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Memorandum of Understanding on the Joint Punishment of Subjects who Breach Trust in the Field of Insurance

Notice Issuing the

Memorandum of Understanding on the Joint Punishment of Subjects who Breach Trust in the Field of Insurance.

To all provinces, autonomous regions, municipalities directly controlled by the central government, and to relevant departments and institutions of the Xinjiang Production and Construction Corps:

In order to comprehensively implement the spirit of the 18th Party Congress, and of the 3rd, 4th, 5th, 6th, Plenums, to implement the requests of such documents as the “State Council Opinions on Promoting Safe Competition and Safeguarding the Normal Order of the Market” (State Council Document no. 20 [2013]), the “State Council Opinions on Accelerating the Development of a Modern Insurance Sector” (State Council Document no. 29 [2014]), the “State Council Notice Issuing the Planning Outline on the Construction of a Social Credit System (2014-2020)” (State Council Document no. 21 [2014], and the “State Council Guiding Opinion on Improving the System of Joint Incentives and Joint Punishments and Accelerating the Construction of a Social Credit System” (State Council Document no. 3 [2016]), the construction of credit in the insurance industry shall be accelerated, and the formation of a powerful joint force to praise integrity and punish breaches of trust shall be promoted.

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