MEASURES FOR THE ADMINISTRATION OF THE INVESTMENT INTO OVERSEAS INSURANCE ENTERPRISES BY NON-INSURANCE INSTITUTIONS
Decree No. 6 of China Insurance Regulatory Commission
The Measures for the Administration of the Investment into Overseas Insurance Enterprises by Non-insurance Institutions have been July 31, 2006 Measures for the Administration of the Investment into Overseas Insurance Enterprises by Non-insurance Institutions Article 1 In order to promote the healthy development of the insurance industry and strengthen the supervision and control over the investment Article 2 The term “non-insurance institutions” as mentioned herein refers to the enterprises established within China other than insurance The term “overseas insurance enterprises” as mentioned herein refers to the insurance companies, insurance agencies, insurance brokerage The term “overseas investment” as mentioned herein refers to such an activity whereby a non-insurance institution establishes an overseas Article 3 China Insurance Regulatory Commission (hereinafter referred to as the CIRC) shall, according to the authorization of the State Council, Article 4 If a non-insurance institution invests in an overseas insurance enterprise, it shall meet the requirements as follows: (1) having lawful sources of foreign exchange funds; and (2) having stable business operations and a good financial position. Article 5 If a non-insurance institution applies for investing in an overseas insurance enterprise, it shall submit the following application (1) an application form for establishing an overseas insurance enterprise as signed by the legal representative; (2) articles of association and the introduction of basic information of the enterprise; (3) the last year financial statements and foreign currency balance sheet as audited by an accounting firm; (4) a letter of opinions of the higher competent authority concerning the approval of the overseas investment in an overseas insurance (5) a feasibility research report, market analysis report and preparatory scheme for establishment about the planned insurance enterprise; (6) the basic information about the planned insurance enterprise, including the name, site, articles of association, registered capital (7) Other materials as required by the CIRC. If a non-insurance institution plans to acquire an overseas insurance enterprise, it shall submit the certificate of industrial and Article 6 The CIRC shall examine the application for investing in an overseas insurance enterprise by a non-insurance enterprise, and shall Article 7 A non-insurance institution shall, within 20 days as of the day when the overseas insurance enterprise obtains a license or the acquirement (1) a copy of the license; (2) name and site of the institution; (3) articles of association of the institution; (4) organizational form, business scope, registered capital or working capital of the institution, contributions amount and proportion (5) name and ways of contact of the person in charge of the institution; and (6) other materials as required by the CIRC. Article 8 A non-insurance institution shall, within three months after each accounting year of the overseas insurance institution it has established Article 9 A non-insurance institution planning to transfer the shares of its overseas insurance enterprise shall apply to the CIRC for approval. Article 10 A non-insurance institution, in case of any of the following matters about its investment in an overseas insurance enterprise, it (1) to invest in or establish an institution; (2) to dissolute, revoke, or bankrupt the enterprise; (3) to change the name or registered place of the institution; (4) to change the person in charge of the institution; (5) to change the registered capital or the shareholder structure significantly; (6) to adjust the business scope; (7) to involve in any major management or financial problem; (8) to involve in any significant lawsuit or be subject to a serious punishment; or (9) any other matter required by the CIRC to be reported. Article 11 A non-insurance institution, illegally investing in an overseas insurance enterprise without approval of the CIRC, shall be warned Article 12 All the reports, statements, documents and materials which are submitted to the CIRC by a non-insurance institution in line with Article 13 A non-insurance institution which has invested in an overseas insurance enterprise before the implementation of the present Measures Article 14 The period for approval or report referred to in the present Measures are working days, excluding legal holidays. Article 15 The present Measures are subject to the interpretation of the CIRC. Article 16 The present Measures shall enter into force as of September 1, 2006. |
China Insurance Regulatory Commission
2006-07-31