To further improve the actuarial regulatory system for non-life insurance, give full play to the role of chief actuaries in the operation and management of property insurance companies and reinsurance companies, and promote their healthy development, in accordance with the relevant provisions of the Measures for the Administration of Chief Actuaries of Insurance Companies (hereinafter the "Measures"), matters concerning the implementation of the chief actuary system by property insurance companies and reinsurance companies are hereby notified as follows:

        1. As of the date of issuance of this notice, the China Insurance Regulatory Commission (CIRC) is fully implementing the chief actuary system across property insurance companies and reinsurance companies. All property insurance companies and reinsurance companies shall strictly comply with the relevant provisions on chief actuaries in the Measures and this notice.

        2. A property insurance company or reinsurance company that has already appointed a chief actuary shall not abolish the position; one that has appointed an actuarial responsible person shall appoint a chief actuary no later than 1 January 2020. If the actuarial responsible person leaves office due to resignation, dismissal or removal, the property insurance company or reinsurance company shall immediately appoint a chief actuary. Property insurance companies and reinsurance companies established after the date of issuance of this notice shall appoint a chief actuary.

        3. The appointment of a chief actuary by a property insurance company or reinsurance company shall be submitted to the CIRC for qualification approval. The chief actuary of a property insurance company shall hold an actuarial qualification in the property insurance discipline; the chief actuary of a reinsurance company specialising exclusively in property reinsurance shall hold an actuarial qualification in the property insurance discipline; the chief actuary of a reinsurance company specialising exclusively in life reinsurance shall hold an actuarial qualification in the life insurance discipline; for a reinsurance company conducting both property and life reinsurance business, the discipline of the chief actuary's actuarial qualification is not restricted.

        4. This notice takes effect from the date of issuance, and the Notice on Issues Concerning Strengthening Non-life Actuarial Work (Bao Jian Fa [2010] No. 58) issued by the CIRC on 8 July 2010 is repealed at the same time.

Source: CIRC website