State Administration of Foreign Exchange, Issues Relevant to Foreign Exchange Receipts and Payments under Export Credit Insurance Business Circular

Issued: April 12 2004
Effective: May 1 2004

Main contents: The Circular covers, in respect of export credit insurance, the procedures and documents required for payment of premiums and indemnities, refund of premiums and premiums received in advance, payment of entrusted recoveries and recoveries under insurance coverage to the insured, return of the recoveries after the insured has received indemnities, and payment by the insured to the insurance company for recovery expenses prepaid through designated foreign exchange banks. It stipulates that an export credit insurance contract signed between an export credit insurance company and a proposer shall be put on record at the designated foreign exchange banks at which the two sides have opened their respective foreign exchange account (Section One).
Related legislation: Administration of the Settlement, Sale and Payment of Foreign Exchange Provisions, Jun 20 1996, CLP 1996 No.8 p39; Relevant Questions Concerning the Submission of Tax Receipts for Sale and Payment of Foreign Exchange for Non-trade and Certain Capital Account Items Circular, Oct 18 1999, CLP 2000 No.2 p7; Relevant Questions Concerning the Submission of Tax Receipts for Sale and Payment of Foreign Exchange for Non-trade and Certain Capital Account Items Circular, May 19 2000, CLP 2000 No.7 p12; Administration of the Sale and Payment of Foreign Exchange for Non-trade Items and Receipt and Payment of Foreign Exchange of Individual Domestic Residents Operating Rules, 2002; Issues Relevant to the Sale and Payment of Foreign Exchange for Non-trade Items that are not Expressly Specified in Prevailing Laws and Regulations Circular, Mar 6 2003, CLP 2003 No.4 p8; Foreign Exchange Control in Insurance Business Tentative Provisions, Set 24 2002, CLP 2003 No.1 p10; Issues Relevant to Administration of the Sale and Payment of Foreign Exchange for Foreign-ceded Reinsurance Business Circular, Jun 20 2003, CLP 2003 No.6 p6 and Foreign Exchange Control in Insurance Business Operating Rules, 2003
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