Administrative Measures for Insurance Licenses

Administrative Measures for Insurance Licenses

Order of the China Insurance Regulatory Commission [2007] No. 1

June 22, 2007

The Administrative Measures for Insurance Licenses, which were deliberated and adopted at the chairman's executive meeting of China Insurance Regulatory Commission on May 11, 2007, are hereby promulgated and shall come into effect as of September 1, 2007.

Chairman: Wu Dingfu

Attachment: The Administrative Measures for Insurance Licenses

Article 1 For the purpose of strengthening the administration of insurance licenses, regulating the licensing activities in the insurance industry and maintaining the normal order of insurance market, these Measures are formulated in accordance with the Insurance Law of the People's Republic of China, the Administrative Licensing Law of the People's Republic of China and other laws and administrative regulations.

Article 2 China Insurance Regulatory Commission (hereinafter referred to as "CIRC") shall be the sole body responsible for the issuance and management of insurance licenses.
The dispatched offices of CIRC shall, within the authentic scope of CIRC, exercise the functions and powers of issuance and management of insurance licenses.

Article 3 CIRC shall establish supervision and management system of insurance licenses sticking to the principles of rule of law, openness, fairness, efficiency and convenience

Article 4 The following insurance institutions within the territory of People's Republic of China shall obtain an insurance license according to law.
1. Insurance holding companies and insurance group companies operating insurance business
2. Insurance companies and branch offices;
3. Insurance asset management companies and their branches;
4. Insurance agencies, insurance brokerage institutions, Insurance assessment institutions and their branches;
5. Concurrent-business insurance agencies; and
6. Other insurance institutions as determined by CIRC

Article 5 Insurance license referred to in these Measures shall include the following types:
1. Legal entity license for insurance companies and insurance business license
2. Insurance sales service license
3.Insurance agency license
4.Insurance brokerage license
5.Insurance assessment license
6.
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