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In order to implement the Interim Provisions on the Foreign Exchange Control of Insurance Business, establish a sound foreign exchange statistical and reporting system on insurance business and strengthen the surveillance and analysis of foreign exchange operations of the insurance institutions, we hereby give our notice on the statistics and submission of foreign exchange income & expenditure statements on insurance business as follows: I. Compiling and submitting the Quarterly Statement on Foreign Exchange Income and Expenses under the Item of Insurance in (of) ____Region / Bank (see Attachment 1) This statement shall be completed by all commercial banks on a quarterly basis and submitted within 5 working days after the end of each quarter to the branches of State Administration of Foreign Exchange (hereinafter referred to the SAFE branches), which shall submit it within 10 working days to the State Administration of Foreign Exchange. The commercial banks shall complete the statement based on the real circumstances concerning the flow of insurance fund. For example, when Enterprise A purchases foreign exchange to pay Insurance Company B US$100,000 as the cargo insurance premium in foreign exchange under the item of export, the remitting bank shall fill in the item "Insurance Premium (Property Insurance) " of the column "Paid from Exchange Sales" with the indication of US$100,000, and the beneficiary's bank shall fill in the item "Income" of the column "Insurance Premium (Property Insurance) " with the indication of US$100,000. In case the remitting bank and the beneficiary's bank are identical, the above two statistical data shall enter into the same statement. Completion of the shaded part of this form is not required. II. Organizing the statistics and surveillance of the foreign exchange operations of the insurance institutions (1) All SAFE branches should require the insurance institutions under their respective jurisdictions to complete the Statistical Form on the Foreign Exchange Account of ____Insurance Company (Subsidiary Company) (see Attachment 2), the Statistical Form on the Foreign Exchange in Insurance Business of ____Insurance Company (Subsidiary Company) (see Attachment 3) and the Statistical Form on the Utilization of Foreign Exchange Fund by ____Insurance Company (Subsidiary Company) (see Attachment 4). The above three statistical forms shall be completed by the insurance institutions on a quarterly basis and submitted within 5 working days after the end of each quarter to the SAFE branches, which shall transmit the relevant statistical forms concerning the insurance companies with corporate identity and the subsidiaries of foreign insurance companies within 10 working days to the State Administration of Foreign Exchange, with the exception of the forms of the branches of other insurance companies. Completion of the shaded part of the form is not required. The columns without actual occurrence may be exempt from completion, but statement should be given in the remarks. (2) All SAFE branches should require the insurance companies with corporate identity or the subsidiaries of foreign insurance companies in China under their respective jurisdictions to submit within 10 working days after the end of the first quarter of each year the financial statement concerning the foreign exchange of the companies during the last accounting year (foreign exchange balance sheet, profit statement, etc.) to the State Administration of Foreign Exchange. (3) All SAFE branches shall conduct an analysis and surveillance of the foreign exchange flow in the insurance business as well as the foreign exchange operations of the insurance institutions, and make a corresponding report to the State Administration of Foreign Exchange within 20 working days after the end of each quarter; and at the same time, submit the analytical report of the last year to the State Administration of Work Safety before the end of January of each year (the analytical report of the fourth quarter may be submitted in conjunction with the annual report). III. All SAFE branches should submit the above statistical forms or reports to the System Planning Division of the Department of Current Account Administration under the State Administration of Foreign Exchange on time; and at the same time, transmit the e-version of the relevant statistical forms through the internal network of the State Administration of Foreign Exchange to the e-mail box: plan@current.safe. IV. All SAFE branches shall transmit the present Notice to the insurance institutions and the designated foreign exchange banks within their respective jurisdictions. The collection of insurance data shall begin from January 1st 2003, and the banks, insurance institutions and SAFE branches shall finish the first statistical report during April 2003. V. The statistics, analysis and submission of date mentioned by the present Notice shall be incorporated into the contents of appraisal for the foreign exchange regulatory work on insurance business. All SAFE branches should conduct the implementation accordingly. Attachments: 1: Quarterly Statement on the Foreign Exchange Income and Expenses under the Item of Insurance in (of) ____Region / Bank 2: Statistical Form on the Foreign Exchange Account of ____Insurance Company (Subsidiary Company) 3: Statistical Form on the Foreign Exchange in Insurance Business of ____Insurance Company (Subsidiary Company) 4: Statistical Form on the Utilization of Foreign Exchange Fund by ____Insurance Company (Subsidiary Company) Attachment 1: QUARTERLY STATEMENT ON THE FOREIGN EXCHANGE INCOME AND EXPENSES UNDER THE ITEM OF INSURANCE IN (OF) ______________REGION / BANK _____Quarter of the Year______ Unit: US¡ç10,000 INSURANCE PREMIUM (1) Property Insurance Paid from Account: -Including: to Overseas: Paid from Exchange Sales: -Including: to Overseas: Income: -Including: from Overseas: Exchange Settlement after Income: -Including: from Overseas: (2) Personal Insurance Paid from Account: -Including: to Overseas: Paid from Exchange Sales: -Including: to Overseas: Income: -Including: from Overseas: Exchange Settlement after Income: -Including: from Overseas: (3) Reinsurance Paid from Account: -Including: to Overseas: Paid from Exchange Sales: -Including: to Overseas: Income: -Including: from Overseas: Exchange Settlement after Income: -Including: from Overseas: INSURANCE PREMIUM TOTAL: (1) + (2) + (3) -Paid from Account: --Including: to Overseas: -Paid from Exchange Sales: --Including: to Overseas: -Income: --Including: from Overseas: -Exchange Settlement after Income: --Including: from Overseas: COMPENSATION (1) Property Insurance Paid from Account: -Including: to Overseas: Paid from Exchange Sales: -Including: to Overseas: Income: -Including: from Overseas: Exchange Settlement after Income: -Including: from Overseas: (2) Personal Insurance Paid from Account: -Including: to Overseas: Paid from Exchange Sales: -Including: to Overseas: Income: -Including: from Overseas: Exchange Settlement after Income: -Including: from Overseas: (3) Reinsurance Paid from Account: -Including: to Overseas: Paid from Exchange Sales: -Including: to Overseas: Income: -Including: from Overseas: Exchange Settlement after Income: -Including: from Overseas: COMPENSATION TOTAL: (1) + (2) + (3) -Paid from Account: --Including: to Overseas: -Paid from Exchange Sales: --Including: to Overseas: -Income: --Including: from Overseas: -Exchange Settlement after Income: --Including: from Overseas: Date of Completion: Name and Signature of the Preparer: Verified by: Notes: 1. Various income and expenses as well as exchange settlement and sales under the items of "Property Insurance" and "Personal Insurance" in this statement refer to those under the item of direct insurance£¨payment made by the insured enterprises or persons to the insurance companies£©; in case of payment through the insurance brokers companies, the bank should, when handling the payment, require the insurance brokers companies to clearly indicate whether the nature of the payment is direct insurance or reinsurance. 2. This statement shall be completed by the designated foreign exchange banks, and all SAFE branches shall compile the date within their respective jurisdictions and submit them to the State Administration of Foreign Exchange within 10 working days before each quarter. Attachment 2: STATISTICAL FORM ON THE FOREIGN EXCHANGE ACCOUNT OF ______________________INSURANCE COMPANY (SUBSIDIARY COMPANY) _____Quarter of the Year______ Unit: US¡ç10,000 No. Account No. and Account-opening Bank: Amount at the Beginning of the Term (1): Income (2): -Premium: -Compensation: -System: -Others: Expenses (3): -Premium: -Compensation: -System: -Others: Amount at the End of the Term (1) +(2)-(3): Remarks: No. Account No. and Account-opening Bank: Amount at the Beginning of the Term (1): Income (2): -Premium: -Compensation: -System: -Others: Expenses (3): -Premium: -Compensation: -System: -Others: Amount at the End of the Term (1) +(2)-(3): Remarks: No. Account No. and Account-opening Bank: Amount at the Beginning of the Term (1): Income (2): -Premium: -Compensation: -System: -Others: Expenses (3): -Premium: -Compensation: -System: -Others: Amount at the End of the Term (1) +(2)-(3): Remarks: Date of Completion: Name and Signature of the Preparer: Verified by: Notes: 1. The "Income" and the "Expenses" in this form shall be income and expenses of the account; the columns of "Premium" and "Compensation" shall be filled in with income and expenses on the premium and compensation of the organizations and persons outside the system of the company; and the columns of "System Income" and "System Expenses" shall be filled in with the capital flow within the system of the company. 2. For the column "Remarks": if the account is fixed deposit account, the deposit duration shall be indicated; if the account carries other income and expenses, the amount occurred and the major purposes of the other income and expenses shall be indicated. 3. This form shall be completed by the insurance companies and the subsidiary companies thereof. Attachment 3: STATISTICAL FORM ON THE FOREIGN EXCHANGE IN INSURANCE BUSINESS OF _______________INSURANCE COMPANY (SUBSIDIARY COMPANY) _____Quarter of the Year______ Unit: US¡ç10,000 Insurance Type: Premium Income: Premium Ceded: Premium Retained: Compensation Expenses: Compensation Recovered: External Guarantee Amount: Remarks: Insurance Type: Premium Income: Premium Ceded: Premium Retained: Compensation Expenses: Compensation Recovered: External Guarantee Amount: Remarks: Insurance Type: Premium Income: Premium Ceded: Premium Retained: Compensation Expenses: Compensation Recovered: External Guarantee Amount: Remarks: TOTAL: Date of Completion: Name and Signature of the Preparer: Verified by: Note: This form shall be completed by the insurance companies and the subsidiary companies thereof, and all data shall be the amount occurred during the reporting period. The column "Insurance Type" shall be filled in according to the insurance types listed by the Provisions for the Administration of Insurance Companies (No. 2 [2002] of China Insurance Regulatory Commission), and the column "External Guarantee Amount" be filled in with the actual guarantee amount of the insurance institutions' letters of guarantee of various types at the end of the reporting period. Attachment 4: STATISTICAL FORM ON THE UTILIZATION OF FOREIGN EXCHANGE FUND BY _______________INSURANCE COMPANY (SUBSIDIARY COMPANY) _____Quarter of the Year______ Unit: US¡ç10,000 FORMS OF UTILIZATION (1) Current Deposit at Bank Account No. Amount: Income, including interest and price premium: Remarks: (2) Fixed Deposit at Bank Account No. Amount: Income, including interest and price premium: Remarks: (3) Interbank Borrowing Account No. Amount: Income, including interest and price premium: Remarks: (4) Interbank Lending Account No. Amount: Income, including interest and price premium: Remarks: (5) Government Bonds Account No. Amount: Income, including interest and price premium: Remarks: (6) Others Account No. Amount: Income, including interest and price premium: Remarks: TOTAL: Amount (1)+(2)+(3)+(4)+(5)+(6): Income, including interest and price premium (1)+(2)+(3)+(4)+(5)+(6): Date of Completion: Name and Signature of the Preparer: Verified by: Note: This form shall be completed by the insurance companies and the subsidiary companies thereof. The column "Statement" is to specify the account-opening bank, trade counterparties, types of government bonds, investment forms and account number subject to approval, and approval document number, etc. |
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