Circular on Issues Relevant to Revising Certain Foreign Exchange Control Policies Relating to Insurance Business
关于调整部分保险业务外汇管理政策有关问题的通知
The Circular permits currency conversions between different foreign currencies at designated banks. It removes the foreign exchange limit and allows the collection of premiums either in renminbi or foreign exchange.
(Issued by the State Administration of Foreign Exchange on May 23 2006 and effective as of June 1 2006.)
(国家外汇管理局于二零零六年五月二十三日发布，自二零零六年六月一日起施行。)
Hui Fa [2006] No.23
汇发 [2006] 23号
Branches and offices of the State Administration of Foreign Exchange of each province, autonomous region and municipality directly under the central government and the Shenzhen, Dalian, Qingdao, Xiamen and Ningbo municipal branches of the State Administration of Foreign Exchange; Chinese-invested designated foreign exchange banks and insurance companies:
国家外汇管理局各省、自治区、直辖市分局、外汇管理部，深圳、大连、青岛、厦门、宁波市分局；各中资外汇指定银行，各保险公司：
With a view to further facilitating insurance company operations and promoting the development of the insurance industry, the State Administration of Foreign Exchange has decided to revise certain foreign exchange control policies relating to insurance business and hereby notifies you concerning relevant issues as follows:
为进一步方便保险公司经营，促进保险业发展，国家外汇管理局决定调整部分保险业务外汇管理规定，现就有关问题通知如下：
1. The foreign exchange control policies governing insurance companies in China (including Chinese-invested insurance companies, Sino-foreign equity joint venture insurance companies, solely-owned foreign-invested insurance companies and branches of foreign insurance companies) and their (sub-)branches that have received approval to engage in foreign exchange denominated insurance business (Insurance Institutions), that satisfy the conditions of Article 33 or 34 of the Tentative Provisions on Foreign Exchange Control in Insurance Business (Hui Fa [2002] No.95) and that use insurance contracts priced and indemnified in foreign exchange are revised as follows:
一、 经核准经营外汇保险业务的境内保险公司(包括中资保险公司、中外合资保险公司、外资独资保险公司和外国保险公司分公司)及其分支机构(以下简称“保险经营机构”)，对符合《保险业务外汇管理暂行规定》(汇发[2002]95号)第三十三条、第三十四条规定条件，并以外汇进行计价、赔偿的保险合同，其外汇管理政策做如下调整：
(1) The provision on the collection of premiums by Insurance Institutions in foreign exchange is revised such that Insurance Institutions may elect to collect insurance premiums either in renminbi or foreign exchange, provided that they do not collect such premiums in foreign currency cash.
(一) 将保险经营机构以外汇收取保费的规定，调整为保险经营机构可以选择以人民币或外汇收取保费，但保险经营机构不得收取外币现钞。
(2) The provisions on Insurance Institutions using their own foreign exchange to pay out indemnities or insurance benefits are revised such that Insurance Institutions may pay the same from their foreign exchange accounts with, or with foreign exchange purchased from, designated foreign exchange banks on the strength of the relevant insurance contracts and claim calculation sheets.
(二) 将保险经营机构以自有外汇支付赔偿或给付保险金的规定，调整为保险经营机构可凭有关保险合同、赔款计算书到外汇指定银行从其外汇账户中支付或购汇支付。
2. Insurance Institutions and insurance asset management companies in China may, in line with their business needs, make currency conversions between different foreign currencies at designated foreign exchange banks to adjust the currencies in which their foreign exchange capital is denominated.
二、 境内保险经营机构或保险资产管理公司根据经营需要，可以在外汇指定银行进行外币与外币间的兑换，调整其外汇资金币种。
3. The limit on the foreign exchange which an insurance company in China may purchase in connection with the cession of reinsurance abroad is removed. When carrying out the cession overseas of domestic insurance in accordance with the relevant provisions of the China Insurance Regulatory Commission, an Insurance Institution in China that has been approved to engage in reinsurance business denominated in foreign exchange by the State Administration of Foreign Exchange or by a branch thereof may, in line with its actual business requirements, carry out the procedures for payment from its foreign exchange account with, or payment with foreign exchange purchased from, a designated foreign exchange bank on the strength of the reinsurance contract, the reinsurance bill or reinsurance payment list.
三、 取消境内保险公司办理境外再保险分出业务的购汇限制。经国家外汇管理局及其分局核准从事外汇再保险业务的境内保险经营机构，按照中国保险监督管理委员会的有关规定办理境内保险的境外再保险分出业务时，可根据实际经营需要，持分保合同、分保账单或分保支付清单等有效凭証，到外汇指定银行办理从其外汇账户中支付或购汇支付手续。
4. All Insurance Institutions in China shall complete a Statistical Form for the Foreign Exchange Denominated Insurance Business of an Insurance Company in accordance with the State Administration of Foreign Exchange, Circular on Issues Relevant to the Submission of Insurance-related Foreign Exchange Regulatory Statements (Hui Fa [2003] No.27) and in the "remarks" box of the form describe its payments of foreign exchange in connection with its overseas reinsurance business during the preceding quarter. If foreign exchange was purchased to make payment, details such as the amounts of foreign exchange purchased, the purchase dates, etc. shall be specified.
四、 境内保险经营机构应按《国家外汇管理局关于报送保险外汇监管报表有关问题的通知》(汇发[2003]27号)填写“保险公司外汇保险业务统计表”，并在“备注”栏说明上一季度的境外再保险业务付汇情况；购汇支付的，应当列明有关购汇金额、购汇时间等内容。
5. This Circular shall be effective as of June 1 2006. In the event of a conflict between this Circular and existing provisions, this Circular shall prevail. The State Administration of Foreign Exchange and China Insurance Regulatory Commission, Circular on Issues Relevant to Administration of the Sale and Payment of Foreign Exchange in Connection with the Overseas Cession of Reinsurance (Hui Fa [2003] No.75) is repealed simultaneously.
五、 本通知从2006年6月1日起开始施行。以前规定与本通知冲突的，以本通知为准。《国家外汇管理局、中国保险监督管理委员会关于境外再保险分出业务售付汇管理有关问题的通知》(汇发[2003]75号)同时废止。
Upon receipt of this Circular, branches of the State Administration of Foreign Exchange shall transmit the same to the insurance companies and foreign-invested banks in their jurisdictions as soon as possible. Chinese-invested designated foreign exchange banks shall transmit the same to their branches and sub-branches as soon as possible. If you encounter any problems in the implementation hereof, you are asked to report the same to the State Administration of Foreign Exchange in a timely manner.
收到本通知后，各分局应尽快转发至辖内保险公司、外资银行；各中资外汇指定银行应尽快转发至所属分支行。执行中如遇问题，请及时向国家外汇管理局反馈。
Contact tel.: 010-68402381
联系电话：010-68402381
Fax tel.: 010-68402272
clp reference:3800/06.05.23prc reference:汇发 [2006] 23号promulgated:2006-05-23effective:2006-06-01传真电话：010-68402272
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