(1) An insurance company jointly operated by a foreign insurance company and a company or enterprise from China within the territory of China (hereinafter referred to as a joint venture insurance company);
Foreign-funded insurance companies invested and operated by foreign insurance companies in China (hereinafter referred to as wholly-owned insurance companies);
Branches of foreign insurance companies in China (hereinafter referred to as branches of foreign insurance companies). Article 3 Foreign-funded insurance companies must abide by the laws and regulations of China and may not harm the social interests of China.
The legitimate business activities and legitimate rights and interests of foreign-funded insurance companies are protected by the laws of China. Article 4 China Insurance Regulatory Commission (hereinafter referred to as China Insurance Regulatory Commission) shall be responsible for the supervision and administration of foreign-funded insurance companies. The dispatched offices of the China Insurance Regulatory Commission shall, under the authorization of the China Insurance Regulatory Commission, conduct daily supervision and management of foreign-funded insurance companies within their jurisdiction. Chapter II Establishment and Registration Article 5 The establishment of a foreign-funded insurance company shall be approved by the China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission).
The area where foreign-funded insurance companies are established shall be determined by the China Insurance Regulatory Commission in accordance with relevant regulations. Article 6 The form of establishment and the proportion of foreign investment in establishing a foreign-funded insurance company engaged in life insurance business and a foreign-funded insurance company engaged in property insurance business shall be determined by the China Insurance Regulatory Commission in accordance with relevant regulations. Article 7 The minimum registered capital of a joint venture insurance company and a wholly-owned insurance company is 200 million yuan or its equivalent in a freely convertible currency; The minimum registered capital must be paid-in monetary capital.
A branch of a foreign insurance company shall be allocated working capital by its head office, and the working capital shall not be less than 200 million yuan or the equivalent in a freely convertible currency.
According to the business scope and scale of foreign-funded insurance companies, China CIRC may raise the minimum registered capital or working capital of foreign-funded insurance companies as stipulated in the preceding two paragraphs. Article 8 A foreign insurance company applying for the establishment of a foreign-funded insurance company shall meet the following conditions:
(a) engaged in insurance business for more than 30 years;
(2) Having established a representative office in China for more than 2 years;
(3) The total assets before the application for establishment 1 at the end of the year shall not be less than USD 5 billion;
(4) The country or region where it is located has a sound insurance supervision system, and the foreign insurance company is effectively supervised by the relevant competent authorities in the country or region where it is located;
(5) meeting the solvency standards of the country or region where it is located.
(six) the relevant competent authorities of the country or region where it is located agree to its application;
(7) Other prudential conditions stipulated by the China Insurance Regulatory Commission. Article 9 To establish a foreign-funded insurance company, the applicant shall submit a written application to the China Insurance Regulatory Commission and submit the following materials:
(1) An application signed by the legal representative of the applicant, in which the legal representatives of the parties to the joint venture shall sign the application for the establishment of a joint venture insurance company;
(2) The business license (photocopy) issued by the relevant competent authorities in the country or region where the foreign applicant is located, the certificate of meeting the solvency standards and its application opinions;
(3) The articles of association of the foreign applicant and the annual reports of the last three years;
(four) the relevant information of the China applicant who applied for the establishment of a joint venture insurance company;
(5) Feasibility study report and preparation plan of the proposed company;
(six) the name list, resume and qualification certificate of the person in charge of the preparation of the proposed company;
(seven) other information provided by the China Insurance Regulatory Commission. Article 10 The CIRC of China shall make a preliminary examination of the application for the establishment of a foreign-funded insurance company, and make a decision on whether to accept it within six months from the date of receiving the complete application documents. Decided to accept, issue a formal application form; If it decides not to accept the application, it shall notify the applicant in writing and explain the reasons. Article 11 The applicant shall complete the preparatory work within 1 year from the date of receiving the formal application form; If the preparatory work is not completed within the prescribed time limit, it may be extended for 3 months with the approval of the China Insurance Regulatory Commission. If the preparatory work is not completed during the extension period, the acceptance decision made by China CIRC will automatically become invalid. After the preparatory work is completed, the applicant shall submit the completed application form together with the following documents to the China Insurance Regulatory Commission for approval:
(1) Preparing reports;
(2) Articles of association of the company to be established;
(3) The investors who intend to set up the company and their capital contribution;
(4) A capital verification certificate issued by a statutory capital verification institution;
(5) Power of attorney of the principal responsible person of the company to be appointed;
(6) The list, resumes and qualification certificates of the senior managers of the company to be established;
(7) The business plan and reinsurance plan of the company to be established in the next three years;
(eight) the insurance clauses, insurance rates and liability reserve calculation instructions of the insurance products to be established in China;
(9) The business premises and other business-related facilities of the company to be established;
(10) Where a foreign insurance company establishes a branch, its head office shall be liable for the tax and debt of the branch;
(eleven) the establishment of a joint venture insurance company, the joint venture contract;
(twelve) other documents required by the China CIRC.