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
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
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
Order of the China Insurance Regulatory Commission [2015] No.3
October 19, 2015
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 is hereby promulgated for implementation as of the date of promulgation.
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
In order to implement the requirements of the State Council for the reform of administrative approval system and registered capital registration system, the China Insurance Regulatory Commission (hereinafter referred to as the "CIRC") has decided to make the following revisions to the eight regulations including the Administrative Measures for the Establishment of Overseas Insurance Institutions by Insurance Companies:
I. Revisions to the Administrative Measures for the Establishment of Overseas Insurance Institutions by Insurance Companies
(I) Delete Article 12.
(II) Delete Article 13.
(III) Article 14 shall be renumbered as Article 12 and the phrase "or such non-business institutions as overseas representative agencies, liaison agencies, or offices" therein shall be deleted.
(IV) Article 31 shall be renumbered as Article 29 and Paragraph 2 thereof shall be deleted.
II. Revisions to the Administrative Provisions on Insurance Companies
(I) Delete Item 2 of Article 26 and Item 5 shall be renumbered as Item 4 and revised to read as "4. Change of place of business;"
(II) Article 74 shall be revised to read as "Where an insurance company establishes overseas subsidiaries or branches, approval of the CIRC is required; and the establishment requirements and management shall be otherwise formulated by the CIRC."
III. Revisions to the Provisions for the Supervision and Administration of Professional Insurance Agencies
(I) Paragraph 2 of Article 2 shall be revised to read as "Establishment of insurance professional agency within the territory of the People's Republic of China shall satisfy the qualification requirements specified by the China Insurance Regulatory Commission (hereinafter referred to as the "CIRC"), and Insurance Agent Operating License (hereinafter referred to as the "License") shall be obtained."
(II) Article 11 shall be revised to read as "Branches of an insurance professional agency shall include branch company and business department. An insurance professional agency shall satisfy the following requirements when it applies to establish branches:
"1. it has a sound internal control system;
"2. its registered capital satisfies the requirements specified herein;
"3. its current organizations operate regularly and have no record of material violation of laws one year prior to the application;
"4. its to-be principals satisfy the qualification requirements specified herein; and
"5. the branches to be established have places of bushiness that comply with the requirements and other facilities relating to its business operation."
(III) Paragraph 1 of Article 12 shall be revised to read as "After receiving an application for the establishment of an insurance professional agency, the CIRC may remind the applicant of the risks thereof, talk with the applicant on matters concerning the establishment, and inquire about and understand the market development strategy, business expansion plan, internal control system building and staff structure, etc. of the agency to be established."
(IV) Article 13 shall be revised to read as "Where the CIRC legally approves an application for establishment of an insurance professional agency, it shall issue a License to the applicant.
"The applicant may provide insurance agent service only after receiving the License."
(V) Delete Article 14.
(VI) Delete Article 15.
(VII) Article 16 shall be renumbered as Article 14 and revised to read as "Where an insurance professional agency has any of the following circumstance, it shall report in writing to the CIRC within five days of occurrence of the issue:
"1. change of its name or the name of any of its branches;
"2. change of its domicile or the business place of any of its branches;
"3. change of the names of its initiators or major shareholders;
"4. its major shareholders change;
"5. change of registered capital;
"6. material change of its equity structure;
"7. change of its organization;
"8. division or combination;
"9. modification of the articles of association; or
"10. establishment or cancellation of its branches."
(VIII) Article 17 shall be renumbered as Article 15 and revised to read as "Where the alteration particulars of an insurance professional agency involve the content of the License, the insurance professional agency shall submit the original License, collect a new License, and make an announcement in accordance with relevant provisions of the Administrative Measures for Insurance Licenses."
(IX) Article 20 shall be renumbered as Article 18 and revised to read as "A to-be chairman of board, executive director and senior management personnel of an insurance professional agency shall satisfy the following requirements and be approved by the CIRC:
"1. receives a junior college or above level of education;
"2. has engaged in economic work for two or more years;
"3. has the capability to operate and manage as required in the fulfillment of its duties, and is familiar with insurance laws, administrative regulations and relevant provisions of the CIRC;
"4. is honest and trustworthy, and has good behaviors; and
"5. other conditions stipulated by the CIRC.
"In the event that the said persons have engaged in financial work for ten or more years, they may not be subject to Item 1 of the preceding Paragraph."
(X) Article 21 shall be renumbered as Article 19, and the phrase "the circumstances specified in Article 147 of the Company Law" therein shall be revised to read as "the circumstances specified in Article 146 of the Company Law".
(XI) Article 27 shall be renumbered as Article 25 and revised to read as "An insurance professional agency shall place its License at a prominent position of its domicile or business place.
"The branch of the insurance professional agency shall place the photocopy (affixed with the official seal of its legal body) of the License of the agency and its business license at a prominent position of its business place."
(XII) Article 30 shall be renumbered as Article 28, and the phrase "hold qualification certificates required by the CIRC" in Paragraph 1 thereof shall be deleted.
(XIII) Article 38 shall be renumbered as Article 36, with Paragraph 1 revised to read as "An insurance professional agency shall take out a vocational liability insurance policy or deposit security deposit within 20 days upon obtainment of the License."
(XIV) Article 40 shall be renumbered as Article 38 and the phrase "It shall be specified in the deposit agreement of security deposit that: 'The insurance professional agency may not use or dispose of the security deposit without written approval of the CIRC.
......