The establishment of an insurance company shall follow the following principles:
(1) Compliance with laws and administrative regulations;
(2) It is conducive to fair competition and healthy development of the insurance industry.
Article 7
To establish an insurance company, an application for preparation shall be submitted to the China Insurance Regulatory Commission, and the following conditions shall be met:
(a) there are investors who meet the requirements of laws, administrative regulations and the provisions of the China Insurance Regulatory Commission, and the shareholding structure is reasonable;
(2) Having draft articles of association that conform to the provisions of the Insurance Law and the Company Law;
(3) The investor promises to contribute or subscribe for shares, and the registered capital to be registered is not less than 200 million yuan, and it must be paid-in monetary capital;
(4) Having a clear development plan, business strategy, organizational structure and risk control system;
(5) The chairman and general manager to be appointed shall meet the post-holding qualifications stipulated by the China Insurance Regulatory Commission;
(six) the person in charge of the preparatory group recognized by the investors;
(seven) other conditions stipulated by the China Insurance Regulatory Commission.
China CIRC may adjust the minimum registered capital of an insurance company according to its business scope and scale, but it shall not be less than RMB 200 million.