Insurance regulations

Insurance Regulatory Commission
2009 No. 1
"Insurance regulations" has been September 18, 2009 China Insurance Regulatory Commission President's office will be examined and approved, are hereby promulgated, since October 1, 2009 into effect.
Chairman Wu Dingfu
September 25, 2009
Insurance regulations
Chapter I General Provisions
The first order to strengthen the supervision and management of insurance companies to maintain the normal order of the insurance market to protect the legitimate rights and interests of the insured to promote the healthy development of the insurance industry, according to "The People's Republic of China Insurance Law" (hereinafter referred to as "Insurance Law"), "The People's Republic of China Company Law "(hereinafter referred to as" Company Law ") and other relevant laws, administrative regulations, the enactment of this provision.
The second China Insurance Regulatory Commission (hereinafter referred to as CIRC) under the law and the State Council authorized the implementation of unified supervision and management of insurance companies.
The agency of China Insurance Regulatory Commission China Insurance Regulatory Commission in accordance with the law within the delegated authority to perform its regulatory duties.
Article III The term insurance company means by the insurance regulatory body to approve the establishment, and commercial insurance companies registered in accordance with the law.
The term insurance branch means approval by the insurance regulatory, insurance companies, branch established by law, the center branch companies, branch companies, business department, Marketing Services and a variety of exclusive agencies. Exclusive institutions established and managed by the China Insurance Regulatory Commission regulations separately.
The term insurance institutions, is the insurance company and its subsidiaries.
Article IV The term branch refers to the insurance company established by law in order to branch named branch.
The term provincial branch offices, is the insurance company in the China Insurance Regulatory Commission's regulatory requirements, in the provinces, autonomous regions and municipalities responsible for permit applications, reports and other related matters submitted to a division. Insurance companies other than the home provinces, autonomous regions and municipalities have set up branches, it should be designated as a provincial-level branch where a branch.
Insurance companies set up branches in cities with independent planning, it should be designated a branch, according to China Insurance Regulatory Commission's regulatory requirements, in cities with independent planning is responsible for application for leave to submit the report and other related matters.
Provincial branches located in the city state plan by the provincial branch is also responsible for the provisions of the preceding two issues.
Insurance business in accordance with Article V by the "Insurance Law" established by the insurance companies and legal and administrative regulations of other insurance organizations, business and other units and individuals shall not operate or carry on insurance business in disguise.
For establishment of Chapter II
Article VI of the establishment of insurance companies, should follow the following principles:
(A) comply with laws and administrative regulations;
(B) the insurance industry is conducive to fair competition and healthy development.
Established by Article VII of the insurance company should be submitted to the China Insurance Regulatory Commission to build an application and meet the following conditions:
(A) comply with laws, administrative regulations and conditions prescribed by the CIRC investors, equity structure is reasonable;
(B) meet the "Insurance Law" and "Company Law" provisions of the draft constitution;
(C) The commitment of funds to investors, or to subscribe for shares, to be a registered capital of no less than 200 million yuan, and the money must be paid-in capital;
(D) have a clear development plan, business strategy, organizational framework, risk control system;
(E) aspiring president and general manager shall meet the qualifications under the China Insurance Regulatory Commission conditions;
(F) were approved with investments in the preparatory group of responsible persons;
(Vii) other conditions specified by the CIRC.
China Insurance Regulatory Commission under the Insurance Companies business scope, scale of operation, you can adjust the minimum registered capital of insurance companies, but not less than 200 million yuan.
Article VIII for the preparation of insurance companies, the applicant shall submit the following materials in triplicate:
(A) setting up an application, the application should contain the name of the insurance company to be established, to be the registered capital and business scope, etc.;