1. The conditions for establishing an insurance company are as follows:
(1) Having a business place that meets the requirements and other facilities related to business operation;
(2) The net assets of the major shareholders are not less than 200 million yuan;
(3) Having a sound organizational structure and management system;
(4) Other conditions prescribed by law.
2. Legal basis: Article 7 of the Regulations on the Administration of Insurance Companies.
To establish an insurance company, an application for preparation shall be submitted to the China Insurance Regulatory Commission, and the following conditions shall be met:
(a) there are investors who meet the requirements of laws, administrative regulations and the provisions of the China Insurance Regulatory Commission, and the shareholding structure is reasonable;
(2) Having draft articles of association that conform to the provisions of the Insurance Law and the Company Law;
(3) The investor promises to contribute or subscribe for shares, and the registered capital to be registered is not less than 200 million yuan, and it must be paid-in monetary capital;
(4) Having a clear development plan, business strategy, organizational structure and risk control system;
(5) The chairman and general manager to be appointed shall meet the post-holding qualifications stipulated by the China Insurance Regulatory Commission;
(six) the person in charge of the preparatory group recognized by the investors;
(seven) other conditions stipulated by the China Insurance Regulatory Commission.
China CIRC may adjust the minimum registered capital of an insurance company according to its business scope and scale, but it shall not be less than RMB 200 million.
2. What is the process of establishing an insurance company?
The establishment process of an insurance company is as follows:
1. Apply to the State Council Insurance Regulatory Authority for approval of establishment;
2. After receiving the notice of approval for the preparation, carry out the preparation work;
3. Submit an application for starting business to the the State Council Insurance Regulatory Authority;
4. Obtain an insurance business license;
5. With the insurance business license, register with the administrative department for industry and commerce and obtain a business license.