Legal basis: People's Republic of China (PRC) Insurance Law.
Article 70 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.
Article 71 The the State Council Insurance Regulatory Authority 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.