To apply for the establishment of an insurance company, a written application shall be submitted to the the State Council Insurance Regulatory Authority, and the following materials shall be submitted:
(1) An application for establishment, which shall specify the name, registered capital and business scope of the insurance company to be established;
(2) Feasibility study report;
(3) making plans;
(4) the business license or other background information of the investor, and the financial and accounting report of the previous year audited by an accounting firm;
(five) the list of the person in charge of the preparatory group and the proposed chairman and manager recognized by the investors and their own recognition certificates;
(6) Other materials as prescribed by the insurance regulatory agency of the State Council.
The insurance regulatory agency of the State Council shall examine the application for the establishment of an insurance company, make a decision of approval or disapproval within six months from the date of acceptance, and notify the applicant in writing. If it decides not to approve, it shall explain the reasons in writing.
The applicant shall complete the preparatory work within one year from the date of receiving the notice of approval; Shall not engage in insurance business activities during the preparation period.
After the completion of the preparatory work, those who meet the conditions for establishment as stipulated in Article 68 of this Law may apply to the insurance regulatory agency of the State Council for starting business.
The State Council insurance supervision and administration institution shall, within 60 days from the date of accepting the application for business opening, make a decision on whether to approve or disapprove the business opening. If the decision is approved, the insurance business license shall be issued; If it decides not to approve, it shall notify the applicant in writing and explain the reasons.
According to the relevant provisions of Chapter III of People's Republic of China (PRC) Insurance Law (Revised) revised by the Seventh Session of the 11th NPC Standing Committee on February 28th, 2009. The establishment of an insurance company shall be approved by the the State Council Insurance Regulatory Authority. When examining the application for the establishment of an insurance company, the insurance regulatory agency of the State Council shall consider the development of the insurance industry and the need for fair competition.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.