(July 31, 2006, the China insurance regulatory Commission, 2006 7th released as of September 1, 2006) Chapter I General provisions article I establishment of overseas insurance institutions of insurance companies in order to strengthen the management of activities, risk prevention, protecting the interests of the insured, in accordance with the People's Republic of China insurance (hereinafter referred to as the Insurance Act) and other laws and administrative regulations, these measures are formulated.
    Article insurance companies mentioned in these measures refers to by the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) approved the establishment of, and commercial insurance companies registered under the law.
    Article of overseas insurance agencies in these measures refers to the offshore subsidiaries of insurance companies, foreign insurance companies and insurance intermediaries.
    Insurance intermediaries in these measures refers to insurance agencies, insurance brokerage and insurance assessment institutions.
    Article fourth of overseas insurance institutions established in these measures refers to the insurance company the following acts: (a) the establishment of overseas branches, overseas insurance companies and insurance intermediaries, (ii) the acquisition of overseas insurance companies and insurance intermediaries.
    Article fifth acquisition in these measures refers to insurance companies by foreign insurance companies, insurance intermediaries equity, and its equity reached the Agency's total voting capital 20% and more or less than 20% the Agency has effective control, joint control or significant influence. Insurance companies public overseas insurance companies, insurance intermediaries, procedures apply.
    Otherwise stipulated by the CIRC since its provisions.
    Sixth insurance company established overseas insurance institutions shall comply with the relevant Chinese insurance and foreign exchange control laws, administrative regulations, and the China insurance regulatory Commission regulations, compliance with foreign laws and regulations.
    Insurance companies to buy foreign insurers and insurance intermediaries shall conform to the relevant provisions of the existing foreign exchange insurance funds.
    Seventh China insurance regulatory Commission in accordance with the insurance companies set up overseas insurance agencies exercising supervision and management.
    Article eighth overseas representative office, Liaison Office of the agency or non-profit institutions, these measures shall apply. Second chapter established approval Nineth article insurance company established outside insurance class institutions of, should has following conditions: (a) opened 2 years above; (ii) Shang end total assets not below 5 billion Yuan Yuan; (three) Shang end Exchange funds not below 15 million dollars or its equivalent of free exchange currency; (four) paid capacity lines meet China Circ about provides; (five) internal control system and risk management system meet China Circ about provides; (six) recently 2 years within no by major punishment of records; (
    Seven) proposed the establishment of overseas insurance institutions located in countries or regions financial regulatory systems, and supervision of insurance regulators to maintain effective partnership with China; (VIII) other conditions stipulated by the Circ.
    Tenth Article insurance company application established outside branch institutions, and outside insurance company and insurance intermediary institutions of, should to China Circ submitted following material: (a) applications; (ii) safe exchange sources approved decided of copies; (three) Shang a annual by accountants firm audit of company financial report and the foreign currency assets liabilities table; (four) Shang a annual by accountants firm audit of paid capacity status report; (five) internal control system and risk management system;
    (Six) intends set outside insurance class institutions of basic situation description, including name, and residence, and articles, and registered capital or operating funds, and equity structure and the funded amount, and business range, and preparation head resume and the identity proved material copies; (seven) intends set outside insurance class institutions of feasibility research report, and market analysis report and preparation programme; (eight) intends set outside insurance class institutions location legal requirements insurance company for its established of outside insurance class institutions bear joint responsibility of, submitted related description material;
    (IX) other materials stipulated by the Circ.
    Insurance other insurance companies, insurance intermediaries established outside sponsors, shall also submit the names of other sponsors, the share subscription agreement, copy of business license and prior year audited by an accounting firm's balance sheet.
    11th article insurance company application acquisition outside insurance company and insurance intermediary institutions of, should to China Circ submitted following material: (a) applications; (ii) safe exchange sources approved decided of copies; (three) Shang a annual by accountants firm audit of company financial report and the foreign currency assets liabilities table; (four) Shang a annual and recently quarter by accountants firm audit of paid capacity status report and description; (five) internal management system and risk control system;
    (Six) intends was acquisition of outside insurance class institutions of basic situation description, including name, and residence, and articles, and registered capital or operating funds, and business range, and head situation description; (seven) intends was acquisition of outside insurance class institutions Shang a annual by accountants firm audit of company financial report; (eight) acquisition outside insurance class institutions of feasibility research report, and market analysis report, and acquisition programme; (nine) China Circ provides of other material.
    Proposed acquisition of overseas insurance agencies for insurance companies, should also be submitted to the previous year and the recent quarter audited by an accounting firm's solvency status reports and documentation.
    12th outside of an insurance company to establish a representative office, Liaison Office of the agency or non-profit institutions, subject to the following conditions: (a) the source of legitimate foreign exchange funds; (b) the internal control system and risk management system in line with relevant regulations of the China insurance regulatory Commission, and (iii) within the last 2 years of records not subject to significant penalties; (d) the other conditions stipulated by the Circ.
    13th article insurance company application in outside established representative institutions, and contact institutions or Office, non-business sex institutions of, should to China Circ submitted following file: (a) applications; (ii) intends set outside representative institutions, and contact institutions or Office, non-business sex institutions of basic situation description, including name, and residence, and operating funding budget, and head resume and the identity proved material copies; (three) China Circ provides of other material. 14th China insurance regulatory Commission shall, on the establishment of overseas insurance agencies or overseas representative office, liaison agencies, offices and other non-business applications are examined, and from the date of acceptance of the application in the 20th for approval or disapproval decision.
    Decided not to approve, and shall notify the applicant in writing and state the reasons.
    15th article insurance company should in outside insurance class institutions get license or acquisition trading completed Hou 20th within, will outside insurance class institutions of following situation written report China Circ: (a) license copies; (ii) institutions name and residence; (three) institutions articles; (four) institutions of organization, and business range, and registered capital or operating funds, and other shareholders or partner of funded amount and the funded proportion; (five) institutions head name and the contact way;
    (Vi) other materials stipulated by the Circ.
    16th article insurance company should in outside representative institutions, and contact institutions or Office, non-business sex institutions established Hou 20th within, will outside representative institutions, and contact institutions or Office, non-business sex institutions of following situation written report China Circ: (a) registration proved of copies; (ii) name and residence; (three) head name and the contact way; (four) China Circ provides of other material.
    Chapter III administration of overseas insurance agencies 17th insurance company shall, on the establishment of effective risk management of overseas insurance agencies, and urged the institution in accordance with the laws of the host country and regulatory rules, establish a sound risk management system.
    18th insurance company shall strictly control the establishment of overseas insurance agencies provide guarantees. Insurance companies have set up branches outside is absolutely necessary to provide security, the purpose of credit shall be obtained and signed the counter guarantee agreement has the force of law.
    Property mortgage, pledge or any other means provided the counter guarantee agreement, the guarantee shall not exceed the amount of mortgage, 60% of the value of the pledged property revaluation.
    19th by an insurance company to set up overseas branches, in addition to policy mortgage loans, not lending.
    20th of an insurance company should be sent to the establishment of overseas insurance agencies, Chairman and senior managers performance evaluation system, interim audits and auditing systems.
    21st insurance company liquidation after the establishment of overseas insurance institutions, clearing houses should be issued by your local certified public accountant verified liquidation report, submitted to the China insurance regulatory Commission.
    The fourth chapter, supervision and inspection of the 22nd insurance company shall, according to the Chinese accounting system and the provisions of the China insurance regulatory Commission, in its financial reporting and solvency separately disclosed in the report the establishment of overseas insurance agencies operating results, financial situation and solvency.
    23rd of overseas insurance agencies established by the insurance company report in accordance with the local insurance regulators requested the preparation of a solvency, insurers shall be sent to the China insurance regulatory Commission.
    24th insurance company shall, in its overseas insurance institutions established within 5 months of the end of each fiscal year, the overseas insurance institutions by the prior year's financial statements submitted to the China insurance regulatory Commission.
    25th each year, the insurance company shall, before the end of January, its overseas representative offices, liaison body or non-profit institutions, such as the annual report on the work of the Office, submitted to the China insurance regulatory Commission.
    Overseas representative offices, liaison body or non-profit institutions, such as the annual report on the work of the Office should be included in the Agency's work and institutions change.
    26th article insurance company established of outside insurance class institutions occurred following matters of, insurance company should in matters occurred of day up 20th within written report China Circ: (a) investment, and established company of; (ii) Division, and merged, and dissolved, and revoked or bankruptcy of; (three) institutions name or registered to change of; (four) Chairman and senior management personnel changes of; (five) registered capital and shareholders structure occurred major changes of; (six) adjustment business range of;
    (G) there is a significant operational or financial issues, (VIII) involved in material lawsuits, severely punished; (IX) report or examination report issued by the local insurance regulators Regulation; (j) Circ considers it necessary to report other matters.
    27th insurance companies to transfer their stakes in overseas insurance institutions shall be approved by the China insurance regulatory Commission.
    28th an insurance company on its overseas insurance institutions to implement one of the following acts, shall be approved by the China insurance regulatory Commission, and submitted in accordance with the provisions of the present article 11th material: (a) the increased holdings of overseas insurance agencies share; (b) increase capital or operating funds for overseas insurance institutions. 29th insurance company shall establish the control and management of associated transaction regulations.
    Insurance companies and overseas to set up insurance companies and insurance intermediaries between significant related party transactions should be reporting to the CIRC in the 15th after completion of the transaction.
    Significant related party transactions in the preceding paragraph refers to the insurance companies and their overseas insurance companies and insurance intermediaries between the following transactions: (a) the reinsurance or to the business, (ii) asset management, security, and business; (iii) sale of fixed assets or debts transfer; (iv) large loans; (v) other significant trading activity.
    Article 30th submission to the China insurance regulatory Commission of overseas insurance institutions of the materials, shall be complete, true and accurate.
    Fifth chapter legal liability article 31st without the approval of the China insurance regulatory Commission, establishment of overseas insurance institutions without authorization, by the China insurance regulatory Commission ordered corrective action and fines of between 50,000 yuan and 300,000 yuan in serious, you can limit the scope of business, shall be ordered to stop accepting new business business or revoke their business licenses.
    Without the approval of the China insurance regulatory Commission, without authorization, establishment of overseas representative offices, liaison agencies, offices and other non-commercial institutions, by the China insurance regulatory Commission ordered corrective action, and a fine of up to 30,000 yuan.
    32nd is not in accordance with these rules to submit relevant reports, statements, documents and information, by the China insurance regulatory Commission ordered corrective action and fails to correct it, fined 10,000 yuan and 100,000 yuan fine.
    Article 33rd false reports, statements, documents and information provided, by the China insurance regulatory Commission ordered corrective action and sentenced to between 100,000 yuan and 500,000 yuan fine; the circumstances are serious, you can limit the scope of business, shall be ordered to stop accepting new business business or revoke their business licenses. The sixth chapter supplementary articles article 34th insurance holding company, insurance holding company establishment of overseas insurance agencies and overseas representative offices, liaison offices and other non-profit institutions, these measures shall apply.
    Otherwise stipulated by the CIRC, from its provisions.
    35th of an insurance company in Hong Kong, Macao and Taiwan areas of insurance institutions and overseas representative offices, liaison offices and other non-commercial bodies governed by this approach. 36th insurance company in accordance with this approach to the China insurance regulatory Commission to submit reports, statements, documents and materials, shall be in Chinese. Original is in a foreign language, translation into Chinese.
    Inconsistent in Chinese and foreign languages, the Chinese shall prevail.
    37th article of the approach is called the "day" refers to working days, excluding holidays.
    38th article of the approach by the China insurance regulatory Commission is responsible for the interpretation.

    39th these measures shall come into force on September 1, 2006.
    Attached: non-insurance institutions investment outside insurance class enterprise management approach first article to promote insurance health development, strengthening on non-insurance institutions in outside investment insurance class enterprise of regulatory, according to State on does needed retained of administrative approval project set administrative license of decided and circular of the on issued China insurance supervision Management Committee main duties features institutions and personnel prepared provides of notification, developed this approach.
    Article referred to non-insurance agency, is a legally registered in China, with the exception of insurance companies and insurance asset management companies of enterprises.
    Overseas insurance companies mentioned in these measures refers to the overseas insurance companies, insurance agents, insurance brokers and insurance assessment institutions.
    Foreign investments in these measures refers to non-insurance institutions overseas overseas insurance enterprises or overseas insurance companies more than 20% shares and acquisition activities.
    Article III of the China insurance regulatory Commission (hereinafter referred to as the China insurance regulatory Commission) is authorized under the State Council, on the activities of non-insurance institutions to invest overseas insurance companies, exercising supervision and management.
    Article fourth non-investment insurance agencies of overseas insurance companies shall meet the following conditions: (a) the source of legitimate foreign exchange funds, (ii) operate in a stable and healthy financial position. Fifth article non-insurance institutions application investment outside insurance class enterprise of, should to China Circ submitted following application material: (a) company Corporate Representative signed of established outside insurance class enterprise applications; (ii) enterprise of articles and the basic situation introduced; (three) Shang a annual by accountants firm audit of company financial report and the foreign currency assets liabilities table; (four) superior competent sector agreed its in outside investment insurance class enterprise of submissions; (five) intends set insurance class enterprise of feasibility research report, and
    Market analysis and planning programmes and (f) proposed insurance enterprise's basic situation description, including names, addresses, articles of Association, the registered capital or working capital and equity structure and capital contributions, scope of business, head of curriculum vitae and copies of identity documents and (VII) other materials stipulated by the Circ.
    Non-insurance institutions to buy overseas insurance companies, should provide overseas insurance enterprises of the industrial and commercial registration certificate, copy of business license, articles of incorporation, corporate ownership structure, company presentations, annual reports of the past 3 years, and heads to be sent your resume and a copy of proof of identity. Sixth Circ should be for non-insurance businesses to invest overseas insurance companies to apply for review, and from the date of acceptance of the application in the 20th for approval or disapproval decision.
    Decided not to grant, and shall notify the applicant in writing and state the reasons.
    Seventh article non-insurance institutions should in outside insurance class enterprise get license or acquisition trading completed Hou 20th within, will outside insurance class enterprise of following situation written report China Circ: (a) license copies; (ii) institutions name and residence; (three) institutions articles; (four) institutions of organization, and business range, and registered capital or operating funds, and other shareholders investment amount and the investment proportion; (five) institutions head name and the contact way; (six) China Circ provides of other material.
    The eighth non-insurance institutions shall be established, place of acquisition of overseas insurance companies within 3 months from the date of the end of each fiscal year, CIRC submitted last year by the accounting firm audit financial statements of overseas insurance companies.
    Nineth non-insurance institutions to transfer their stakes in overseas insurance companies, shall be approved by the China insurance regulatory Commission. Tenth Article non-insurance institutions investment of outside insurance class enterprise occurred following matters of, non-insurance institutions should in matters occurred of day up 20th within written report China Circ: (a) investment, and established institutions of; (ii) dissolved, and revoked or bankruptcy of; (three) institutions name or registered to change of; (four) institutions head changes of; (five) registered capital and shareholders structure occurred major changes of; (six) adjustment business range of; (seven) appeared major business or financial problem of; (eight) involved major litigation
    , And severely punished; (IX) other matters the CIRC considers it necessary to report to the.
    11th without the approval of the China insurance regulatory Commission, non-insurance institutions without authorization, investment of overseas insurance companies, given a warning by the CIRC, and entrust their period replacement approval procedures in accordance with law. 12th non-insurance institutions in accordance with this approach to the China insurance regulatory Commission to submit reports, statements, documents and materials, shall be in Chinese.
    Original is in a foreign language, translation into Chinese in Chinese and foreign languages is ambiguous, the Chinese shall prevail.
    13th non-insurance agency before the implementation of these measures has been the investment of overseas insurance companies, shall, within 3 months after the implementation of this approach in accordance with the provisions of the present article seventh written reporting to the Circ.
    14th provisions relating to ratification, reporting periods herein refers to working days, excluding holidays.
    15th explain these measures by the China insurance regulatory Commission.
                                                                16th these measures shall come into force on September 1, 2006.