News Regulations20 Feb 2018

China:Rules for loss adjusting firms to take effect on 1 May

20 Feb 2018

China's insurance regulator has issued new rules for insurance adjusters, in a bid to tighten control and raise standards in the insurance market.

The new rules will come into force on 1 May, reported the Xinhua News Agency citing a statement by the CIRC.

According to the rules, insurance adjusting entities should take the form of either partnerships or corporations, and employ professional staff for insurance adjustment.

The rules requires the insurance adjusting partnership to have no less than two public adjusters, while at least two-thirds of its partners should be practitioners with at least three years of professional experience who have not been banned from work in the last three years.

An insurance adjusting company should have no less than eight public adjusters and two shareholders. At least two-thirds of its shareholders should be practitioners with at least three years of professional experience who have not been banned from work in the last three years, CIRC said.

The rules play an important role in optimising the regulatory system for insurance assessment and protecting the legitimate rights of the parties involved in claim adjustments, an CIRC official said.


 

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