Insurance Act Amendment Bill, the State Council approved in principle

On the 1st Chinese Premier Wen Jiabao chaired a State Council executive meeting discussed and approved in principle the "People's Republic of China Insurance Law (revised draft)", examined and approved in principle "the People's Republic of China Foreign Exchange Management (Amendment Bill)" and "the State Council on the operators to focus on Declaration of the provisions of the standard (Draft). "

The meeting held that in order to further regulate insurance companies conduct of operations, was to strengthen the protection of the interests of insurance, strengthen and improve the supervision of the insurance market, effectively preventing and defusing risks, and promote the healthy development of the insurance industry, there is a need for rapid development of China's insurance industry In the new situation and new problems, the existing Insurance Act be amended. Insurance Act Amendment Bill further defined the insurance activities of the parties the rights, obligations, the insurance industry self-regulation and the basic system requirements further added that the improvement and strengthening of the insurance regulatory agencies and regulatory responsibilities means that the corresponding legal responsibility. The meeting decided that the "People's Republic of China Insurance Law (Amendment Draft)" After further amendments, submitted by the State Council of the NPC Standing Committee to consider.

The meeting noted that the balance of payments situation in order to adapt to change and deepen foreign exchange management system reform needs, the need to revise the Foreign Exchange Management Regulations. Amendment Bill to facilitate trade and investment activities to promote the international balance of payments and the national economy and healthy development as the goal of a balanced management of foreign exchange inflow and outflow of funds, improve the RMB exchange rate formation mechanism and financial institutions, foreign exchange management system, the establishment of an international balance of payments emergency protection system And strengthening cross-border capital flows monitoring, and improve monitoring of foreign exchange and other means and measures to make the requirements and corresponding clear on the legal responsibility.

The meeting held that the operators through a merger or equity, assets and other means to control the other operators, such as operators focus on behavior has a direct bearing on the normal order of market competition. Control operators to focus on anti-monopoly law is important to establish a system. To prevent operators concentrated lead to the exclusion, restriction of market competition, there is a need based on China's reality, learn from international experience, operators focused on the development of reporting standards. According to the draft on the participation of operators on an annual global turnover and turnover in the two indicators, clearly provides operators focus on the declaration of standards. Operators concentrated up to the required standards, should advance to the State Council's departments in charge of reporting.

The meeting decided that "the People's Republic of China Foreign Exchange Management (Amendment Bill)" and "the State Council on the declaration of operators on the provisions of the standard (Draft)", as further amended, by the State Council for implementation.