The shareholders’ qualification and the appointment qualification of directors, supervisors and senior management personnel of an insurance company shall, in accordance with the Provision on the Qualifications of Directors, Supervisors and Senior Managers of Insurance Companies newly revised by CIRC on January 8th, 2010 and Administration of Insurance Companies Regulation newly revised by CIRC on September 25th, 2009 and other regulations, be submitted to CIRC for examination and approval thereof. If they fail to perform their duties or there are significant negligence of duty, CIRC may order the insurance company to replace such personnel or cancel their appointment qualifications.
The insurance company’s directors, supervisors and senior management personnel shall strengthen their learning of the related information and capabilities and take part in training in accordance with relevant regulations.
The significant resolutions of the shareholders’ general meeting and the board of directors of an insurance company must be submitted to CIRC within thirty days after such resolution have been made.
The insurance company’s board of directors shall submit to CIRC the internal control evaluation report, risk evaluation report, regulation compliance report and others each year.
The internal control evaluation report shall include the implementation circumstance of the internal control system, the existing problems, the corrective and improvement measure and others. The risk evaluation report shall contain the evaluation of the insurance company’s solvency risk, investment risks, product pricing risks, provision of reserve funds risk, interest rate risk and others as well as corrective and improvement measures thereof. The regulation compliance report shall include significant non-compliance matters, the problems existing in regulation-compliance management, the corrective and improvement measure and others.