保险业务经营资格或开展农业保险共保业务的保险机构，需要在两年内达到通知要求。未达到的，不得继续经营农业保险业务。
Two-year grace period. Insurance institutions that have been approved to conduct agricultural insurance or co-insurance should meet the qualification requirements set forth in the notice within two years, failing which they should cease to conduct agricultural insurance.
5银保监会发布《信用保险和保证保险业务监管办法》
CBIRC Promulgated the Regulatory Measures on Credit Insurance and Guarantee Insurance
2020年5月8日，银保监会发布了《信用保险和保证保险业务监管办法》，于当日生效，《信用保证保险业务监管暂行办法》同时废止。政策性保险公司的中长期出口信用保险和海外投资保险业务不适用本办法。
On May 8, 2020, CBIRC promulgated the Regulatory Measures on Credit Insurance and Guarantee Insurance, which took effect immediately and superseded the Interim Regulatory Measures on Credit and Guarantee Insurance. The measures do not apply to the medium-and-long term export credit insurance and overseas investment insurance conducted by policy-oriented insurance companies.
办法的主要变化与亮点如下：
Main changes and highlights of the measures are listed below:
1) 提高融资性信保业务的准入门槛。办法提高了保险公司偿付能力充足率要求，要求保险公司建立完善的组织架构与专业人才队伍，建立覆盖保前风险审核、保后监测管理的业务操作系统以及建立健全的融资性信保业务管理制度与操作规程。
Raising the bar for conducting financing credit & guarantee insurance. The measures require a higher solvency ratio, and require insurance companies to establish a sound organizational structure, a professional team, a business operating system that covers pre-underwriting risk evaluation and post-underwriting monitoring and management, and a sound financing credit & guarantee business management system and operating procedures.
2) 提高融资性信保业务的承保限额要求。除专营性保险公司外，其他保险公司承保的融资性信保业务自留责任余额累计不得超过上一季度末净资产的4倍。融资性信保业务中承保普惠型小微企业贷款余额占比达到30%以上时，承保倍数上限可提高至6倍。
Heightening requirements concerning underwriting limits for financing credit & guarantee insurance. An insurance company, other than a specialized insurer, conducting financing credit & guarantee insurance should have retained liability of no more than 4 times of its net assets as of the end of its last quarter, or, if the inclusive banking-oriented small and micro business loans underwritten by the financing credit & guarantee insurance business accounts for no less than 30%, such cap can be increased to 6 times.
3) 强化融资性信保业务的管理。办法要求保险公司建立承保可回溯管理机制，每季度开展压力测试。办法同时明确了独立风控的要求，并要求核心业务不得外包。
Strengthening management of financing credit & guarantee insurance. The measures require insurance companies to establish a mechanism for tracing back the underwriting process and conduct stress tests quarterly. The measures also require independent risk control and prohibit outsourcing of core business processes.
4) 加强对合作机构的监督管理。保险公司应建立健全对合作机构的管理制度，根据不同环节合作机构的特点和风险，在准入、评估、退出、举报投诉等方面提出明确要求。
Strengthening supervision and management of cooperating institutions. Insurance companies should establish and improve the co-operating institution management system, and set forth the requirements for access, evaluation, exit, and complaints handling in light of the characteristics and risks of the co-operating institutions during the different phases of the business process.
5) 禁止行为。保险公司不得承保履约义务人已发生变更的债权转让业务，不得承保非银行机构发起的资产证券化业务等。
Prohibited activities. Insurance companies should not underwrite risks relating to the assignment of creditor’s rights where the obligors have been changed, or relating to the asset-backed securities initiated by non-banking financial institutions.
6) 设置六个月过渡期。保险公司如不符合经营资质要求的，应于过渡期内逐步降低融资性信保业务的未了责任余额，妥善消化存量业务；过渡期满后，保险公司仍不符合要求的，不得开展融资性信保业务。
Six-month transition period. If an insurance company fails to meet the operating qualification requirements, it should gradually reduce its outstanding liability balance for its financing credit & guarantee insurance business during the transition period and properly handle its existing credit & guarantee insurance business. If it fails to meet the requirements after expiry of the transition period, it should cease to conduct the business.
7) 合规催收追偿工作。对于委外催收的，保险公司应当与催收机构制定业务合作规则，明确双方权利义务，加强对催收机构业务行为管理。
Compliance of collection and recovery. If debt collection is outsourced, insurance companies should formulate rules for business cooperation with the collection institutions, clarify the rights and obligations of both parties, and strengthen management of the collection institutions’ business activities.
6中国人民银行、银保监会、证监会、外汇局发布《关于金融支持粤港澳大湾区建设的意见》
PBOC, CBIRC, CSRC and SAFE Jointly Promulgated Opinions on Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area
2020年4月24日，中国人民银行、银保监会、证监会、外管局发布《关于金融支持粤港澳大湾区建设的意见》。与保险行业相关的主要内容如下：
On April 4, 2020, PBOC, CBIRC, CSRC and SAFE jointly promulgated the Opinions on Financial Support for the Development of the Guangdong-Hong Kong-Macao Greater Bay Area . Highlights of the Opinions related to the insurance industry are as follows:
1) 扩大保险业开放。支持在粤港澳大湾区内地设立外资控股的人身险公司、外资保险集团、再保险机构、保险代理和保险公估公司，支持符合条件的港澳保险机构在深圳前海、广州南沙、珠海横琴设立经营机构。支持粤港澳大湾区内地与香港、澳门保险机构开展跨境人民币再保险业务。
Further opening up of the insurance industry. Support will be given for the establishment of foreign-controlled life insurance companies, foreign-invested insurance group companies, reinsurance institutions, insurance agencies and insurance adjusters in the Mainland of the Guangdong-Hong Kong-Macao Greater Bay Area (the “GBA”), and support will also be given for qualified insurance institutions from Hong Kong and Macao to set up operating entities in Qianhai of Shenzhen City, Nansha of Guangzhou City and Hengqin of Zhuhai City. Insurance institutions in the Mainland of the GBA are encouraged to conduct cross-border reinsurance business in Renminbi with insurance institutions in Hong Kong and Macao.
2) 港澳保险内地服务。鼓励更多社会资本在粤港澳大湾区内地设立保险机构，支持保险公司在粤港澳大湾区建立资产管理、营运、研发、后援服务、数据信息等总部。在内地与香港、澳门关于建立更紧密经贸关系的安排协议框架下,支持香港、澳门保险业在粤港澳大湾区设立保险售后服务中心。
Social capital’s investment in insurance institutions in mainland GBA area will be encouraged and supported. Encouragement and support will be given for social capital to set up insurance institutions in the Mainland of the GBA, and for insurance companies to establish headquarters in the GBA for asset management, operations, research and development, supporting services, data and information, etc. Under the frameworks of the Closer Economic Partnership Arrangements (CEPA), HKSAR and Macao insurance institutions will be encouraged to establish insurance after-sales services center in the GBA.
3) 跨境机动车辆保险制度。将跨境机动车向港澳保险公司投保责任范围扩大到内地的第三者责任保险保单，视同投保内地机动车交通事故责任强制保险。
Cross-border motor vehicle insurance system. Those who have purchased insurance from Hong Kong or Macao insurance companies to cover third party liability for their cross-border motor vehicles will be deemed to have purchased the compulsory traffic accident liability insurance in the Mainland, if the insurance covers third party liability in the Mainland.
4) 保险业务跨境收支管理和服务。对符合银行保险监督管理机构规定和现行外汇管理政策的保险业务，进一步便利粤港澳大湾区内地银行为已购买港澳地区保险产品的内地居民提供理赔、续保、退保等跨境资金汇兑服务。支持港澳保险公司依法取得人民币合格境外机构投资者和合格境外机构投资者资格，为粤港澳大湾区建设提供融资支持。
Insurance related cross-border payments and services. For insurance business that is conducted in compliance with regulatory rules and policies related to banking, insurance and foreign exchange control, further facilitation will be given for the banks in the Mainland of the GBA to provide cross-border fund remittance and exchange services in connection with claims settlement, policy renewal or surrender for Mainland residents who have purchased insurance products from Hong Kong and Macao. Support will be given for insurance companies in Hong Kong and Macao to obtain RQFII and QFII qualifications in accordance with laws in order to provide financing support for the development of the GBA.
5) 人民币结算。支持粤港澳大湾区保险公司等机构按规定在开展跨境融资、跨境担保、跨境资产转让等业务时使用人民币进行计价结算。
Renminbi as settlement currency. Insurance companies in the GBA are encouraged to use Renminbi for cross-border financing, guarantee, asset transfer and etc.
7银保监会发布《意外险市场清理整顿工作方案》
CBIRC Issued the Work Plan for Cleanup and Rectification of the Casualty Insurance Market
2020年6月17日，银保监会发布《意外险市场清理整顿工作方案》。这一整顿工作将自6月持续到12月份，具体分为保险机构自查阶段、监管抽查阶段以及报告总结阶段。本次整治着重于以下五个方面：
On June 17, 2020, CBIRC issued the Work Plan for Clean-up and Rectification of the Casualty and Accident Insurance Market. The clean-up and rectification work will start in June and end in December 2020, and will include self-inspection by insurance institutions, random regulatory inspection, and summarizing and reporting. The cleanup and rectification work will focus on the following five aspects:
1) 产品管理：是否按规定使用经审批或备案的条款费率、费率浮动是否违背精算原理等。
Product management: whether insurance companies have used policy terms and rates as approved or filed, and whether rate adjustments are in line with actuarial principles, etc.
2) 销售管理：是否存在强制搭售、捆绑销售以及误导销售等违规行为。
Sales management: whether insurance companies have non-compliance acts such as tie-in, bundling and misleading sales, etc.
3) 渠道管理：是否委托不具备合法资格的机构开展销售活动，支付或变相支付手续费等。
Channel management:whether insurance companies have entrusted an institution without requisite qualifications to conduct sales and have paid handling fees or disguised handling fees, etc.
4) 理赔管理：是否以拖延赔付、无理拒赔等方式损害保险消费者合法权益。
Claims handling: whether insurance companies have harmed lawful rights and interests of insurance consumers by means of delaying a payment, rejecting a claim without justifiable reasons, etc.
5) 内部管理：内控管理是否严格，客户信息安全保护是否到位以及信息披露是否依法合规。
Internal management:whether insurance companies have strict internal control, whether customer information protection is in place and whether information disclosure is in compliance with laws and regulations, etc.
8银保监会调整保险资金投资银行资本补充债券投资要求
CBIRC Adjusted Requirements for Insurance Funds Investment in Capital Supplementation Bonds Issued by Banks
2020年5月20日，银保监会发布《关于保险资金投资银行资本补充债券有关事项的通知》，通知于当日生效并取代2019年1月25日发布的同名通知。新版通知放宽了发行人资质要求，并取消了可投资债券的外部评级要求；同时明确保险机构信用风险管理能力应当达到银保监会规定的标准、上季度末偿付能力充足率不得低于120%，并按照发行人所做分类相应确认为权益类资产或者固定收益类资产。
On May 20, 2020, CBIRC issued the restated Notice re Matters Concerning Insurance Funds Investment in Capital Supplementation Bonds Issued by Banks, which took effect immediately and superseded the old notice issued on January 25, 2019. The notice has relaxed the qualification requirements for issuers and removed the external rating requirement for the bonds. The notice requires that insurance institutions meet CBIRC’s requirements on credit risk management and have a solvency ratio of no less than 120% as of the end of the most recent quarter. The notice also requires insurance institutions to record the bonds as equity assets or fixed-income assets in accordance with the classification determined by the issuer.
9银保监会发布《关于落实保险公司主体责任加强保险销售人员管理的通知》
CBIRC Issued Circular on Ensuring Fulfillment of Primary Responsibility of Insurance Companies and Strengthening Management of Insurance Salespersons
2020年5月12日，银保监会印发《关于落实保险公司主体责任加强保险销售人员管理的通知》。通知要求保险公司建立健全销售人员管理制度，严格销售人员招录管理、培训管理、资质管理和从业管理，持续治理销售人员数据质量。通知要求保险公司应将法律法规、从业规则标准、职业道德规范作为销售人员入职和在职培训基本内容，每人每年培训时间不得少于30小时。
On May 12, 2020, CBIRC issued the Circular on Ensuring Fulfillment of Primary Responsibility of Insurance Companies and Strengthening Management of Insurance Salespersons. The Circular requires insurance companies to establish and improve their salesperson management systems, strengthen management of salesperson recruitment, training, qualifications and sales activities, and continuously improve the quality of salesperson related data. The Circular requires that the orientation and ongoing training sessions for salespersons include laws and regulations, practice rules and standards and professional ethics as the basic contents of such training. Each salesperson must receive no less than 30 hours of training each year.
10银保监会发布《关于切实加强保险专业中介机构从业人员管理的通知》
CBIRC Issued Circular on Strengthening Management of Practitioners of Insurance Intermediaries
2020年5月12日，银保监会下发《关于切实加强保险专业中介机构从业人员管理的通知》，通知要求保险中介机构全面承担起管理主体责任，加强对从业人员的统筹管理、招录管理、培训管理、诚信管理，建立从业人员销售能力分级体系并夯实从业人员管理基础。通知要求保险中介机构应将法律法规、从业规则标准、职业道德规范作为从业人员入职和在职培训基本内容，每人每年培训时间不得少于30小时。
On May 12, 2020, CBIRC issued the Circular on Strengthening Management of Practitioners of Insurance Intermediates. The Circular requires insurance intermediates to fully assume the responsibility of management and improve the overall management of practitioners, strengthen management of salesperson’s recruitment, training and trust-worthiness, establish a sales competency grading system for practitioners and build solid foundation for management of practitioners. The Circular requires that the orientation and ongoing training sessions for practitioners include laws and regulations, practice rules and standards and professional ethics as the basic contents of such training. Each practitioner must receive no less than 30 hours of training each year.
11银保监会延长香港再保险交易对手违约风险因子适用期
CBIRC Extended Validity Period of Default Risk Factors for Reinsurance Counterparty in Hong Kong
2020年6月12日，银保监会发布了修订后的《保险公司偿付能力监管规则——问题解答第1号：偿付能力监管等效框架协议过渡期内的香港地区再保险交易对手违约风险因子》，除有效期延长至2021年6月30日以外，其他内容未发生变化。
On June 12, 2020, CBIRC promulgated the amended Insurance Company Solvency Regulatory Rules - Q&A No. 1: Default Risk Factors for Reinsurance Counterparty in Hong Kong during the Transition Period of the Equivalence Assessment Framework Agreement on the Solvency Regulatory Regime, which only extended the expiry date of the rule until June 30, 2021 and made no other changes.
根据该问题解答，在中国内地的直接保险公司向在香港注册的专业再保险机构分出保险业务时，如该专业再保险机构的偿付能力和国际信用评级满足要求、且该专业再保险机构按季度向香港保监局报送偿付能力报告，则该专业再保险机构适用的违约风险基础因子应为0.087，且不需要在分入内地保险公司业务时提供额外担保。
According to the Q&A No. 1, if a direct insurance company registered in the Mainland of the PRC cedes insurance business to a qualified professional reinsurer registered in Hong Kong that (i) maintains requisite solvency and international credit rating and (ii) submits quarterly solvency reports to the Hong Kong Insurance Authority, then the basic default risk factor applicable to such professional reinsurer will be fixed at 0.087, and the reinsurer does not have to provide additional guarantee support when assuming insurance business from a Mainland insurance company.