Measures for the Administration of the Establishment of Overseas Insurance Institutions by Insurance Companies (Revised in 2015)
Measures for the Administration of the Establishment of Overseas Insurance Institutions by Insurance Companies (Revised in 2015)
Measures for the Administration of the Establishment of Overseas Insurance Institutions by Insurance Companies
Order of the China Insurance Regulatory Commission [2015] No.3
October 19, 2015
(Issued according to the Order of China Insurance Regulatory Commission [2006] No. 7 on July 31, 2006; revised according to the Decision of the China Insurance Regulatory Commission on Revising Eight Regulations Including the Administrative Measures for the Establishment of Overseas Insurance Institutions by Insurance Companies by the Order of the China Insurance Regulatory Commission [2015] No.3 on October 19, 2015)
Chapter I General Provisions
Article 1 For the purposes of strengthening the administration of the activities of insurance companies in establishing overseas insurance institutions, preventing risks and safeguarding the interests of the insured, these Measures are formulated in accordance with laws and administrative regulations including the Insurance Law of the People's Republic of China (hereinafter referred to as the "Insurance Law").
Article 2 An insurance company herein refers to a commercial insurance company incorporated and registered according to law with the approval of China Insurance Regulatory Commissions (hereinafter referred to as the "CIRC").
Article 3 The overseas insurance institutions herein refer to the overseas branches or sub-branches of insurance companies, the overseas insurance companies and the overseas insurance intermediaries.
The insurance intermediaries herein refer to insurance agencies, insurance brokerage institutions and insurance surveyor and loss adjuster institutions.
Article 4 The establishment of overseas insurance institutions herein refers to the following act of an insurance company:
1. The establishment of overseas branches or sub-branches of insurance companies, insurance companies and insurance intermediaries; and
2. The acquisition of overseas insurance companies and insurance intermediaries.
Article 5 The acquisition herein refers to the acquisition by the insurance company of the equities of an overseas insurance company or insurance intermediary, whereby the equities held by the insurance company account for 20% or more of total capital with voting rights of the latter, or in case the equities it hold are less than 20%, it owns the actual controlling rights or common controlling rights of the later or boasts material impact over the latter.
These Measures are applicable to the acquisition by the insurance company of a listed overseas insurance company and insurance intermediary, unless otherwise specified by the CIRC.
Article 6 The insurance company shall abide by Chinese laws and administrative regulations on insurance and foreign exchanges, the relevant provisions of the CIRC as well as the relevant overseas laws and provisions in establishing overseas insurance institutions.
The insurance company shall execute the relevant current provisions on insurance-related foreign exchange fund in acquiring overseas insurance companies and insurance intermediaries.
Article 7 The CIRC shall carry out supervision and regulation on the activities of insurance companies in establishing overseas insurance institutions.
Article 8 These Measures are applicable to the activities of the insurance company in establishing non-business establishments such as representative agencies, liaison agencies or offices.
Chapter II Examination and Approval for the Establishment
Article 9 For establishing an overseas insurance institution, an insurance company shall satisfy the following requirements:
1.
......
Order of the China Insurance Regulatory Commission [2015] No.3
October 19, 2015
(Issued according to the Order of China Insurance Regulatory Commission [2006] No. 7 on July 31, 2006; revised according to the Decision of the China Insurance Regulatory Commission on Revising Eight Regulations Including the Administrative Measures for the Establishment of Overseas Insurance Institutions by Insurance Companies by the Order of the China Insurance Regulatory Commission [2015] No.3 on October 19, 2015)
Chapter I General Provisions
Article 1 For the purposes of strengthening the administration of the activities of insurance companies in establishing overseas insurance institutions, preventing risks and safeguarding the interests of the insured, these Measures are formulated in accordance with laws and administrative regulations including the Insurance Law of the People's Republic of China (hereinafter referred to as the "Insurance Law").
Article 2 An insurance company herein refers to a commercial insurance company incorporated and registered according to law with the approval of China Insurance Regulatory Commissions (hereinafter referred to as the "CIRC").
Article 3 The overseas insurance institutions herein refer to the overseas branches or sub-branches of insurance companies, the overseas insurance companies and the overseas insurance intermediaries.
The insurance intermediaries herein refer to insurance agencies, insurance brokerage institutions and insurance surveyor and loss adjuster institutions.
Article 4 The establishment of overseas insurance institutions herein refers to the following act of an insurance company:
1. The establishment of overseas branches or sub-branches of insurance companies, insurance companies and insurance intermediaries; and
2. The acquisition of overseas insurance companies and insurance intermediaries.
Article 5 The acquisition herein refers to the acquisition by the insurance company of the equities of an overseas insurance company or insurance intermediary, whereby the equities held by the insurance company account for 20% or more of total capital with voting rights of the latter, or in case the equities it hold are less than 20%, it owns the actual controlling rights or common controlling rights of the later or boasts material impact over the latter.
These Measures are applicable to the acquisition by the insurance company of a listed overseas insurance company and insurance intermediary, unless otherwise specified by the CIRC.
Article 6 The insurance company shall abide by Chinese laws and administrative regulations on insurance and foreign exchanges, the relevant provisions of the CIRC as well as the relevant overseas laws and provisions in establishing overseas insurance institutions.
The insurance company shall execute the relevant current provisions on insurance-related foreign exchange fund in acquiring overseas insurance companies and insurance intermediaries.
Article 7 The CIRC shall carry out supervision and regulation on the activities of insurance companies in establishing overseas insurance institutions.
Article 8 These Measures are applicable to the activities of the insurance company in establishing non-business establishments such as representative agencies, liaison agencies or offices.
Chapter II Examination and Approval for the Establishment
Article 9 For establishing an overseas insurance institution, an insurance company shall satisfy the following requirements:
1.
......