The examination and approval period for applying for the establishment of an insurance company is 6 months:
The establishment of an insurance company must be approved by the insurance supervision and administration institution, and two approval procedures are stipulated.
The first is the preliminary application, in which the applicant submits the application, feasibility study report and other documents and materials to the insurance supervision and management institution, and the insurance supervision and management institution conducts a preliminary examination. Those who pass the preliminary examination shall be approved to prepare.
The second is a formal application. After meeting the requirements of an insurance company as stipulated in this Law, a formal application shall be submitted to the insurance supervision and administration institution, and relevant documents and materials shall be submitted as required. The insurance supervision and administration institution shall examine and decide whether to approve the establishment of an insurance company.
This article stipulates the time limit for examination and approval after the insurance supervision and administration institution receives the formal application documents, and requires the insurance supervision and administration institution to make a decision of approval or disapproval within six months from the date of receiving the formal application documents for the establishment of an insurance company. This provision, on the one hand, is to protect the interests of the applicant and prevent the insurance supervision and administration institution from delaying the application for establishing an insurance company for a long time.
On the other hand, according to the provisions of this law, the examination and approval of insurance companies should not only meet the statutory conditions, but also consider the needs of insurance industry development and fair competition, so the examination and approval should be prudent, strict and comprehensive. Therefore, the provisions of this article on the examination and approval time of insurance companies are longer than those of the Company Law on the examination and approval time of general companies.