Foreign insurance companies directly or indirectly hold shares in joint venture life insurance companies, and shall not exceed the proportion limit stipulated in the preceding paragraph. Article 4 If the registered capital or working capital of a foreign-funded insurance company established in China before the Regulations come into effect is less than 200 million yuan or its equivalent in a freely convertible currency, it shall be paid in full within 2 years after these Rules come into effect; If the registered capital or working capital is not paid in full, China CIRC will not approve its new business application. Article 5 The registered capital or working capital of a foreign-funded insurance company shall be paid-in currency. Article 6 After the establishment of a branch of a foreign insurance company, the working capital shall not be withdrawn in any form. Article 7 The term "engaging in insurance business for more than 30 years" as mentioned in Item 1 of Article 8 of the Regulations means that foreign insurance companies have engaged in insurance business for more than 30 years. If a foreign-funded insurance company merges with other institutions to establish a new insurance company, the calculation of its insurance business life will not be affected.
The insurance business life of subsidiaries of foreign insurance companies shall be counted from the time when the subsidiaries are established. Article 8 The representative offices mentioned in Item 2 of Article 8 of the Regulations refer to the following representative offices approved by China Insurance Regulatory Commission (hereinafter referred to as China Insurance Regulatory Commission):
A representative office established by a foreign insurance company;
(2) The representative office established by the group company where the foreign insurance company is located. Article 9 The representative offices established by foreign insurance companies and their group companies can only apply for the establishment of foreign-funded insurance companies. Article 10 The term "before application for establishment 1 at the end of the year" mentioned in Item (3) of Article 8 of the Regulations refers to the end of the fiscal year before the date of application. Article 11 Other prudential conditions mentioned in Item (7) of Article 8 of the Regulations shall at least include the following conditions:
(1) The corporate governance structure is reasonable;
(2) The risk management system is sound.
(3) The internal control system is sound;
(4) The management information system is effective;
(5) It is in good operating condition and has no record of major violations of laws and regulations. Article 12 Where an applicant cannot provide the business license (copy) required by Item 2 of Article 9 of the Regulations, he may provide a valid copy of the business license or a written certificate issued by the relevant competent authority that the applicant has the right to engage in insurance business. Article 13 The certificate of the competent authority of the country or region where the foreign applicant is located mentioned in Item (2) of Article 9 of the Regulations shall include one of the following contents:
(1) The solvency of the applicant meets the regulatory requirements of the country or region in the last fiscal year on the date when the certificate is issued by the relevant competent authority;
(2) In the last fiscal year on the date when the certificate is issued by the relevant competent authority, the applicant has no record that does not meet the solvency standards of the country or region. Article 14 The opinions of the competent authorities of the country or region where the foreign applicant is located mentioned in Item (2) of Article 9 of the Regulations shall include the following contents:
(1) Whether the applicant's application for establishing an insurance institution in China complies with the laws and regulations of that country or region;
(2) Whether the applicant's application is approved;
(three) the record of the punishment of the applicant in the first three years from the date when the relevant competent authorities issued their opinions. Article 15 The annual report mentioned in Item (3) of Article 9 of the Regulations shall include the balance sheet, profit and loss statement and cash flow statement of the applicant in the three fiscal years before the date of application.
The statements listed in the preceding paragraph shall be accompanied by an audit opinion issued by an accounting firm or audit firm recognized by the country or region where the applicant is located. Article 16 Unless otherwise provided by laws and administrative regulations or approved by the State Council, the China applicant mentioned in Item (4) of Article 9 of the Regulations shall meet the following conditions:
(1) A company or enterprise with legal person status registered in the administrative department for industry and commerce, except commercial banks, securities institutions and foreign-invested enterprises as stipulated in the Law of People's Republic of China (PRC) on Enterprises with Foreign Investment;
(two) approved by the administrative department of the enterprise or the shareholders' meeting;
(3) It is in good operating condition and has made profits in the previous fiscal year on the date of application;
(4) It is funded by its own funds, and the source is legal. Article 17 An applicant from China who applies for the establishment of a joint venture insurance company shall submit relevant materials, including business license (duplicate), articles of association of the company or enterprise, business structure, business history, annual reports in the last three years and records of punishment in the last three years. Article 18 The person in charge of the preparation of the proposed foreign-funded insurance company shall meet the following conditions:
(1) College degree or above;
(two) engaged in insurance or related work for more than 2 years;
(3) No criminal record. Article 19 Where an applicant applies for extending the preparation period according to Article 11 of the Regulations, he shall submit a written application to the China Insurance Regulatory Commission 1 month before the expiration of the preparation period, and explain the reasons.