China Insurance Regulatory Commission, Procedures for Approving Insurance Agency Companies and Insurance Assessment Companies Announcement

Issued: September 13 2001
Effective: as of date of issue

Main contents: According to the Announcement, approval of establishment of an insurance agency company or insurance assessment company encompasses two stages. First, application for preparation for the establishment of such a company shall be submitted to the China Insurance Regulatory Commission (CIRC), and CIRC will decide to approve or reject the application within six months from its receipt of the application (Section One). Then, the approved applicant shall prepare the establishment of the company under the guidance of an agency of CIRC and at the end of the preparation a set of specified information shall be submitted to the CIRC agency for preliminary approval and then forwarded to CIRC for final approval, which will be given or refused within three months (Section Two). If the preparation work is not completed within six months from the date of approval to begin the preparation, the original approval will automatically expire and this will be announced by CIRC through a relevant medium.