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Regarding Request for Instructions on Relevant Issues Concerning the Administration of Insurance Intermediary Institutions proposed by your Office, we hereby make the following official reply concerning the relevant issues: I. With respect to the question whether an insurance company can be the shareholder, promoter, or partner of an insurance intermediary institution, Article 104 of the Insurance Law of the People's Republic of China shall be complied with. II. With respect to the issue of qualification examination of the senior executives of insurance intermediary institutions, the insurance regulatory offices shall be responsible for the preliminary qualification examination of senior executives of insurance agency companies, including examination of the application materials, assessment talks, and examinations. Examination of the submitted materials mainly refers to examination of the completeness of the materials (there shall be a formal application form, resolution of the board of directors on appointment or retaining of relevant person, and signatures of the directors), the format and the integrity of the contents filled out, and the education background, work experience, and qualification of the would-be senior executives. Assessment talks shall lay stress on the talking object's specifications of the relevant situations and the concept of business operations, and the extent of his/her understanding of the regulatory laws and regulations, and thus to strengthen the sense of operation according to law. With respect to temporary principals, the relevant articles of the Interim Provisions on the Qualification Administration of Senior Executives of Insurance Institutions and the Circular on Strengthening the Pre-Qualification Examination of the Senior Executives (No.75 [2001] of China Insurance Regulatory Commission) shall be complied with. Considering that insurance intermediary institutions are relatively small in scale, the executives of other enterprises and public institutions may be the board chairpersons of insurance intermediary institutions concurrently. III. With respect to the issue of the principal of establishment preparation of an insurance intermediary institution, the said principal may be an employee of the insurance company before the application for establishment preparation of the insurance intermediary institution is approved, however, an employee of the insurance company may not take any part-time job in the insurance intermediary institution approved to start business. IV. With respect to the issue of drawing of the Practice Qualification Certificate of Insurance Intermediary Personnel, a person applying for the qualification certificate may submit a written statement on no criminal punishment or serious administration punishment within the five years prior to the application, which serves as a substitute for the certification of previous conduct issued by that person's employer or the government authority at a level higher than sub-district office of the place of his/her permanent registered residence. V. With respect to the examination and approval items of insurance intermediary institutions, if an examination and approval item is not required by the Provisions on the Regulatory Duties of the Detached Agencies of China Insurance Regulatory Commission and the relevant documents to be subject to the preliminary examination by the insurance regulatory office, then that item need not be subject to the preliminary examination by the insurance regulatory office. VI. With respect to the issue of examination and approval of the establishment of branches of insurance intermediary institutions, such examination and approval shall not be taken into consideration for the present time.. VII. With respect to the business scope of insurance agency institutions, an insurance agency institution may establish agency relationship with only one life insurance company according to Article 124 of the Insurance Law of the People's Republic of China. Where an insurance agency institution establishes the agency relationship with the branches of a life insurance company at various levels, it shall not be deemed as having established the agency relationship with several companies. The business area of an insurance agency institution may not exceed the business area of the principal insurance company. VIII. Generally, the insurance agency institutions registered within the administrative area of Guangdong Province may carry out business within the administrative area of the province. The Insurance Regulatory Offices of Guangzhou and Shenzhen shall have constant communication in the daily regulation work, and cooperate with each other to do a good job. IX. With respect to the issue of paying of premium by insurance brokerage companies for the policy holders, the premium received in insurance brokerage may be directly paid to the insurance company by the policy holder, or by the insurance brokerage company on behalf of the policy holder. X. With respect to the issue of the qualification of accounting firms, Article 29 of the Law of the People's Republic of China on Registered Public Accountants provides that: accounting firms shall not be restricted by administrative areas or trades in respect of accepting business; however, except it is otherwise provided in laws and administrative regulations. Any accounting firm established according to law may accept the entrustment from an insurance intermediary institution to make capital verification and issue the capital verification report for that institution. XI. With respect to the issue of adjustment of contributors of an insurance intermediary institution during establishment preparation, it is a rather long process from an insurance intermediary institution's application for establishment preparation to its formal start of business upon approval, the adjustment of contributors during that period is unavoidable and need not be subject to the official reply of this Commission, however, new contributors must be in conformity with the requirements of the relevant laws and regulations. |
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