February. 2007

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Mr. Hai Yang, the president of Steele was invited to take part in the Business Time,  Economic Channel of CCTV.

On January 2, 2007, Mr. James Mintz, the president of James Mintz Group, U.S.A. and his partner, Mr. Ed Morris visited Steele. During the meeting, both parties introduced their own company’s background, businesses and qualifications, and had an in-depth discussion on the future business cooperation.

China Insurance Regulatory Commission (CIRC) revealed that the first White Paper   in risk management field, China Risk Management Report, was basically finished and would be made public recently. It would greatly promote the institutionalization of risk management research in all works of life and improve the capability of risk management of the whole society.

When the clock struck for New Year 2007, a lot of important laws, regulations and rules, which caused a lot of focuses and expectations last year, have brought the day when they began to put into effect simultaneously. The following laws and regulations have already put into effect from January 1, 2007.

The Law of the People’s Republic of China on the Supervision of Standing Committees of People’s Congresses at Various Levels, Law of the People’s Republic of China on Anti-money, Passport Law of the People’s Republic of China, The Self Declaration Rules Concerning Individual Income Tax (Provisional), Organic Administration Regulation of Public Security Organs, Provisions on the Reporting Activities in China Conducted by Foreign Journalists during the Beijing Olympic Games and the Preparatory Period, Decision of Standing Committee of National People’s Congress on Amending Organic Law of the People’s Courts of the People’s Republic of China, Decision of Standing Committee of National People’s Congress on Amending Banking Supervision Law of the People’s Republic of China.

How to Settle a Claim on Health Insurance?

From the angle of settlement of a claim, an insurance company generally has two types of health insurance. One is hospital fee reimbursement and the other is a medical subsidy. Due to the difference of insurance responsibilities and means of settlement between these two types of insurance, difference also exists between settlements of claims after an insurance accident happened. Hospital fee reimbursement means the actual hospitalization costs shall be settled in accordance with the articles that both parties signed. For example, the additional (98) hospital treatment insurance of Pacific Insurance Co., Ltd. first need provide all necessary documents including original case history, brief summary of leaving hospital, inpatient receipts, inpatient cost list (including the medicine list and other treatment cost list), original certificate of insurance and identity certificate.

In addition, the settlement of hospital fee reimbursement is an offset-type insurance payment. In case the insured has reimbursed part of hospitalization costs in his/her work unit or other insurance company before he/she applies for settlement, the reimbursed costs would be excluded when the claims are settled.

A medical subsidy means a certain sum of subsidies would be paid for the hospitalization treatment and it would not be influenced by actual hospitalization costs. For example, the additional (98) hospitalization subsidy insurance and lifetime hospitalization subsidy insurance of Pacific Life Insurance Co., Ltd are settled as per the actual inpatient days. When a settlement is claimed, the every day inpatient facts must be clear. In the event going out without permission or continuing to stay at the hospital after the treatment is finished is found, it will not be recognized in settling the claim.

Six Ways of Money Laundering   

      Currently, there are six ways of money laundering at home and abroad as follows.

a.     Launder money by legal financial system. Lawbreakers use banks or non-bank financial system to launder money. Especially some criminal suspects use fake ID cards to open many accounts to transfer and hide illegal income and its profits.

b.      Launder money by underground banks. Lawbreakers use underground bankers to transfer money abroad. Underground banks are illegal financial organizations in part of coastal regions and border districts of China , which engage in illegal businesses such as currency exchange, transfer of money across jurisdiction, etc.. Underground banks breed and help the serious crimes such as drug trafficking and smugglings etc., which result in seriously disrupting state financial order.

c.       Lauder money by network. Lawbreakers use on-line banks to transfer illicit money. Some of them also use on-line gamble to launder black money white.

d.      Launder money by smuggling cashes. Lawbreakers take cashes with them or hide cashes in vehicles to enter and leave a country.

e.      Lauder money by investment. Lawbreakers launder money by means of investment in building hotels, setting up companies, purchasing apartments or houses and real estate etc.. Some of them even establish companies in other countries to disguise their crime income.

f.   Lauder money by import and export. Transfer illicit money across jurisdictions by means of padding  import and export price or forging relevant trade documents etc.

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