Administrative Measures for the Licenses of Banking and Insurance Institutions
Administrative Measures for the Licenses of Banking and Insurance Institutions
Administrative Measures for the Licenses of Banking and Insurance Institutions
Order of the China Banking and Insurance Regulatory Commission [2021] No. 3
April 28, 2021
The Administrative Measures for the Licenses of Banking and Insurance Institutions, which were adopted upon deliberation at the 15th Commission Meeting in 2020 of the China Banking and Insurance Commission on December 8, 2020, are hereby promulgated and shall come into effect as of July 1, 2021.
Guo Shuqing, Chairman
Administrative Measures for the Licenses of Banking and Insurance Institutions
Article 1 These Measures are formulated in accordance with the Administrative Licensing Law of the People's Republic of China, the Law of the People's Republic of China on Banking Supervision and Administration, the Law of the People's Republic of China on Commercial Banks, the Insurance Law of the People's Republic of China and other relevant laws with a view to strengthening the administration of licenses of banking and insurance institutions and promoting the legal operation of banking and insurance institutions.
Article 2 For the purposes of these Measures, "license" refers to a legal document legally issued by the China Banking and Insurance Regulatory Commission (hereinafter referred to as the "CBIRC") to specially permit a banking or insurance institution to engage in financial business operation.The issuance, renewal and withdrawal of licenses shall be legally exercised by the CBIRC and its authorized local offices, and no other entity or individual may exercise the above-mentioned official capacity.
Article 3 For the purposes of these Measures, banking and insurance institutions shall include policy banks, large banks, joint-stock banks, urban commercial banks, private banks, foreign banks, small and medium rural banking institutions and other banking institutions along with their branches, insurance group (holding) companies, insurance companies, insurance asset management companies, financial asset management companies, trust companies, finance companies of enterprise groups, financial leasing companies, auto finance companies, currency brokerage companies, consumer finance companies, bank wealth management companies, financial asset investment companies and other non-bank financial institutions established upon the approval of the CBIRC and its local offices along with their branches, insurance agency group (holding) companies, insurance brokerage group (holding) companies, professional insurance agency companies, insurance brokerage companies, concurrent-business insurance agencies and other insurance intermediaries.
Each of the above-mentioned banking and insurance institutions shall, when conducting financial business, legally obtain a license and a business license issued by the administration for market regulation.
Article 4 For the purposes of these Measures, “licenses” shall include the following types:
1. financial license;
2. insurance license; and
3. insurance intermediary license.
Financial licenses shall apply to policy banks, large banks, joint-stock banks, urban commercial banks, private banks, foreign banks, small and medium rural banking institutions and other banking institutions along with their branches, as well as financial asset management companies, trust companies, finance companies of enterprise groups, financial leasing companies, auto finance companies, currency brokerage companies, consumer finance companies, bank wealth management companies, financial asset investment companies and other non-bank financial institutions along with their branches.
Insurance licenses shall apply to insurance group (holding) companies, insurance companies, insurance asset management companies and other insurance institutions along with their branches.
Insurance intermediary licenses shall apply to insurance agency group (holding) companies, insurance brokerage group (holding) companies, professional insurance agency companies, insurance brokerage companies, concurrent-business insurance agencies and other insurance intermediaries.
Article 5 The CBIRC shall implement hierarchical management of the licenses of banking and insurance institutions.
The CBIRC shall be responsible for the issuance and management of the licenses of such banking and insurance institutions under its direct regulation as policy banks, large banks, joint-stock banks, foreign banks, insurance group (holding) companies, insurance companies, insurance asset management companies, insurance agency group (holding) companies, insurance brokerage group (holding) companies, financial asset management companies, bank wealth management companies, financial asset investment companies, and concurrent-business insurance agencies.
Each local office of the CBIRC shall, as authorized by the administrative department at a higher level, be responsible for the issuance and management of the licenses of banking and insurance institutions under its jurisdiction.
Article 6 The CBIRC and its local offices shall issue, renew or withdraw the licenses of banking and insurance institutions based on decisions on administrative licensing or record-filing or reporting information.
A banking or insurance institution established upon approval shall, within ten days from the date of receipt of a decision on administrative licensing, obtain a license from the CBIRC or its local office.
......
Order of the China Banking and Insurance Regulatory Commission [2021] No. 3
April 28, 2021
The Administrative Measures for the Licenses of Banking and Insurance Institutions, which were adopted upon deliberation at the 15th Commission Meeting in 2020 of the China Banking and Insurance Commission on December 8, 2020, are hereby promulgated and shall come into effect as of July 1, 2021.
Guo Shuqing, Chairman
Administrative Measures for the Licenses of Banking and Insurance Institutions
Article 1 These Measures are formulated in accordance with the Administrative Licensing Law of the People's Republic of China, the Law of the People's Republic of China on Banking Supervision and Administration, the Law of the People's Republic of China on Commercial Banks, the Insurance Law of the People's Republic of China and other relevant laws with a view to strengthening the administration of licenses of banking and insurance institutions and promoting the legal operation of banking and insurance institutions.
Article 2 For the purposes of these Measures, "license" refers to a legal document legally issued by the China Banking and Insurance Regulatory Commission (hereinafter referred to as the "CBIRC") to specially permit a banking or insurance institution to engage in financial business operation.The issuance, renewal and withdrawal of licenses shall be legally exercised by the CBIRC and its authorized local offices, and no other entity or individual may exercise the above-mentioned official capacity.
Article 3 For the purposes of these Measures, banking and insurance institutions shall include policy banks, large banks, joint-stock banks, urban commercial banks, private banks, foreign banks, small and medium rural banking institutions and other banking institutions along with their branches, insurance group (holding) companies, insurance companies, insurance asset management companies, financial asset management companies, trust companies, finance companies of enterprise groups, financial leasing companies, auto finance companies, currency brokerage companies, consumer finance companies, bank wealth management companies, financial asset investment companies and other non-bank financial institutions established upon the approval of the CBIRC and its local offices along with their branches, insurance agency group (holding) companies, insurance brokerage group (holding) companies, professional insurance agency companies, insurance brokerage companies, concurrent-business insurance agencies and other insurance intermediaries.
Each of the above-mentioned banking and insurance institutions shall, when conducting financial business, legally obtain a license and a business license issued by the administration for market regulation.
Article 4 For the purposes of these Measures, “licenses” shall include the following types:
1. financial license;
2. insurance license; and
3. insurance intermediary license.
Financial licenses shall apply to policy banks, large banks, joint-stock banks, urban commercial banks, private banks, foreign banks, small and medium rural banking institutions and other banking institutions along with their branches, as well as financial asset management companies, trust companies, finance companies of enterprise groups, financial leasing companies, auto finance companies, currency brokerage companies, consumer finance companies, bank wealth management companies, financial asset investment companies and other non-bank financial institutions along with their branches.
Insurance licenses shall apply to insurance group (holding) companies, insurance companies, insurance asset management companies and other insurance institutions along with their branches.
Insurance intermediary licenses shall apply to insurance agency group (holding) companies, insurance brokerage group (holding) companies, professional insurance agency companies, insurance brokerage companies, concurrent-business insurance agencies and other insurance intermediaries.
Article 5 The CBIRC shall implement hierarchical management of the licenses of banking and insurance institutions.
The CBIRC shall be responsible for the issuance and management of the licenses of such banking and insurance institutions under its direct regulation as policy banks, large banks, joint-stock banks, foreign banks, insurance group (holding) companies, insurance companies, insurance asset management companies, insurance agency group (holding) companies, insurance brokerage group (holding) companies, financial asset management companies, bank wealth management companies, financial asset investment companies, and concurrent-business insurance agencies.
Each local office of the CBIRC shall, as authorized by the administrative department at a higher level, be responsible for the issuance and management of the licenses of banking and insurance institutions under its jurisdiction.
Article 6 The CBIRC and its local offices shall issue, renew or withdraw the licenses of banking and insurance institutions based on decisions on administrative licensing or record-filing or reporting information.
A banking or insurance institution established upon approval shall, within ten days from the date of receipt of a decision on administrative licensing, obtain a license from the CBIRC or its local office.
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