Shedding New Light on the Regulation of Representative Offices in China of Foreign Insurance Institutions
February 29, 2004 | BY
clpstaff &clp articlesRepealing its 1999 predecessor, the new Procedures improves upon the 'foreign insurance institutions' definition, administrative examination and approval, and prudential regulations.
By Dr. Xu Guojian Partner & Lu Guoming & Pek-Siang Tee, Legal Assistant Boss & Young, Shanghai
The CIRC promulgated the 1999 Procedures on November 26 1999. The 1999 Procedures played an important role in the administration of representative offices in China of foreign insurance institutions. In recent years, however, great changes have taken place in the insurance industry. This is particularly so following China's accession to the WTO. Faced with the further opening up of the insurance industry, parts of the 1999 Procedures no longer met the actual situation in the insurance industry. Therefore, the New Procedures were enacted to strengthen the administration of representative offices of foreign insurance institutions in China, and to accommodate the requirements for the opening up of the insurance industry.
In enacting the New Procedures, in addition to certain technical changes, efforts have been concentrated on the improvement of administrative examination and approval, and the enhancement of prudential regulation.
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