(May 13, 2004, China insurance regulatory Commission order 2004 4th release since June 15, 2004) article in accordance with the People's Republic of China insurance and the People's Republic of China regulations on the management of foreign insurance companies (hereinafter referred to as the regulations), these rules are formulated.
Foreign insurance companies referred to in article II of the regulations refers to overseas-incorporated, operating insurance businesses of insurance companies in China.
The third foreign insurance company and China's companies, companies set up joint ventures in China joint-venture insurance companies engaged in life insurance business (hereinafter referred to as the joint venture life insurance company), in which the proportion of foreign investment shall not exceed the company's total share capital of 50%.
Foreign insurance company directly or indirectly holds shares in the joint venture life insurance company shall not exceed the limit provided for in the preceding paragraph.
The fourth article of the Ordinance before the commencement of the establishment of foreign-funded insurance companies in China, and its registered capital or operating capital less than 200 million yuan renminbi, or its equivalent in a freely convertible currency, shall be paid within 2 years after the effective date of this rule; not paid-up registered capital or operating capital, for its new business application, CIRC shall not be approved.
The fifth foreign-funded insurance company's registered capital or working capital shall be paid in currency.
Sixth branch of a foreign insurance company after the establishment of foreign insurance companies are not allowed to withdraw operating funds in any form.
The seventh article of the Ordinance eighth article alleged to carry on insurance business for more than 30 years, refers to the foreign insurance company to carry on insurance business for more than 30 years, other agencies of the foreign insurance company merger or merging with other institutions to set up a new insurance company, do not affect the calculation of the length of its insurance business.
Subsidiaries of foreign insurance company to carry on insurance business of life, from the time of the establishment of the subsidiary company is counted.
Article eighth of the eighth of the representative body referred to in article, refers to the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) approved by the representatives of the following bodies: (a) the representative offices of foreign insurance companies established; (b) the representative office established by a group of foreign insurance companies.
Nineth established by a group of foreign insurance companies, or their respective representative bodies, can only apply to the establishment of a foreign-owned insurance companies.
The tenth article of the Ordinance eighth establishment referred to in article 1 year prior to the application, refers to the date of application of the end of the previous fiscal year.
The 11th article of the Ordinance the eighth other prudent requirements as referred to in the seventh, including at least the following conditions: (a) corporate governance structure, (ii) risk management system robust, (c) integrity of the internal control system, (iv) effective management information systems (v) operating in good condition, no major violation records.
12th the applicant is unable to provide the Ordinance Nineth second request of business license (duplicate) can provide effective business license copy issued by the competent authorities of the applicant is entitled to carry on insurance business written.
13th article Ordinance Nineth article second items by said foreign applicants where national or area about competent authorities on its meet paid capacity standard of proved, should including following content one of: (a) in about competent authorities issued proved of day of Shang a fiscal year, the applicants of paid capacity meet the national or area of regulatory requirements; (ii) in about competent authorities issued proved of day of Shang a fiscal year in the, the applicants no inconsistent meet national or area paid capacity standard of records.
14th article Ordinance Nineth article second items by said foreign applicants where national or area about competent authorities on its application of submissions, should including following content: (a) the applicants application in China territory established insurance institutions whether meet the national or area of legal provides; (ii) whether agreed the applicants of application; (three) in about competent authorities issued views of day of Qian 3 years, the applicants by punishment of records.
15th Nineth annual report referred to in article VI of the regulations, and shall include the date of filing, the applicant's first 3 fiscal year balance sheets, income statements and cash flow statements.
Reports listed in the preceding paragraph shall be attached by the applicant countries or regions approved audit opinions issued by the certified public accountants or auditors.
16th article except legal, and administrative regulations another has provides or by State approved outside, Ordinance Nineth article fourth items by said China applicants should meet following conditions: (a) by business administration sector registration registered of has corporate qualification of company or enterprise, commercial banks, and securities institutions and People's Republic of China foreign-funded enterprises method provides of foreign-funded enterprises except; (ii) by enterprise administrative competent organ or its shareholders will approved; (three) business status good, and application day of Shang a fiscal year for profit;
(D) with its own capital investment from legitimate sources.
17th to set up a joint venture insurance company in China the applicant shall submit relevant information including business license (copy), companies or the articles of Association, business structure, business history, annual reports of the last 3 years, as well as records of the last 3 years to be punished.
18th the proposed foreign insurance companies in charge of the preparation shall satisfy the following conditions: (a) a college education, (ii) or 2 years experience in insurance, (iii) no criminal record.
19th an applicant under the Ordinance section 11th requesting an extension of the preparatory period shall, within 1 month before the date of expiry of the preparatory period written applications to the China insurance regulatory Commission and state the reasons.
20th 11th of the regulations referred to in article lead reports, and other content of the article should be reviewed.
21st the regulations section 11th of statutory capital verification organization referred to in the fourth, refers to the accounting firms meet the China insurance regulatory Commission requirements.
22nd 11th article of the Ordinance referred to in the fourth the capital verification certificate, shall include the following information: (a) capital verification report issued by a statutory capital verification organization; (b) the registered capital or working copy of the original bank receipt voucher evidencing funds.
The 23rd article of the Ordinance referred to in the fifth section the 11th Chief, refers to the General Manager of the branch of a foreign insurance company to be established.
On the branch of a foreign insurance company to be appointed Chief of the authorization is signed by the Chairman or General Manager of a foreign insurance, on the branch of a foreign insurance company to be appointed General Manager of the power of attorney.
Powers of attorney should be clearly documented mandate of the licensee.
24th article of the Ordinance 11th sixth referred to senior management of the company to be established shall meet the qualification requirements stipulated by the Circ.
Senior Manager of the branch of a foreign insurance company shall meet the qualifications of senior managers of an insurance company.
25th the regulations section 11th of the Nineth referred to information on the proposed establishment of the place of business of the company, refers to the evidence of the right of use or ownership of business premises.
Regulations section 11th Nineth referred to information and other business-related facilities, at least include computer equipment, network-building, and information management systems.
26th article Ordinance and this rules requirements application established foreign insurance company of foreign insurance company provides of following file or information, should by where national or area law established of notary institutions notary, or by China standing the country makes, and consulates certification: (a) license (copy) or license of effective copies; (ii) on intends any foreign insurance company branch main head of authorized book; (three) foreign insurance company on its China territory branch bear tax, and debt of responsibility guarantees book.
The 27th foreign-funded insurance company based on business need to apply to set up branches. Branch of a foreign insurance company only in their own provinces, autonomous regions or municipalities operate within the same administrative area.
Insurance companies insurance companies, joint ventures outside their home provinces, autonomous regions and municipalities to carry out business, should set up branch offices. Foreign insurance companies can be set up according to the actual situation to apply for branch, company, business or marketing department.
The establishment and management of marketing services, otherwise provided by the China insurance regulatory Commission, to apply its provisions.
The 28th joint venture insurance companies, owned an insurance company lowest registered capital of RMB 200 million Yuan to establish, in their place of residence of each province, autonomous regions and municipalities applying for establishing a branch office for the first time, should be increased by no less than RMB 20 million yuan of registered capital.
When applying for establishing a branch, joint-venture insurance company, wholly-owned insurance company registered capital reached after the capital increase the amount provided for in the preceding paragraph, can no longer increase its registered capital.
Insurance companies insurance companies, joint ventures a registered capital of 500 million Yuan, in the case of solvency, set up branch offices do not need to increase its registered capital.
29th foreign-funded insurance company applying for the establishment of a branch shall satisfy the following conditions: (a) the solvency margin in accordance with relevant regulations of the China insurance regulatory Commission, (ii) internal control system, has no record of punishment engaged for more than 2 years, has no record of punishment within the last 2 years, (c) meet the qualifications provided by the CIRC branch senior management.
30th article established branch institutions, should by foreign insurance company to China Circ proposed application, and submitted following material a type three copies: (a) established applications; (ii) Shang a annual late and recently quarter late by audit of paid capacity status report; (three) intends set institutions 3 years business development planning and market analysis; (four) intends set institutions preparation head of resume and the related proved material.
31st Circ shall review applications to set up branches, from the date of receiving the complete application documents in the 20th for approval or the decision not to grant decided not to approve, and shall notify the applicant in writing and state the reasons. After the application is approved, the applicant shall complete the establishment of branches in 6 months. Did not complete the preparation within the prescribed period, justified and approved by the China insurance regulatory Commission, the preparatory period can be extended for another 3 months.
During the extended period has yet to complete the preparation, CIRC made the original file is automatically invalidated.
Lead institutions may not engage in any business activities.
32nd article branch institutions preparation work completed Hou, applicants should to China Circ proposed opened application, and submitted following material a type three copies: (a) opened application book; (ii) preparation work completed situation report; (three) intends any senior management personnel resume and the about proved; (four) intends set institutions Office places ownership or right of about proved, computer equipment configuration and the network construction situation, internal institutions set and the practitioners situation,. Article 33rd Circ shall receive branch within 20th open complete application documents, make a decision of approval or disapproval.
Decided to approve, Branch issued permit to operate insurance business; the decision not to approve, and shall notify the applicant in writing and state the reasons.
Approved insurance company opened branches shall have the approval documents and insurance licenses, register with the Administrative Department for industry and commerce registration, license before they can operate.
Article 34th senior managers of foreign-funded insurance companies and their branches, their qualification and management, in accordance with the relevant provisions of the China insurance regulatory Commission, except as otherwise provided in these rules.
Great 35 article joint venture, and owned property insurance company for Division, and merged or company articles provides of dissolved causes appeared, application dissolved of, should reported China Circ approved, and submitted following information: (a) company Chairman signed of applications; (ii) company shareholders will of resolution; (three) intends established of liquidation group personnel constitute and the liquidation programme; (four) outstanding responsibility of processing programme.
Article 36th by the China insurance regulatory Commission approved the dissolution of the joint venture or wholly-owned property insurer, shall from the date of receipt of the approval documents of the CIRC, stopping new business activities, to Circ return to carry on insurance business licenses, and set up a group in the 15th.
37th 5th after the establishment of the liquidation team should the company began liquidation proceedings written notice within administration of industry and commerce, taxation, labor and social security departments.
38th liquidation group shall, within 1 month from the date of the establishment of audit the accounting firm hired in accordance with the China insurance regulatory Commission requirements; engaged CIRC, within 3 months from the date of the submission of audit reports.
39th liquidation group should be submitted before the 10th of each month to the China insurance regulatory Commission about debt settlement, disposition of assets, such as the latest reports.
40th of the regulation referred to in article 28th of the newspaper refers to the newspapers specified by the Circ.
41st foreign property insurance companies to apply for revocation of its branch in China, shall be approved by the CIRC, and submit the following information: (a) the foreign property insurance application signed by the Chairman or General Manager; (b) the proposed composition of the liquidation team and liquidation plan; (c) the outstanding liability solutions.
Foreign property insurance company set up its branch in China of specific procedures, detailed rules for the application of the Ordinance and the relevant joint ventures, foreign-funded property insurance companies to apply for dissolution of the program.
Branch of a foreign insurance company dissolved, revoked or declared bankrupt according to law, the foreign property insurance company subsidiaries of liquidation and insolvency of the Ordinance shall apply article 30th and these rules the corresponding provision of the dissolution of the joint ventures, wholly-owned property insurance companies.
42nd article of foreign insurance companies in violation of the relevant provisions of the rules, by the China insurance regulatory Commission in accordance with the Insurance Act, the regulations and other laws and administrative regulations for punishment.
The 43rd article of the Ordinance and these rules require submission, submit the files, information and a written report should provide Chinese and foreign text inconsistent, expression in Chinese shall prevail. The 44th article of the terms of the Ordinance and these rules, from the date on which the relevant materials are delivered to the China insurance regulatory Commission.
Incomplete application documents, the applicant needs to submit information, the term should be from the applicant's pay date of the materials are delivered to the China insurance regulatory Commission to recalculate.
The rule relating to ratification, reporting period refers to working days.
Article 45th on the management of foreign-funded insurance companies, not provided for by the Ordinance and these rules, and other applicable laws, administrative regulations and the relevant provisions of the China insurance regulatory Commission.
Foreign reinsurers to set up the application of the provisions on the establishment of reinsurance, not provided for by the regulations on the establishment of reinsurance, these rules shall apply.
Article 46th Hong Kong S.A.R., and Macau S.A.R. and Taiwan insurance companies insurance companies operating in the Mainland to set up and, mutatis mutandis, the regulations and these rules; laws, regulations or administrative provisions of agreement, apply its provisions.
The 47th article of the rules come into force on June 15, 2004.