An insurance company may apply for the establishment of a branch according to the needs of business development.
The levels of branches of insurance companies are branches, central branches, subsidiaries, sales departments or marketing service departments in turn. An insurance company shall not set up branches step by step, but it shall set up branches in advance when conducting business in provinces, autonomous regions and municipalities outside its domicile.
An insurance company shall not manage its subordinate branches step by step according to the hierarchy specified in the preceding paragraph; The sales department and the marketing service department do not manage other branches.
situation
Article 16
The minimum capital for the establishment of an insurance company is 200 million yuan. When each province, autonomous region or municipality directly under the Central Government applies for the establishment of a branch for the first time outside its domicile, the registered capital shall be increased by no less than 20 million yuan.
When applying for the establishment of a branch, if the registered capital of an insurance company reaches the amount after capital increase as stipulated in the preceding paragraph, the corresponding registered capital may not be increased.
The registered capital of an insurance company reaches 500 million yuan, and it is not necessary to increase the registered capital to set up a branch with sufficient solvency.
Article 17
The establishment of a provincial branch shall be applied by the head office of the insurance company; The establishment of other branches shall be applied by the head office of the insurance company, or by the provincial branch with the approval documents of the head office.
To apply for the establishment of a branch in a city under separate state planning, the branch designated by the insurance company according to the third paragraph of Article 4 of these Provisions may also apply with the approval document of the head office.
Article 18
To establish a branch, an application for establishment shall be filed and the following conditions shall be met:
(a) the solvency of the previous year is sufficient, and it has been sufficient for two consecutive quarters before submitting the application;
(2) The insurance company has a good corporate governance structure and sound internal control;
(3) The applicant has a sound branch management system;
(4) Fully demonstrating the feasibility of the proposed branch;
(5) Where an application is made for the establishment of a branch other than a provincial branch in a province, autonomous region or municipality directly under the Central Government other than its domicile, the provincial branch has already started business;
(6) The applicant has not been subjected to any major administrative punishment by the financial regulatory agency in the last two years, and has not been investigated by the China Insurance Regulatory Commission for any suspected major illegal act;
(7) applying for the establishment of a branch other than a provincial branch, where the provincial branch is located in the province, autonomous region or municipality directly under the Central Government, and the established branch has no record of major administrative punishment by the financial regulatory agency in the last two years, and the insured has no record of major administrative punishment in the last six months;
(eight) the person in charge of the preparation approved by the applicant;
(9) Other conditions stipulated by the China Insurance Regulatory Commission.
Submission of materials
Article 19
To establish a branch, the applicant shall submit the following materials in triplicate:
(1) An application for establishment;
(2) Solvency reports for two consecutive quarters before the application and the audited solvency report of the previous year;
(3) A report on the corporate governance structure of the insurance company and the applicant's internal control system in the previous year;
(4) A feasibility report on the establishment of a branch, including the three-year business development plan and market analysis of the proposed institution, as well as an explanation that the establishment of a branch is compatible with the company's risk management and internal control;
(5) The management system of the applicant's branches;
(6) A statement that the applicant has not been subjected to major administrative punishment by the financial regulatory agency in the last two years;
(seven) to apply for the establishment of branches other than provincial branches, and submit a statement that the provincial branches have not been subject to major administrative penalties by the financial regulatory agencies in the last two years;
(eight) the resume of the person in charge of the institution to be established and relevant certification materials;
(nine) other materials required by the China Insurance Regulatory Commission.
Article 20 The China Insurance Regulatory Commission shall, within 30 days from the date of receiving the complete application materials, make a written examination of the application for establishment. If it does not meet the requirements of Article 18 of these Provisions, it shall make a decision of disapproval and explain the reasons in writing. In accordance with the provisions of article eighteenth, a notice shall be issued to the applicant.
Article 21 The applicant shall complete the preparatory work of the branch within 6 months from the date of receiving the notice of preparatory work. The preparation period is not counted in the administrative licensing period.
If the preparatory work is not completed at the expiration of the preparatory period, an application for establishment shall be re-submitted in accordance with these provisions.
The preparatory organization shall not engage in any insurance business activities during the preparatory period.
Opening acceptance
Article 22
After the completion of the preparatory work, if the preparatory organization meets the following conditions, the applicant may submit the opening acceptance report to the China Insurance Regulatory Commission:
(1) It has a legal business place, and the safety and fire control facilities meet the requirements;
(2) It has established the necessary organizational structure and perfect management systems for business, finance, risk control, asset management and anti-money laundering;
(3) Establishing an information system suitable for business management activities;
(4) Having a proposed senior manager or principal responsible person who meets the post requirements;
(5) Having conducted on-the-job training for employees;
(six) did not start insurance business during the preparation period;
(seven) other conditions stipulated by the China Insurance Regulatory Commission.
Article 23
The opening acceptance report submitted by the applicant shall be accompanied by the following materials in triplicate:
(1) Report on the completion of the preparatory work;
(2) Resumes and relevant certificates of the proposed senior managers or principals;
(3) Proof of ownership or right to use the business premises of the proposed institution;
(four) computer equipment configuration, application system and network construction report;
(five) business, finance, risk control, asset management, anti-money laundering and other systems;
(6) Report on the organization and employees, including the report on employee induction training, etc. ;
(seven) failing to submit the relevant fire proof of the proposed place in accordance with the provisions, failing to carry out fire inspection or filing, and submitting the written commitment made by the applicant to take necessary measures to ensure fire safety;
(eight) other materials required by the China Insurance Regulatory Commission.
Article 24 The China Insurance Regulatory Commission shall, within 30 days from the date of receiving the complete report on the opening acceptance, conduct the opening acceptance, and make a decision on approval or disapproval. If the establishment is approved after acceptance, the insurance business license shall be issued; If the establishment is not approved due to unqualified acceptance, it shall notify the applicant in writing and explain the reasons.
Article 25 An approved branch of an insurance company shall go through the registration formalities with the administrative department for industry and commerce with the approval document and the Insurance Business License of the branch before starting business.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.