Article 145. For persons who examine and approve applications for establishing insurance companies that do not accord with the regulations stipulated by this law, or examine and approve Insurance Agents and Insurance Brokers who shall be subject to do not accord with the stipulations, disciplinary actions; in serious cases, criminal liability shall be prosecuted.

Article 146. If personnel in charge abuse their power for personal gains and neglect duty in insurance supervision and management, shall bear criminal liability or disciplinary actions if such actions do not constitute a crime.

Chapter VIII Supplementary Provisions

Article 147. Maritime insurance applies to the relevant regulations in Maritime Law, those not stipulated in Maritime Law apply to the relevant regulations of this law.

Article 148. For the establishment of an insurance company with foreign shareholders, or a branch company of foreign insurance company inside China the regulations of this law shall apply, or other regulations stipulated by laws and administrative documents where such are applicable.

Article 149. Insurance business serving agriculture production shall be supported by the State. Agriculture insurance will be addressed later pursuant to laws and administrative regulations.

Article 150. Regulations for other insurance organizations that are not addressed in this law will be stipulated later pursuant to laws and administrative regulations.

Article 151. Prior to the implementation of this law, insurance companies approved pursuant to State Council regulations will be kept, of these those do not completely accord with the conditions stipulated by this law shall meet such conditions within a certain period. Specific measures shall be stipulated by the State Council.

Article 152. This Law shall enter into force on October 1, 1995.

(For more biz stories, please visit Industry Updates)