Insurance Law

Subscribe to Insurance Law via RSS

 Authored by Dr. Zhan Hao (zhanhao@anjielaw.com) and Ms. Yu Dan(yudan@anjielaw.com)  at Anjie Law Firm

Internet finance is a hot issue in nowadays China, accompanying with more and more corresponding regulations coming up. In the early July of 2015, the Bank of China and ten other regulators published the “Guiding Opinions …

 Authored by Dr. Zhan Hao (zhanhao@anjielaw.com) at Anjie Law Firm

As a full-ledged industry in most western countries, the insurance business is in rapid growth in nowadays China accompanying with transformation going on in the environment and regulation mechanisms of the insurance industry during recent years. Since the enactment of the Insurance Law …

Authored by Dr. Zhan Hao ( zhanhao@anjielaw.com ) and Ms. Yu Dan ( yudan@anjielaw.com ）

Introduction

In 2004, with respect to the overseas use of foreign exchange insurance funds, China Insurance Regulatory Commission (hereinafter referred to as the "CIRC") and the People’s Bank of China (hereinafter referred to as the "PBC") made a joint distribution …

Authored by Dr. Zhan Hao (zhanhao@anjielaw.com) & Xia Yibin (xiayibin@anjielaw.com) at Anjie Law Firm

Recently, the Interpretation of the Supreme People’s Court on Several Issues Concerning the Application of the Insurance Law of the People’s Republic of China (III) (hereinafter referred to as “the 3rd Judicial Interpretation of Insurance Law” or the “Draft”) has promulgated to solicit advice from public. The Draft regulates in detail several commonly occurring issues in judicial practice with respect to life insurance contract, which would be helpful to adjudicate disputes in this regard and have important significance on protecting the parties’ legitimate rights and interests.

The Insurance Law has been amended twice since being enacted in 1995. In 2002, in order to fulfil our country’s commitment for joining the World Trade Organization, the standing committee of the National People’s Congress revised part of the Insurance Law. In 2009, the standing committee of the National People’s Congress revised the Insurance Law again, and significantly altered the provisions relating to insurance industry and insurance contract, especially the part of insurance contract.Continue Reading The 3rd Judicial Interpretation of Insurance Law on Life Insurance has issued to Solicit Advice from Public

Authored by Michael Gu (michaelgu@anjielaw.com) and Shuitian Yu at AnJie Law Firm

Introduction

Less than 2 weeks after the record fine (USD 200 million) in the Japanese Auto Parts and Bearing Manufacturers case that shocked the auto parts industry [1], on 2 September 2014, the Chinese price monopoly regulator, NDRC released its decisions [2] to impose combined fines of RMB 110 million (USD 17.89 million) on 23 property insurance companies and a local trade association in Zhejiang province for their price fixing in relation to car insurance. Among the companies involved in the case, one company is fully exempted and two other are granted significant reduction of the fines. Investigations into the Zhejiang branches of other nine insurance companies were terminated because those nine companies had not fixed prices or reached monopoly agreements.Continue Reading Better Late Than Never: NDRC Publishes Full Decisions on Zhejiang Car Insurance Cartel Case – Analysis of NDRC’s Antitrust Law Enforcement Approach

Authored by Dr. Zhan Hao (zhanhao@anjielaw.com) and Wu Shanshan from AnJie Law Firm

On August 14, 2014, State Council promulgated Several Guiding Opinions Regarding Accelerating the Development of Modern Insurance Services (“New Guideline”) based on the original version of Guiding Opinions [1] issued by State Council in June 15 2006. The New Guideline is deemed as the essential impetus to PRC insurance industry.

 

Continue Reading State Council Issues New Guideline To Accelerate Insurance Development