|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
TABLE OF CONTENTS CHAPTER I GENERAL PROVISIONS CHAPTER II FORMATION OF CORPORATE INSTITUTIONS CHAPTER III ESTABLISHMENT OF BRANCH CHAPTER IV CHANGE, DISSOLUTION AND CANCELLATION OF INSURANCE INSTITUTIONS CHAPTER V ADMINISTRATION OF BRANCH OFFICES CHAPTER VI INSURANCE BUSINESS OPERATION CHAPTER VII SUPERVISION AND ADMINISTRATION CHAPTER VIII SUPPLEMENTARY PROVISIONS CHAPTER I GENERAL PROVISIONS Article 1. To strengthen the supervision and administration of insurance companies, maintain the normal order of the insurance market, protect the legitimate rights and interests of insurants, and promote the healthy development of the insurance sector, this Provision are formulated according to the Insurance Law of the People's Republic of China (hereinafter referred to the Insurance Law), the Company Law of the People's Republic of China (hereinafter referred to the Company Law) and other relevant laws and administrative regulations. Article 2. China Insurance Regulatory Commission (CIRC) shall, within the scope of authorization of the State Council, supervise and administer insurance companies according to law. The dispatched offices of the CIRC shall fulfill the duties of supervision and administration within the scope of authorization of the CIRC. Article 3. The term "insurance companies" in this Provision refers to commercial insurance companies established upon the approval of the insurance regulatory bodies and registered according to law. The term "branch offices of insurance companies" in this Provision refers to the branch companies, central sub-branch companies, sub-branch companies, business departments, marketing services departments and all sorts of special-purpose institutions established by insurance companies upon the approval of the insurance regulatory bodies. The provisions on the establishment and administration of special-purpose institutions will be formulated by the CIRC separately. The term "insurance institutions" in this Provision refers to insurance companies and their branch offices. Article 4. The term "branch companies" in this Provision refers to the branch offices established by insurance companies and named as branch companies. The term "provincial branch companies" in this Provision refers to the branch companies established by insurance companies in provinces, autonomous regions and municipalities directly under the Central Government according to the regulatory requirements of the CIRC for permit application, report submission and other issues. An insurance company which has established branch companies in provinces, autonomous regions or municipalities directly under the Central Government other than the place of domicile shall appoint one of them as the provincial branch company. An insurance company which has established branch companies in any province, autonomous region or municipality directly under the Central Government other than its place of domicile shall appoint one of them as the provincial branch company. An insurance company which has established branch offices in a city under separate state planning shall appoint one to be responsible for permit application, report submission and other issues in the city under separate state planning according to the regulatory requirements of the CIRC. Where an insurance company establishes a provincial branch company in a city under separate state planning, the provincial branch company shall be responsible for the issues mentioned in the preceding two paragraphs. Article 5. Insurance business can only be operated by insurance companies established according to the Insurance Law and other insurance organizations specified by laws and administrative regulations. No other entity or individual may directly or indirectly operate the insurance business. CHAPTER II FORMATION OF CORPORATE INSTITUTIONS Article 6. Insurance companies shall be formed under the principles of: (1) abiding by laws and administrative regulations; and (2) doing good to the fair competition and healthy development of the insurance sector. Article 7. To form an insurance company, an application for formation preparation shall be filed with the CIRC, and the following conditions shall be met: (1) having investors that satisfy the conditions specified by laws, administrative regulations and the CIRC provisions, and having a reasonable equity structure; (2) having the draft bylaws described in the Insurance Law and the Company Law; (3) the investors have promised to make financial contributions or buy shares, the registered capital is not less than 200 million yuan, and the registered capital is paid-in monetary capital; (4) having specific development plans, business strategies, institutional framework and risk control system; (5) its president and general manager to be meet the competence requirements of the CIRC; (6) the person in charge of the formation preparation group has been approved by investors; and (7) other conditions set out by the CIRC. The CIRC may adjust the minimum amount of registered capital of an insurance company according to the business scope or scale of the company, provided that the amount shall not be less than 200 million yuan. Article 8. To apply for preparing for the formation of an insurance company, the applicant shall submit the following materials in triplicate: (1) an application form for formation, which shall bear the name, registered capital and business scope of the insurance company to be formed; (2) a feasibility study report on the formation of the insurance company, including the development plans, business strategies, institutional framework and risk control system of the company; (3) a formation preparation plan; (4) the draft bylaws of the company; (5) the materials that shall be submitted by investors specified by the CIRC; (6) a list of the person in charge of the formation preparation group, the president and the general manager, and their certifications on consent; and (7) other materials specified by the CIRC. Article 9. The CIRC shall examine the application for preparing for the formation of an insurance company, make a decision of approval or disapproval within six months after accepting the application and notify the applicant of the decision in writing. In the case of disapproval, reasons shall be given in writing. Article 10. The CIRC shall, during the period when examining the application for preparing for the formation of an insurance company, give risk tips to the investors of the company. The CIRC shall hear the working schemes of the president and the general manager of the insurance company to be formed with regard to the operation, management and development of the company. Article 11. Where the CIRC approves the application for preparing for the formation of an insurance company, the applicant shall finish the preparatory work within one year after receiving the approval notice. Otherwise, the approval decision shall automatically become void. The formation preparatory institution may not engage in insurance operations during the preparatory period. It is prohibited to change the principal investor during the preparatory period. Article 12. After the preparatory work is done, the applicant can apply to the CIRC for starting business preconditioned by satisfying the following conditions: (1) its shareholders meet the requirements prescribed in laws, administrative regulations and the CIRC provisions; (2) it has the bylaws described in the Insurance Law and the Company Law; (3) its registered capital is not less than 200 million or more and is paid-in monetary capital; (4) its directors, supervisors and senior managers meet the competence requirements specified by the CIRC; (5) it has a good institutional framework; (6) it has established sound rules for business operations, accounting affairs, regulation compliance, risk control, assets management, anti-money laundering, etc.; (7) it has specific development plans and has made mid- and long-term assets disposition plans according to the asset-liability matching principle and other relevant principles; (8)it has a legal business office, its safety and firefighting facilities reach the prescribed standards, its business office and office equipment meet the requirements of its development plans, and its information system building meets the CIRC requirements; and (9)other conditions specified by laws, administrative regulations and the CIRC provisions. Article 13. To apply for starting business, the applicant shall submit the following materials in triplicate: (1) an application form for starting business; (2) a decision of the founding assembly or, in the absence of which, a form or decision on all shareholders' consent to the application for starting business; (3) the bylaws; (4) the name of each shareholder and the proportion of the shareholder's shares or investment, a capital assessment certification issued by a capital assessment institution with good credit standing, and a photocopy of the source document on the entry of capital into the account; (5) the materials that shall be submitted by shareholders specified by the CIRC; (6) the resumes and certificates of the directors, supervisors and senior managers of the company; (7) the setup and basic personnel composition of the company; (8) a certificate on the ownership of or the right to use the business office; (9) the firefighting certificate submitted according to the requirements at the place where it is to be formed; (10) the prospectuses of insurance products which the company is about to sell, a three-year business operation plan, a reinsurance plan, the mid- and long-term assets disposition plans and the rules for business operations, accounting affairs, regulation compliance, risk control, assets management, anti-money laundering, etc.; (11) a report on its information system building; (12) a company name pre-approval notice; and (13) other materials specified by the CIRC. Article 14. The CIRC shall examine the application for starting business, make a check for that purpose and, within 60 days after accepting the application, make a decision of approval or disapproval. If a decision of approval is made after it passes the check, the CIRC shall issue an insurance business operation permit to the applicant. If a decision of disapproval is made after it fails to pass the check, the CIRC shall notify the applicant in writing and give reasons¡£ An insurance company approved to start business shall handle the registration formalities at the administrative department for industry and commerce upon the strength of the approval document and the insurance business operation license, and may not operate business before getting the business license CHAPTER III ESTABLISHMENT OF BRANCH Article 15. Insurance companies can apply for setting up branch offices for business development. The branch offices of insurance companies are classified into four levels: branch companies, central sub-branch companies, sub-branch companies, and business departments or marketing services departments. Insurance companies are not required to set up branch offices level by level. However, where an insurance company needs to operate business in any province, autonomous region or municipality directly under the Central Government other than its place of domicile, it shall set up a branch company prior to any other branch office at that place. Insurance companies are not required to manage their branch offices level by level, but business departments or marketing services departments have no power to manage other branch offices. Article 16. Where an insurance company formed with the minimum registered capital of 200 million yuan applies for setting up a branch company in a province, autonomous region or municipality directly under the Central Government other than its place of domicile, 20 million yuan shall be added to the registered capital at least. If the registered capital of the insurance company reaches the amount after addition required under the above-mentioned circumstances at the time when it applies for setting up a branch company, it is not required to add the registered capital any more. If the registered capital of the insurance company reaches 500 million yuan, it is not required to add the registered capital for the purpose of setting up branch companies as long as it remains solvent. Article 17. The application for setting up a provincial branch company shall be filed by the head office of the insurance company. The application for setting up any other branch office shall be filed by the head office of the insurance company or by a provincial branch company with the approval document of the head office. The application for setting up a branch office in a city under separate state planning can also be filed by a branch office designated by the insurance company under Paragraph 3 of Article 4 of this Provision with the approval document of the head office. Article 18. To set up a branch office, an insurance company shall submit an application and satisfy the following conditions: (1) it remains solvent in the last year and for two consecutive quarters before application; (2) it has a good corporate governance structure and a good internal control system; (3) it has good branch office management rules; (4) it has fully demonstrated the feasibility of the formation of the branch office; (5) if the branch office is not a provincial branch company and is to be set up in a province, autonomous region or municipality directly under the Central Government other than the place of domicile of the insurance company, the provincial branch company at that place shall have already started business; (6) it has not received any serious administrative penalty from the financial regulatory body in the last two years, and it is not under investigation by the CIRC for being suspected of being involved in any serious violation; (7) if the branch office to be set up is not a provincial branch company, the provincial branch company at the province, autonomous region or municipality directly under the Central Government where the branch office is to be located has not received any serious administrative penalty from the financial regulatory body in the last two years, and no other branch office at that place has received any serious insurance administrative penalty in the last six months; (8) the person in charge of the formation preparation has been approved by the applicant; and (9) other conditions set out by the CIRC. Article 19. To set up a branch office, the applicant shall submit the following materials in triplicate: (1) an application form; (2) the solvency reports of the two consecutive quarters before application and the solvency report of the last year which has been audited; (3) the corporate governance report of the insurance company in the last year and the internal control system of the applicant; (4) a feasibility report on the formation of the branch office, including the three-year planning and market analysis of the development of the branch office and an explanation on the fact that setting up the branch office meets the risk management situation and internal control situation of the company; (5) the branch office management rules of the applicant; (6) a statement made by the applicant that it has not received any serious administrative penalty from the financial regulatory body in the last two years; (7) if the branch office to be set up is not a provincial branch company, a statement that the provincial branch company has not received any serious administrative penalty from the financial regulatory body in the last two years; (8) the resume and certificates of the person in charge of the formation preparation of the branch office; and (9) other materials set out by the CIRC. Article 20. The CIRC shall examine the application materials within 30 days after receiving complete application materials. If they fail to meet the conditions specified in Article 18 of this Provision, it shall make a decision of disapproval and give reasons in writing. If they meet the conditions specified in Article 18 of this Provision, it shall send a formation preparation notice to the applicant. Article 21. The applicant shall finish the preparatory work for the formation of a branch office within six months after receiving the formation preparation notice. The preparatory period shall not be counted into the time limit for administrative license. If the preparatory work is not done during the preparatory period, a new application for formation shall be filed under this Provision. The formation preparatory institution may not engage in any insurance operations during the preparatory period. Article 22. If the formation preparatory institution meets the following conditions after the preparatory work is done, the applicant may submit a report for business-starting check to the CIRC: (1) having a legal business office, and having safety and firefighting facilities which meet the prescribed requirements; (2) having established a necessary institutional framework and good management rules for business operations, accounting affairs, regulation compliance, risk control, assets management, anti-money laundering, etc.; (3) having an information system required by its operation and management; (4) having the senior managers or chief person in charge meeting the prescribed competence requirements; (5) having provided pre-job training to employees; (6) having not operated the insurance business during the formation preparatory period; and (7) other conditions set out by the CIRC. Article 23. The report for business-starting check submitted by the applicant shall be attached with the following materials in triplicate: (1) a report on the completion of the preparatory work; (2)the resume and certificates of the senior managers or chief person in charge; (3) a certificate on the ownership of or the right to use the business office of the branch office; (4) a report on the configuration of computers, the application system and the network building; (5) the rules for business operations, accounting affairs, risk control, assets management, anti-money laundering, etc.; (6) a report on the setup and employees of the branch office, including situations about the pre-job training of employees; (7) a firefighting certificate required by the provisions of the place where the branch office is to be located, or, if it is not required to submit the firefighting certificate for check or archival purposes, a written commitment that the applicant has taken necessary measures to maintain fire safety; and (8) other materials set out by the CIRC. Article 24. The CIRC shall, within 30 days after receiving the complete report for business-starting check, make a business-starting check and make a decision of approval or disapproval. If a decision of approval is made after it passes the check, the CIRC shall issue a license for branch offices to operate insurance business. If a decision of disapproval is made after it fails to pass the check, the CIRC shall notify the applicant and give reasons in writing. Article 25. After a branch office of an insurance company is formed upon approval, it shall handle the registration formalities at the competent administrative department for industry and commerce upon the strength of the approval document and the insurance business operation permit for a branch office, and may not start business until it gets the business license. CHAPTER IV CHANGE, DISSOLUTION AND CANCELLATION OF INSURANCE INSTITUTIONS Article 26. An insurance institution shall obtain the approval of the competent insurance regulatory body under any of the following circumstances: (1) change of name; (2) change of the form of organization; (3) change of registered capital; (4) expansion of business scope; (5) change of registration place or business office; (6) split or merger of the company; (7) amendment to the bylaws of the company; (8)change of any shareholder whose amount of capital contribution accounts for 5% or more of the total capital of the company which is a limited liability company, or change of any shareholder who holds 5% or more of the shares of the company which is a joint-stock limited company; or (9) other circumstances specified by the CIRC. Article 27. Under any of the following circumstances, an insurance institution shall report to the CIRC within 15 days after the circumstances occur: (1) change of any shareholder whose amount of capital contribution accounts for not more than 5% of the total capital of the company which is a limited liability company, or change of any shareholder who holds not more than 5% of the shares of the company which is a joint-stock limited company, unless it is a listed company; (2) change of the name of a shareholder of the company, unless it is a listed company; (3) change of the name of a branch office of the company; or (4) other circumstances specified by the CIRC. Article 28. An insurance company which needs to be dissolved shall file the following materials in triplicate to the CIRC for approval: (1) an application form for dissolution; (2) the decision of the general meeting of shareholders or the shareholders' meeting; (3) an introduction to the liquidation group and the person in charge of it, and the relevant certificates; (4) the liquidation procedure; (5) a plan on the arrangements of creditor's rights and debts; (6) an asset distribution plan and an asset disposal plan; and (7) other materials specified by the CIRC. Article 29. A liquidation group shall be set up for the dissolution of an insurance company, and the liquidation work shall be subject to the supervision and guidance of the CIRC. Where an insurance company is dissolved according to law, the CIRC shall organize the shareholders, the relevant departments and the relevant professionals to form a liquidation group. Article 30. The liquidation group shall notify the creditors within 10 days after formation, and publish at least three announcements at a newspaper designated by the CIRC within 60 days. The liquidation group shall hire an accounting firm and a law firm which have good credit standing to assess the creditor's rights, debts and assets of the company. Article 31. To cancel a branch office, an insurance company shall get the approval of the CIRC. The insurance business operation permit of the branch office shall automatically become invalid from the day when the cancellation is approved, and shall be surrendered within 15 days from the day when the cancellation is approved. Where an insurance company is to merge or cancel a branch office, it shall publish an announcement, notify the policyholders, insurants or beneficiaries in writing, and sufficiently inform them of issues about the payment of insurance premium and the obtainment of insurance money. Article 32. Where an insurance company is dissolved or cancelled according to law, its assets shall be disposed of by public auction, transfer under agreement or any other way acknowledged by the CIRC. Article 33. Where an insurance company is dissolved or cancelled according to law, the shareholders of the company may not distribute the assets of the company or get any benefits from the company before the liquidation of contractual liabilities is completed. Article 34. Under any of the circumstances prescribed in Article 2 of the Enterprise Bankruptcy Law of the People's Republic of China, an insurance company shall apply for reorganization, reconciliation or bankruptcy liquidation according to law. CHAPTER V ADMINISTRATION OF BRANCH OFFICES Article 35. Insurance companies shall strengthen the administration of branch offices, urge them to operate in compliance with regulation, and make sure that superior institutions have effective ways to administer and control their subordinate branch offices. Article 36. The head office of an insurance company shall, according to this Provisions, formulate the branch office management rules in light of the development needs of the company, the provincial branch companies shall, according to the rules of the head office and the local actualities, formulate the branch office management rules for their respective provinces, autonomous regions and municipalities directly under the Central Government. For the branch offices set up in cities under separate state planning, those designated by the provincial branch companies or the insurance company under Paragraph 3 of Article 4 of this Provision shall be responsible for formulating the local branch office management rules. Article 37. The branch office management rules shall at least contain: (1) the functions and duties of the branch offices at all levels; (2) the personnel, site and equipment requirements of the branch offices at all levels; (3) the internal decision-making procedure for the establishment and cancellation of branch offices; and (4) the duties and measures of the superior institutions for administering and controlling the subordinate branch offices. Article 38. A branch office of an insurance company shall have a necessary amount of employees, and the senior managers or chief person in charge of the branch office shall be regular employees who have concluded employment contracts with the insurance company. Article 39. During the period of continued existence of a branch office of an insurance company, it shall have a required, stable business office and necessary office equipment. Article 40. A branch office of an insurance company shall place the original insurance business operation permit at an eye-catching place of its business office for future reference. CHAPTER VI INSURANCE BUSINESS OPERATION Article 41. A branch office of an insurance company my not operate insurance business in any other province, autonomous region or municipality directly under the Central Government, unless it is under the circumstances prescribed in Article 42 of this Provision or it is otherwise provided by the CIRC. Article 42. For an insurance institution which participates in coinsurance, operates large commercial insurance businessor master policy business or accepts insurance in any other province, autonomous region or municipality directly under the Central Government via internet or telephone, it shall observe the relevant provisions of the CIRC. Article 43. Insurance institutions shall fairly and reasonably set insurance clauses and insurance premium rate, and may not damage the legitimate rights and interests of policyholders, insurants and beneficiaries. Article 44. The fly sheets and brochures of insurance institutions shall be objective, complete and authentic, and shall have the name and address of insurance institutions. Article 45. Insurance institutions shall disclose information according to the provisions of the CIRC. No insurance institution may provide misleading information about its insurance clauses and service quality by advertisement or any other way of publicity. Article 46. Insurance institutions shall prompt policyholders about the exemption of liability, discharge of insurance, deduction of charges, cash value, grace period and other issues concerned in the insurance contract according to the Insurance Law and the CIRC provisions. Article 47. Insurance institutions shall follow the principle of fair competition in operating business, and may not engage in unfair competition. Article 48. No insurance institution may unilaterally compare its insurance clauses or insurance premium rate with the similar insurance clauses or premium rate of any other insurance company or with the deposit interest rate of any financial institution. Article 49. No insurance institution may damage the reputation of any other insurance institution by fabricating or spreading misrepresented facts. No insurance institution may exclude or impede any other insurance institution from operating insurance business by taking advantage of the government, any governmental department or any monopolistic enterprise or organization. Article 50. No insurance institution may persuade or induce any policyholder to rescind the insurance contract concluded with any other insurance institution. Article 51. No insurance institution may give or promise to give premium kickback or any other benefit not mentioned in the insurance contract to the policyholder, insurant or beneficiary. Article 52. Except for a reinsurance company, an insurance institution shall set a customer service department or a consultation and complaint-handling department according to the relevant provisions, and publish the consultation and complaint-handling hotline to the public. Insurance institutions shall seriously handle insurance complaints, and notify the complainants of the handling opinions in a timely manner. Article 53. Insurance institutions shall establish a registration system for insurance agents and strengthen the training and administration of insurance agents, and may not instigate or induce insurance agents to engage in any dishonest activities. Article 54. No insurance institution may authorize any institution or individual without legal qualifications to sell insurance products, or pay commissions or other benefits to any of them. Article 55. Insurance companies shall set up and improve the corporate governance structure, strengthen internal management, and set up rigid internal control rules. Article 56. Insurance companies shall set up rules to control and manage related transactions. Insurance companies shall timely report the major related transactions to the CIRC according to the relevant provisions. Article 57. Before appointing a director, supervisor or senior manager, an insurance institution shall apply to the CIRC for approving the competence of the person. The competence of directors, supervisors and senior managers of insurance institutions shall be administered according to the Insurance Law and the relevant CIRC provisions. Article 58. Insurance institutions shall administer and use the insurance business operation permits according to the Insurance Law and the relevant CIRC provisions. CHAPTER VII SUPERVISION AND ADMINISTRATION Article 59. The CIRC shall supervise and administer insurance institutions by way of on-site supervision in combination with off-site supervision. Article 60. For an insurance institution that is under any of the following circumstances, the CIRC shall regard it as an important object for supervision and administration: (1) seriously violating the law; (2) becoming insolvent; (3) having an abnormal financial standing; or (4) other circumstances specified by the CIRC. Article 61. The on-site inspection made by the CIRC on an insurance institution shall cover, but not be limited to, the following items: (1) whether the formation or change of the institution has been approved by or reported to the CIRC; (2) whether the competence of directors, supervisors and senior managers have been examined and approved according to law; (3) whether its application materials for administrative license are authentic; (4) whether its capital and reserve funds are authentic and adequate; (5) whether the corporate governance system and internal control system conform to the CIRC provisions; (6) whether it is solvent; (7) whether its use of capital is legal; (8) whether its business operations and financial conditions are legal, and whether the reports, statements, documents and materials are timely, complete and authentic; (9) whether it has reported its insurance clauses and premium rate for examination and approval or archival purposes required; (10) whether its business connections with insurance agencies are legal; (11) whether its information system building meets the relevant provisions; (12) whether it has reported other matters that shall be reported ex post as required; and (13) other matters specified by the CIRC. Article 62. Where the CIRC makes an on-site inspection on an insurance institution, the insurance institution shall cooperate with it, and provide the relevant documents and materials according to the requirements of the CIRC. Article 63. The staff of the CIRC shall make on-site inspections according to law. There shall be at least two inspectors who shall produce their certificates and the inspection notice. The CIRC can hire accounting firms and other intermediary agencies to provide professional services for on-site inspections and, in this case, it shall conclude written service agreements with such agencies. Article 64. Where any insurance institution frequently cancels branch offices or changes the business premises of its branch offices, which may cause or has caused adverse impact upon the business operation of the insurance company, the CIRC has the power to take the following measures when necessary: (1) asking the institution to improve the branch office management rules within a certain time limit; (2) inquiring of the person in charge of the institution or other relevant personnel about the cancellations and changes; (3) asking the institution to provide documents and materials about its internal decisions of the cancellations and changes; (4) issuing a major risk tip letter, or holding regulatory talks with the relevant persons; and (5) other measures. The insurance institution shall rectify according to the requirements of the CIRC and timely report the rectification situations to the CIRC in writing. Article 65. When necessary, the CIRC has the power to ask insurance institutions to submit reports or other special-purpose materials. Article 66. Insurance institutions shall file their business reports, actuaries' reports, accounting reports, solvency reports, compliance reports and other reports, statements, documents and materials with the CIRC within the prescribed time limit. The reports, statements, documents and materials submitted by insurance institutions to the CIRC shall be authentic, complete and accurate. Article 67. Any important decision of the general meeting of shareholders, shareholder's meeting or board of directors of an insurance company shall be reported to the CIRC within 30 days after it is made, unless it is otherwise provided by the CIRC. Article 68. When necessary, the CIRC has the power to hold regulatory talks with any directors, supervisors or senior managers of insurance institutions, asking them to make explanations on the insurance business operations, risk control, internal management and other major issues of the institutions. Article 69. Where any insurance institution or its employee violates this Provision, the CIRC shall give a punishment according to laws and administrative regulations. If there is no provision in laws or administrative regulations governing this violation, the CIRC shall order it/him to correct and give it/him a warning. If there is any illegal gain, the CIRC shall impose a fine from one time to three times the illegal gain, which shall be 30,000 yuan at most. If there is no illegal gain, the CIRC shall impose a fine of not more than 10,000 yuan. If it/he is suspected of being involved in any crime, it/he shall be transferred to the judicial organ for criminal liability. CHAPTER VIII SUPPLEMENTARY PROVISIONS Article 70. This Provision shall apply to the formation of the branch offices of exclusively foreign-owned insurance companies and Sino-foreign joint venture insurance companies. Where there is any discrepancy between the previous provisions of the CIRC and this Provision, the latter shall prevail. For the administration of other aspects of exclusively foreign-owned insurance companies and Sino-foreign joint venture insurance companies, this Provision shall apply, unless it is otherwise provided in laws, administrative regulations or the CIRC provisions. Article 71. Unless it is under the circumstances prescribed in Article 42 or Article 72 (1) of this Provision, the branch companies of foreign insurance companies can only operate business within the jurisdiction of the provinces, autonomous regions or municipalities directly under the Central Government at their places of domicile. For the administration of other aspects of the branch companies of foreign insurance companies, the provisions governing the head offices of insurance companies in this Provision shall analogically apply, unless it is otherwise provided in laws, administrative regulations or the CIRC provisions. Article 72. Reinsurance companies, including the branch companies of foreign reinsurance companies, can directly operate the reinsurance business around the whole nation. Reinsurance companies shall be governed by this Provision, unless it is otherwise provided in laws, administrative regulations or the CIRC provisions. Article 73. Policy insurance companies and mutual insurance companies shall be analogically governed by this Provision, unless it is otherwise provided by the state. Article 74. The establishment of overseas subsidiary companies, branch offices or representative offices by insurance companies shall be subject to the CIRC approval. The conditions and administrative provisions shall be separately specified by the CIRC. The establishment of overseas insurance institutions by domestic non-insurance institutions shall be subject to the CIRC approval. Article 75. Insurance companies shall accede to the insurance association according to the Insurance Law. Article 76. Branch offices formed before this Provision come into force are not required to go through the examination and approval formalities again according to the formation conditions specified in this Provision, but shall meet the routine management requirements set by this Provision on branch offices. Those failing to meet the requirements shall rectify within two years from the day when this Provision come into force so as to reach the requirements of this Provision on the competence of senior managers or chief persons in charge, the conditions of business offices, the use of permit, the administration of branch offices, etc. Article 77. The reports, statements, documents and materials filed by insurance institutions under this Provision shall be in Chinese. Those in foreign languages shall be attached with the Chinese translations. In the case of any discrepancy, the Chinese version shall prevail. Article 78. The term "day" in this Provision refers to workdays, not including statutory holidays. The terms "not more than" and "not less than" in this Provision shall cover the figures mentioned there. Article 79. The power to interpret this Provision shall remain with the CIRC. Article 80. This Provision shall come into force as of October 1, 2009. The Provisions on the Administration of Insurance Companies (Order No.3 [2004] of the CIRC) issued by the CIRC on May 13, 2004 shall be abolished simultaneously. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|