Legal basis: Measures for the Administration of Equity of Insurance Companies in People's Republic of China (PRC).
Article 24 Where the equity of an insurance company is transferred by agreement or competitive bidding, the insurance company shall inform the investors of the relevant provisions of these Measures in advance. Investors who participate in bidding shall comply with the provisions of these Measures on the qualifications of shareholders of insurance companies. After obtaining the equity of an insurance company, it shall be reported to the China Insurance Regulatory Commission for approval or filing in accordance with the provisions of these Measures. If it is not approved, the relevant investor shall transfer it out within one year from the date of disapproval.
Twenty-seventh equity transfer involving state-owned assets shall comply with the relevant provisions of the management of state-owned assets. The merger and management of state-owned shares of insurance companies through administrative allocation shall conform to the provisions of these Measures on shareholding ratio and investor conditions, unless otherwise stipulated by the state.
Article 50 An investor shall not transfer his equity within five years from the date of becoming a controlling shareholder, three years from the date of becoming a strategic shareholder, two years from the date of becoming a first-class financial shareholder and one year from the date of becoming a first-class financial shareholder. Risk disposal shall be approved by the CIRC, which shall order the transfer of equity, or transfer of equity between different entities controlled by the same controller.