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The China Insurance Regulatory Commission
Announcement of China Insurance Regulatory Commission on Strictly Prohibiting Overseas Insurance Institution from Undertaking Illegal
Insurance and Intermediary
[1999] No. 6
March 30, 1999
It is investigated that a few overseas and HK, Macao, Twain insurance companies and intermediary institutions recruit the business
men or agents and engage in the business of insurance and intermediary illegally in our country without the approval of the insurance
supervision institutions. In order to maintain the normal order of internal insurance market and the interest of the insure, the
China Insurance Regulatory Commission (hereinafter referred to CIRC) declares the following:
I.
Without the approval of the insurance supervision institutions, recruitment of the businessmen or engagement in the business of insurance
through the agents and brokers should not be allowed by the overseas and HK, Macao, Twain insurance companies and intermediary institutions
established in our country.
II.
The agent offices of the overseas insurance companies in China should not undertake the business of insurance, reinsurance and intermediary
contrary to their business range. Once found, they should be disposed seriously and cancelled the qualification of establishment
of the agent office in China.
The domestic institutions or residents should report to CIRC if they discover the overseas insurance companies or its agent offices
in China recruiting the business men or agents and engageing in the business of insurance and intermediary illegally in our country
without the approval of the insurance supervision institution. CIRC will investigate the reported illegal business and dispose seriously
with the relevant institutions according to the laws.
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