The beginning of August 2008 (Xinhua) The Chinese State Council today (Friday) on the draft amendment of the Insurance Law to increase efforts to monitor the market and promote the healthy development of the industry.
The State Council approved at an executive meeting chaired by Premier Wen Jiabao that the image of the industry change with the new problems occur and therefore it is necessary to amend the current Insurance Act.
The meeting said that "this will help better organize the work of the behavior of believers and to prevent and control risks and protect the interests of the believers."
The audit said some additional items of the Statute of the industry as well as some of the articles of organization and promotion of personal oversight responsibilities of the market and means of administration without giving further details.
The meeting agreed to submit the draft to the Standing Committee of the National People's Congress for review after the other reviews.
It should be noted that the insurance industry in China have developed rapidly in recent years with the increase in insurance premiums to the entry of 561.79 billion yuan, or about 82.09 billion U.S. dollars in the first half, an increase of 51 percent over the same period last year.
The total assets of Chinese insurance industry 3.02 trillion yuan as of June compared with 2.9 trillion yuan at the end of last year.
The meeting also agreed to amend the current regulations for the regulation of foreign exchange to facilitate trade and investment activities and to correct the balance of international payments and promoting the flow of capital across borders.
He added the meeting that the revised regulations will be published and shall become effective after further review.
The meeting reviewed and approved the draft of the Declaration on the concentration of business operators.
The meeting noted that "control over other business operators through merger and the shares or assets is closely linked to the fair market system. The control of concentration of business operators in the basic element of the Antimonopoly Act."
The first law of Chinese anti-monopoly came into effect on Friday, a cornerstone in its efforts to strengthen the forces of market competition and the elimination of monopolies.
The items will be published the draft and become effective after further review.
The State Council approved at an executive meeting chaired by Premier Wen Jiabao that the image of the industry change with the new problems occur and therefore it is necessary to amend the current Insurance Act.
The meeting said that "this will help better organize the work of the behavior of believers and to prevent and control risks and protect the interests of the believers."
The audit said some additional items of the Statute of the industry as well as some of the articles of organization and promotion of personal oversight responsibilities of the market and means of administration without giving further details.
The meeting agreed to submit the draft to the Standing Committee of the National People's Congress for review after the other reviews.
It should be noted that the insurance industry in China have developed rapidly in recent years with the increase in insurance premiums to the entry of 561.79 billion yuan, or about 82.09 billion U.S. dollars in the first half, an increase of 51 percent over the same period last year.
The total assets of Chinese insurance industry 3.02 trillion yuan as of June compared with 2.9 trillion yuan at the end of last year.
The meeting also agreed to amend the current regulations for the regulation of foreign exchange to facilitate trade and investment activities and to correct the balance of international payments and promoting the flow of capital across borders.
He added the meeting that the revised regulations will be published and shall become effective after further review.
The meeting reviewed and approved the draft of the Declaration on the concentration of business operators.
The meeting noted that "control over other business operators through merger and the shares or assets is closely linked to the fair market system. The control of concentration of business operators in the basic element of the Antimonopoly Act."
The first law of Chinese anti-monopoly came into effect on Friday, a cornerstone in its efforts to strengthen the forces of market competition and the elimination of monopolies.
The items will be published the draft and become effective after further review.
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