Article 1 These Measures are formulated in accordance with the Company Law of People's Republic of China (PRC), the Banking Supervision Law of the People's Republic of China, the Law of People's Republic of China (PRC) Commercial Bank and other laws and regulations in order to regulate the behavior of commercial banks investing in the equity of insurance companies and promote the pilot work of commercial banks investing in the equity of insurance companies in an orderly manner according to law.
Article 2 The term "commercial banks" as mentioned in these Measures refers to commercial banks established in People's Republic of China (PRC) with the approval of China Banking Regulatory Commission (hereinafter referred to as China Banking Regulatory Commission). The term "insurance company" as mentioned in these Measures refers to an insurance company established in People's Republic of China (PRC) with the approval of the insurance regulatory authorities.
Article 3 The pilot scheme for commercial banks to invest in insurance companies shall be reported by the regulatory authorities to the State Council for approval, and each commercial bank can only invest in one insurance company.
Chapter II Access Management
Article 4 A commercial bank that intends to invest in an insurance company shall have a relatively perfect corporate governance structure, a sound internal control and consolidated management system, effective risk management and stable operation, and have no major violations of laws and regulations and major operational risk cases in the last three years. The capital adequacy ratio of an insurance company to be invested by a commercial bank shall ensure that it meets the regulatory standards after deducting the proposed investment. The board of directors of a commercial bank planning to invest in an insurance company shall have personnel familiar with insurance business operation and risk management.
Article 5 The insurance company to be invested by a commercial bank shall have a good corporate governance structure, sound and effective risk management and a good business development prospect, and all business and risk management indicators shall meet the requirements of insurance industry supervision.
Article 6 The China Banking Regulatory Commission (hereinafter referred to as the China Banking Regulatory Commission) is responsible for reviewing the plans of commercial banks to invest in insurance companies, and issuing supervision opinions of commercial banks to invest in insurance companies according to law.