The Revised Insurance Law of PRC was adopted at the 7th session of the Standing Committee of the Eleventh National People's Congress on Feb. 28, 2009, and would be taken effect on Oct. 1, 2009. It's a big event for Chinese domestic insurance industry. To be well prepared for it, a series of action has been taken within AZCN as of March 2009.
With support from the China Insurance Regulatory Commission Guangdong Bureau (CIRC GD), our company organized a training of the new Insurance Law in the afternoon of May 22. All employees of Guangzhou Head Office and sales agents from Sales Service Center attended the training.
Supplementary reading materials, e.g. the book "Legal Interpretation of Insurance Law of the People's Republic of China" edited by Wu Dingfu (Chairman of CIRC BJ) were delivered to all staffs, for their further study as well.
We also invited our Legal Adviser to review all the terms and conditions of our insurance products, to make necessary amendment and apply for record in regulatory authorities…
In the future, more plans shall be implemented continuously in conjunction with the new Insurance Law, for we always want to be a responsible, law-abiding practitioner of the insurance industry here in China.
