Source: China Securities Journal      Date: 27 May, 2010

Information Disclosure Management Measures of Insurance Company, issued by CIRC on the 26^th May, stipulates that the annual information disclosure report should be published before the 30^th April on the official website of insurance company and the newspapers specified by CIRC. The Measures implemented since the 12^th June clarifies also the requirements towards the non-listed insurance company.

The Measures require that the insurance company should disclosure the basic information of the company, the accounting information, risk control situation, insurance products, solvency information and major events, etc.

The Measures emphasize that the insurance company must disclosure solvency information in order to ensure that the public is aware of the financial operation situation and the solvency of insurance company. Insolvent insurance companies should explain the reasons. Besides, insurance companies should also disclosure the major strategic investment, significant insurance payment or important investment loss.

Insurance companies should create the official website as one of the support of information disclosure. As to different types of information, the Measures stipulate different disclosure methods and times: 1. The basic information of company should be disclosed on the official website and be updated within 10 working days of any change; 2. The annual information disclosure report should be published before the 30th April on the official website of company and the newspaper specified by CIRC; 3. Insurance companies should disclose the major events within 10 working days on the official website of company.

CIRC related responsible person said, since the insurance industry a risky industry that has a strong relationship with the public interest, the market requires insurance companies to disclose more information. So we formulate the Measures to further protect the legitimate rights and interests of policyholders, insured and beneficiary, to perfect the governance structure of insurance companies and the insurance regulatory system, and to improve the efficiency of the insurance market.