|
Welcome Guest
|
|
You are using Guest Account
|
|
||||||||||||||||||||||||||||||||||
|
In order to clarify the issues concerning the reorganization of foreign property insurance companies branches established in China into Wholly Foreign-owned property insurance companies, we hereby notify you as follows: 1. If any foreign property insurance company branch complies with the relevant conditions specified in this Circular, its head office may apply for reorganizing it into a wholly foreign-owned property insurance company. 2. In addition to complying with the P.R.C Regulations Regarding the Administration of Foreign-invested Insurance Companies and the Provisions Regarding the Administration of Insurance Companies, the reorganization of any foreign property insurance company branch into a wholly foreign-owned property insurance company shall comply with the following conditions: (1) the foreign property insurance company branch has been established for over one year; (2) the internal control system of the foreign property insurance company branch is sound, the structural operation thereof is normal, and its head office complies with the repayment capacities standards of the country or region where the head office is located; (3) it has not committed any major illegality or irregularity during its operation in China; (4) it has senior managers that meet the position qualifications prescribed by China Insurance Regulatory Commission (hereinafter referred to the CIRC); and (5) other conditions prescribed by the CIRC. 3. The reorganization of any foreign property insurance company branch into the wholly foreign-owned property insurance company shall not impair the lawful rights and interests of the policyholders of the branch prior to the reorganization. The foreign property insurance company and the reorganized wholly foreign-owned property insurance company shall severally and jointly bear the relevant civil liabilities arising from the reorganization. 4. Prior to applying to the CIRC for reorganizing the branch established in China by any foreign property insurance company into a wholly foreign-owned property insurance company, the foreign property insurance company shall make an announcement of the matters relating to the reorganization to the society. The announcement shall clarify the following contents: (1) the reorganized wholly foreign-owned property insurance company will bear liabilities such as taxes and debts of the original branch prior to the reorganization; (2) the original policyholders of the branch prior to the reorganization will have the right to choose to continue or terminate the policies contract held by them; and (3) the foreign property insurance company and the reorganized wholly foreign-owned property insurance company will severally and jointly bear the relevant liabilities arising from the reorganization. 5. Any property insurance company that applies to the CIRC for reorganizing the branch established in China into a wholly foreign-owned property insurance company must submit the following materials: (1) the reorganizing application; (2) the reorganizing report including the feasibility study report and the detailed reorganizing planning; (3) the guarantee letter promising that the foreign property insurance will bear such liabilities of the branch to be reorganized as taxes and debts prior to the reorganization; (4) the materials relating to the reorganization of the branch to be reorganized that the foreign property insurance company will announce to the society; (5) the articles of association of the company to be formed; (6) the business license (duplicate) issued by the relevant competent authority of the country or region where the foreign insurance company is located and the certificate evidencing that it complies with the repayment capacities standards; (7) the capital verification certificate produced by the legal capital verification institution; (8) the name list, resumes and positions qualifications of the senior managers of the company to be formed; (9) the business planning and ceding plan for the future three years of the company to be formed; and (10) other materials to be provided prescribed by the CIRC. 6. The CIRC shall, within two months from the date of receiving the complete formal application documents, make a decision on whether to grant an approval. If an approval is granted, the legal person license for insurance institution shall be issued, and the business license for operating insurance that was issued to the foreign property insurance company branch shall be called in within five days after the insurance company has gone through the procedures for the registration of industry and commerce. If an approval is not granted, the applicant shall be notified in writing with the reasons there for explained. 7. If the CIRC approves the reorganization of any foreign property insurance company branch into a wholly foreign owned property insurance company, the wholly foreign owned insurance company may, after three months after completing the procedures for the registration of industry and commerce, apply for the establishment of (a) branch (es) under the relevant regulations. 8. Any foreign property insurance company that establishes over one branches in China shall only reorganize one of them into a wholly foreign owned property insurance company; other branches established in China by it may, under the condition that the relevant provisions of the CIRC are complied with, be reorganized into the branches of the wholly foreign owned property insurance company. 9. The reorganization of the branches established in the Mainland China by the property insurance companies from Hong Kong Special Administrative Region, Macao Special Administrative Region and Taiwan Region shall be handled by referring to this Circular. |
||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||
|
Copyright 2002 NovexCn.com
|