Administrative Measures For The Representative Offices Of Foreign Insurance Institutions

Original Language Title: 外国保险机构驻华代表机构管理办法

Subscribe to a Global-Regulation Premium Membership Today!

Key Benefits:

Get a Day Pass for only USD$9.99.
(July 12, 2006, 2006 5th China insurance regulatory Commission promulgated as of September 1, 2006) Chapter I General provisions article in order to strengthen the representative offices of foreign insurance institutions (hereinafter "representative offices") management, meet the needs of opening up of China's insurance market, according to the People's Republic of China insurance, these measures are formulated.
    The second foreign insurance institutions in these measures, means registered in China, foreign insurance companies, reinsurance companies, insurance intermediaries, insurance associations, and other insurance organizations.
    Representative offices in these measures refers to foreign insurance companies allowed to set up in China and are engaged in contacts, market research and other non-business activities of representative offices and representative offices.
    Chief Representative in these measures refers to head of the representative office's main; general representative in these measures refers to General Representative Office in charge.
    Third representative office must abide by Chinese laws and regulations, and the China insurance regulatory Commission (hereinafter "CIRC") of the relevant provisions.
    Representative body of the legitimate rights and interests protected by the Chinese laws.
    Fourth Circ in accordance with the law and authorized by the State Council, on behalf of the institutions to fulfil supervisory duties.
    Agency of the China insurance regulatory Commission, within the scope of authority of the CIRC, on behalf of the representative office of the China insurance regulatory Commission to the area to implement daily supervision.
    Second chapter application and established fifth article application established representative at of foreign insurance institutions (following referred to "application who") should has following conditions: (a) business status good; (ii) foreign insurance institutions business has insurance business of, should business insurance business 20 years above, no business insurance business of, should established 20 years above; (three) application of recently 3 years within no major illegal violations records; (four) China Circ provides of other carefully sex conditions.
    To carry on insurance business for more than 20 years referred to in the preceding paragraph refers to foreign insurance institutions continue to carry on insurance business for more than 20 years, foreign insurance institutions to absorb other institutions or merging with other institutions to establish new insurance agencies, does not affect the calculation of the length of its insurance business.
    Subsidiaries of foreign insurance institutions to carry on insurance business of life, from the start of the establishment of the subsidiary company.
    The age limit for a foreign insurance company to carry on insurance business, an earlier time in the following time start: (a) the time the Group started to carry on insurance business (ii) subsidiaries of the group to carry on insurance business in time to start carrying on insurance business.
    Sixth article application who should submitted following material: (a) official application table; (ii) by Chairman or General Manager signed of to China Circ President of applications; (three) where national or area about competent authorities issued of license or legal opened proved or registered registration proved of copies; (four) institutions articles, Board members list, and management layer personnel list or main partner list; (five) application of recently 3 years of annual report;
    (Six) where national or area about competent authorities issued of on application who in China territory established representative at of submissions, or by where industry Association issued of recommended letter, submissions or recommended letter should statement application who in issued submissions or recommended letter of recently 3 years by punishment of records; (seven) representative at established of feasibility and need research report; (eight) by Chairman or General Manager signed of Chief authorized book;
    (IX) any representative of the applicant to be 3 years before the application date for major violations by country or region penalty statement and (10) to be appointed Chief resumes (11) other materials submitted by the Circ.
    "License", "legal business certificate" and "registration" must obtain a copy of their country or region established according to law the notary notarized or certified by the Chinese in the country and consular mission. Article seventh applicant shall submit an application to the China insurance regulatory Commission materials. On intends set representative at of application, China Circ should according to following situation respectively processing: (a) application material exists can spot corrections of errors of, should allows application people spot corrections; (ii) application material not complete or not meet statutory form of, should spot or in 5th within once told applicants need correction of all content, late not told of, since received application material of day up that for accepted; (three) application material complete, and meet statutory form,
    Or correction all application materials submitted as requested by the applicant, shall accept the application.
    Accept or not to accept an application by the CIRC, shall be issued with special seal and date in written form. Article eighth representative office, China insurance regulatory Commission on the basis of prudent review of the application, and shall from the date of acceptance of the application in the 20th, the decision to approve or not to approve.
    Cannot make a decision in the 20th, and approved by the Chairman of the China insurance regulatory Commission, extension of the 10th, and shall inform the applicant of the reasons for such further period.
    Approved by decision and issue an approval document; decides not to approve, and shall state the reasons in writing.
    After Nineth representative office receiving the instruments of ratification shall be in accordance with the relevant provisions of the registration.
    Representative Office within 3 months from the date on which the instruments of ratification shall receive into a fixed office space, to the written report of the CIRC and the following considerations: (a) the business registration certificate, (ii) Office proof of legal rights and (iii) the Office phone, fax, postal address (iv) representative, mobile, email.
    Representative Office received within 3 months from the date on which the instrument of ratification is not writing to the CIRC report, considered moving into fixed work place, the original approval automatically lapse.
    Third chapter supervision management tenth article representative at of name should followed by by following content composition: "foreign insurance institutions belongs national or area name", and "foreign insurance institutions name", and "where city name" and "representative at"; total representative at of name should followed by by following content composition: "foreign insurance institutions belongs national or area name", and "foreign insurance institutions name" and "standing China total representative at".
    Article 11th except the principal responsible person, other major staff members shall be entitled "representative" or "Deputy Representative".
    12th representative office shall abide by Chinese laws and regulations, good character, has no record of serious violation.
    13th General representative or chief representative shall perform their duties with the necessary qualifications, experience and capability.
    Chief Representative shall have a minimum 8 years work experience, college degree or above; Chief Representative shall have at least 5 years work experience, college degree or above.
    Chief Representative and General does not have a university degree or above, should have more than 10 years experience in insurance.
    Article 14th each expatriate staff of the representative office for a maximum of not more than 3 people.
    15th representative offices and their staff shall not in any way engaging or participating in business activities.
    16th representative office shall have an independent, fixed office space and full-time staff.
    17th General representative or chief representative shall not serve in 2 or more representative offices also may not serve any business institution in China.
    18th general representative or chief representative shall be the routine work of the representative office and the permanent time accumulated not less than 240 days per year.
    General representative or Chief Representative leaves representative office not later than 30th in a row at a time; leave representation than 14th in a row, shall appoint a person to act in his post, and reported to the local agency of the China insurance regulatory Commission in writing.
    19th representative office shall, before the end of February each year to the local agency of the China insurance regulatory Commission to submit two copies of the report on the work of the previous year, redirected from the local Office of the China insurance regulatory Commission Circ.
    The format of the report shall be stipulated by the Circ.
    Article 20th representative offices of foreign insurance institutions on behalf of each year within 6 months after the end of the fiscal year, should give the Chinese insurance regulatory Commission and the local agency of the China insurance regulatory Commission submitted its foreign insurance institutions represented by the previous year's annual report.
    21st article representative institutions representative of foreign insurance institutions has following case one of of, representative institutions should since event occurred of day up 10th within, to China Circ submitted written report, while copy local China Circ sent institutions: (a) company articles, and registered capital or registered address change; (ii) Division, and merged or main head changes; (three) business serious losses; (four) for illegal, and violations behavior by punishment;
    (E) foreign insurance institutions where the national or regional competent authorities impose significant regulatory measures (f) other matters that have a significant impact on business.
    22nd article representative institutions replaced total representative or Chief of, should to China Circ application, and submitted following material: (a) by its representative of foreign insurance institutions Chairman or General Manager signed of to China Circ President of applications; (ii) by its representative of foreign insurance institutions Chairman or General Manager signed of intends any total representative or Chief of authorized book; (three) intends any total representative or Chief of ID ming, and degree proved and resume; (four) China Circ provides of other material.
    Article 23rd change the name of the representative office, shall apply to the CIRC, and submit the following materials: (a) a name change request form, (ii) foreign insurance institutions represented by its Chairman or General Manager of application signed by Chairman of the China insurance regulatory Commission, and (iii) other materials stipulated by the Circ. Article 24th in China has set up more than 2 representative offices of foreign insurance institutions, you can specify one of the representative office for General Representative Office, but shall, in accordance with the provisions of this article 23rd, applied to the China insurance regulatory Commission representative office name changed to General Representative Office.

    Representative Office approved the change as a general representative office, the General Representative Office shall within 1 month from the date of the China insurance regulatory Commission approved the change according to industrial and commercial registration of the representative office.
    25th Chief Representative of Representative Office representative of total change, or change of name in accordance with this regulation to apply to the China insurance regulatory Commission, CIRC shall from the date of acceptance of the application in the 20th, the decision to approve or not to approve.
    Decided to approve and issue an approval document; decides not to approve, it shall make a written decision with reasons.
    26th a representative office within the same administrative area it resides only change its office location, and shall from the date of change in the 5th to the CIRC and the local agency of the China insurance regulatory Commission a written report the following: (a) the lawful right to prove that new office space; (b) the new office phone, fax, postal address.
    Changes referred to in the preceding paragraph include Office space office space move, enlarge, shrink, or of new office space.
    27th Representative Office revoked, shall from the date of revocation, within 20th Circ a written report the following: (a) the representative body to revoke the note; (b) the representative offices of foreign insurance institutions to withdraw copies of the documents.
    28th representative body to replace or change representatives, Deputy representatives and foreign staff, shall be replaced or changes in personnel within 5th of local agency of the China insurance regulatory Commission report and submitted to the persons appointed by identification and evidence of qualifications and resume.
    29th representative offices of foreign insurance institutions after the abolition of General Representative Office is the only representative offices, the General Representative Office shall, in accordance with the provisions of this article 23rd, General representative office name change petitions to the China insurance regulatory Commission for the representative office.
    Changing a general representative office is approved for the Office of representative office shall within 1 month from the date of the China insurance regulatory Commission approved the change for industrial and commercial registration according to law.
    30th representative office after the abolition of foreign insurance institutions with representative offices of their representatives, the General Representative Office is responsible for the outstanding issues without establishment of a representative office, by the representative of the other representative offices of foreign insurance institutions in charge of unsettled matters; it represents all the representative offices of foreign insurance institutions were revoked, represented by its foreign insurance institutions for the outstanding matters.
    31st or the local agency of the China insurance regulatory Commission Circ in accordance with regulatory needs, you can talk to supervision of the General representative or Chief Representative of representative office, suggesting that risk, and call it an explanation on the issue.
    32nd representative offices of CIRC and its local agencies in accordance with the daily and annual checks.
    Daily and annual inspection includes: (a) the representative body modification procedures are complete, (ii) the declarations the contents of line with the actual situation, (iii) change of appointment or of the staff of the representative office procedures are complete; (d) the representative institutions are engaged in business activities (e) Agency of the China insurance regulatory Commission and other matters required.
    33rd fourth chapter legal liability in violation of these regulations, without approval to establish representative offices, the China insurance regulatory Commission shall be banned.
    34th article violates this regulation is engaged in financial business activities, by CIRC in accordance with the provisions of relevant laws and regulations will be punished.
    Article 35th did not submit a report in accordance with this regulation or material, or the local agency of the China insurance regulatory Commission Circ a rectification, with a warning, if the circumstances are serious, and fined 1000 Yuan fine.
    Article 36th over the representative offices in violation of these regulations is engaged in financial business activities have direct responsibility on behalf of Agency staff, be warned by the China insurance regulatory Commission, if the circumstances are serious, fined 5000 Yuan fines; directly responsible for acts contrary to the approaches of other non-operating employees of representative office, be warned by the China insurance regulatory Commission, if the circumstances are serious, and fined 1000 Yuan fine.
    37th Representative Office provided false information or concealing important facts, be warned.
    38th article violates other provisions of these measures shall be ordered to correct; it fails to mend, with a warning.
    39th local agency of the China insurance regulatory Commission shall timely punishment of the representative bodies reporting to the Circ.
    Representative offices of Circ or the local agency of the China insurance regulatory Commission more than 3 times the administrative punishment, or engage in, participate in management activities huge amount of illegal proceeds, serious, the CIRC may be punished as its representative on the situation of foreign insurance institutions in China to set up foreign-funded insurance companies prudential conditions be taken into account.
    The fifth chapter by-laws 40th Hong Kong, Macau and Taiwan area insurance institutions established representative offices in the Mainland, these measures shall apply mutatis mutandis.
    41st by the China insurance regulatory Commission approved the establishment of resident offices of foreign insurance institutions, these measures shall apply mutatis mutandis.
    42nd establishment of representative offices of foreign insurance institutions of formal application form and represents the Agency name change request form is provided by the China insurance regulatory Commission.
    43rd article of the referred to "upper" and "lower", "within", including the number itself. Materials submitted by the 44th article of the regulations shall be in Chinese.
    Foreign insurance institutions located in countries or regions to provide materials for foreign language, shall be attached to Chinese translation Chinese translation and foreign language is ambiguous, the Chinese version shall prevail.
    45th provisions relating to ratification, reporting periods herein refers to working days, excluding holidays.
    Article 46th explain these measures by the China insurance regulatory Commission. 47th article of the rules take effect on September 1, 2006.
                                                                  Circ issued on January 15, 2004 the management of representative offices of foreign insurance institutions abolished at the same time.

Related Laws