Acceptance criteria for business commencement (1) Ownership structure and articles of association 1. The registered capital shall be paid in full and on time. The minimum registered capital is RMB 200 million, and the registered capital is paid-in monetary capital. 2. Qualified investors and reasonable equity structure. (1) Investors should have legitimate sources of investment funds and good operating conditions. (2) Except for investment companies and holding companies specified by the State Council, the cumulative investment of each investor shall not exceed 50% of the company's net assets. (3) Except for insurance holding companies or insurance companies approved by the China Insurance Regulatory Commission, if a single enterprise legal person or other organization (including its related parties) invests in an insurance company, its shares shall not exceed 20% of the total shares of the insurance company. If there is any relationship between shareholders, it shall report to the China Insurance Regulatory Commission in writing. 3. The articles of association and governance structure of the company comply with the relevant provisions of the Company Law and the Insurance Law. (1) The company's articles of association shall specify the company's name and domicile, registered capital, mode of establishment, total number of shares and amount per share, name of promoters, number of shares subscribed, business scope and other matters. (2) The company shall establish an organizational structure with clear responsibilities and clear division of labor, with shareholders' meeting, board of directors, board of supervisors and managers as the main body, and establish an internal governance mechanism and corresponding internal management system for checks and balances among power organs, decision-making organs, supervision organs and executive organs. 4. Having business premises and office equipment suitable for other businesses. (2) Senior management and business development 1. The senior management personnel meet the qualifications stipulated by the China Insurance Regulatory Commission. 2. The business scope of the company complies with relevant laws and regulations. 3. There are feasible business plans and reinsurance plans, and the market forecast is reasonable. (3) Financial personnel and financial system 1. Establish a special accounting department. The accountant has the qualification certificate stipulated by the state, and the proposed chief financial officer meets the relevant qualifications of the China Insurance Regulatory Commission. 2. The internal accounting methods, financial management methods, internal control system and internal audit (auditing) system formulated by the company conform to the unified national accounting system, basic accounting work norms, relevant provisions of the China Insurance Regulatory Commission and other laws and regulations. 3. Have a financial software system that is suitable for business development and can meet the requirements of accounting, financial management and solvency evaluation of insurance companies, and can be seamlessly connected with the business management system. 4. The registered capital remains intact and has not been withdrawn or improperly used after capital verification. (4) Information System Construction The information system construction conforms to the relevant requirements of the Guidelines for Acceptance of Informatization Construction of Insurance Institutions. On-site acceptance workflow China CIRC will form an acceptance working group to conduct on-site acceptance. The details are as follows: (1) Prepare the report 1, participants. The company's proposed senior management personnel (including the proposed chairman, vice chairman, general manager, deputy general manager, supervisor, secretary of the board of directors, etc.). ) and the head of the preparatory group attended the acceptance report meeting. Department heads can attend as nonvoting delegates. 2. Contents of the report. The person in charge of the preparatory group reports the completion of the preparatory work, including the availability of funds, ownership structure, corporate governance, internal control system construction, strategic development planning and business strategy, department setup and personnel, product development and filing, financial management system construction, information system construction, office and place construction, etc. (II) Questioning by the Acceptance Team According to the division of responsibilities of the departments, the members of the Acceptance Team further inquired about the company's preparatory work. The company's proposed senior management personnel and the head of the preparatory group will explain and explain. (3) Conduct on-site inspection of 1, office space, personnel in place and business safety. 2 inspectors' mastery of job responsibilities, business knowledge and workflow. 3. Check the running status of the business system. 4, the financial system construction inspection. 5. Check the condition of the computer room and equipment. 6. Docking inspection with the insurance regulatory information system, etc. If it meets the company's opening standards after acceptance and examination, the CIRC will give a reply of approval for opening; Do not meet the business standards, to continue to step up preparations, to be ready, and then reported to the CIRC for acceptance and approval.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.