China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	PROVISIONS OF THE ESTABLISHMENT OF REINSURANCE COMPANIES

	(Order of China Insurance Regulatory Commission (No. 4 [2002]) promulgated on September 17, 2002, which shall come into force on the date of their promulgation)


SUBJECT : REINSURANCE COMPANIES
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION
ISSUE DATE : 09/17/2002
IMPLEMENT DATE : 09/17/2002
LENGTH : 477 words
TEXT :

Article 1. The present provisions are enacted in accordance with the Insurance Law of the People's Republic of China and the Regulations of the People's Republic of China on the Administration of Foreign-Funded Insurance Companies with a view to promoting the development of the reinsurance market and regulating the establishment of reinsurance companies.

Article 2. Reinsurance companies mentioned in the present provisions shall refer to the companies which are approved by China Insurance Regulatory Commission (hereinafter referred to "CIRC") to be established and are registered in accordance with the law to specially operate the reinsurance business.

Article 3. The establishment of reinsurance companies shall be approved by the CIRC. According to the scope of business, reinsurance companies may be divided into life reinsurance companies, non-life reinsurance companies and comprehensive reinsurance companies.

Article 4. Upon the approval by the CIRC, a reinsurance company may operate all or part of the following business:
¡¡¡¡
(1) life reinsurance business

1. reinsurance business inside the territory of China;
2. retrocession business inside the territory of China;
3. international reinsurance business.

(2) non-life reinsurance business

1. reinsurance business inside the territory of China;
2. retrocession business inside the territory of China;
3. international reinsurance business.

(3) operating all or part of the business mentioned in Item (1) and Item (2) simultaneously.

Article 5. The paid-in currency capital of a life reinsurance company or a non-life reinsurance company shall be no less than 200 million Yuan or a convertible currency of the equal value; the paid-in currency capital of a comprehensive reinsurance company shall be no less than 300 million Yuan or a convertible currency of the equal value. The investment contributed by a foreign insurance company shall be a convertible currency.

Article 6. A reinsurance company shall retain actuaries ratified by the CIRC.

Article 7. The Chinese shareholders of a reinsurance company shall meet the requirements provided for in the Interim Provisions of the CIRC on Investing Shares in Insurance Companies, and shall abide by the relevant provisions of the CIRC in respect of the proportion for holding shares and the modification of share rights.

A foreign insurance company that contributes investments in a Chinese-foreign joint venture or a foreign wholly-owned reinsurance company shall conform to the relevant promises of China for accession to the World Trade Organization.

Article 8. Where any branch is established by a foreign reinsurance company inside the territory of China, the standard for the operating funds of and the requirements for the establishment of the said branch shall be subject to the present provisions.

Article 9. Where a reinsurance company from Hong Kong Special Administrative Region, Macao Special Administrative Region or Taiwan Region intends to establish a branch in the inland, that shall be conducted with reference to the present provisions.

Article 10. The present provisions shall come into force on the date of their promulgation.