China Insurance Regulatory Commission, Administration of Representative Offices in China of Foreign Insurance Institutions Procedures

中国保险监督管理委员会外国保险机构驻华代表机构管理办法

January 31, 2004 | BY

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Repealing its 1999 predecessor, the new Procedures simplies application and approval procedures for setting up a Chinese representative office for foreign insurance firms.

Clp Reference: 3910/04.01.15 Promulgated: 2004-01-15 Effective: 2004-03-01

Promulgated: January 15 2004

Effective: March 1 2004

Interpreting authority: China Insurance Regulatory Commission (CIRC)

Applicability: The Procedures shall apply, mutatis mutandis, to representative offices in the Mainland established by insurance institutions from Hong Kong, Macao and Taiwan (Article 41).

The Procedures shall apply, mutatis mutandis, to offices of foreign insurance institutions approved by the CIRC to be established in China (Article 42).

Main contents: The Procedures repeal the Administration of Representative Offices in China of Foreign-invested Insurance Institutions Procedures of 1999. Article 23 of the Procedures requires a representative office to submit the annual report of the previous accounting year of the foreign insurance institution it is representing to the CIRC and its agent within six months after the end of the accounting year. The CIRC is now required to make a decision of whether to approve or disapprove an application for establishment of a representative office within 20 days of accepting to handle an application. The extension of the term of a representative office is no longer subject to examination and approval. The change of address and the change, increase or reduction of representatives, deputy representatives or foreign employees are now required only to be reported afterwards, and do not require examination and approval.

Related legislation: PRC Insurance Law (Amended), Feb 28 2009, CLP 2009 No.3 p35

Repealed legislation: Administration of Representative Offices in China of Foreign-invested Insurance Institutions Procedures, Nov 26 1999

clp reference:3910/04.01.15promulgated:2004-01-15effective:2004-03-01

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