Insurance Law

Issued: June 1 2002Main contents: The Circular states that business tax and deed tax will not be levied on the transfer of ownership of immovable property…

Clarifies the application of "time of work", "area of work" and "on the way to or from work".

Prohibits reserves, funds or future expenses withdrawal (except for bad debt) for taxation purposes.

Restrictions on business scope, staffing and geographical location of sales service departments of insurance companies.

Principles governing the separate account arrangement, valuation date and measurement of income revenue and expenses of investment-linked products.

After the PRC accession to WTO, the threshold for a "large-scale commercial enterprise" is gradually lowered.

Regulates the operation and setting up of insurance agencies in the PRC.

Regulates the insurance assessors business in China.

Regulates the establishment, activities, and account management of insurance brokers in China.