State Administration of Foreign Exchange, 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

September 02, 2006 | BY

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Issued: May 23 2006 Effective: June 1 2006Main contents: The Circular allows insurance institutions to collect insurance premiums either in renminbi or…

Clp Reference: 3800/06.05.23 Promulgated: 2006-05-23 Effective: 2006-06-01

Issued: May 23 2006
Effective: June 1 2006

Main contents: The Circular allows insurance institutions to collect insurance premiums either in renminbi or foreign exchange, provided that they do not collect such premiums in foreign currency cash. Also, the limit on the foreign exchange that an insurance company in China may purchase in connection with the cession of reinsurance abroad has been removed.
Related legislation: Tentative Provisions on Foreign Exchange Control in Insurance Business, Sep 24 2002, CLP 2003 No.1 p.10; Circular on Issues Relevant to the Submission of Insurance-related Foreign Exchange Regulatory Statements and Circular on Issues Relevant to Administration of the Sale and Payment of Foreign Exchange in Connection with the Overseas Cession of Reinsurance, 2003

clp reference:3800/06.05.23prc reference:汇发 [2006] 23号promulgated:2006-05-23effective:2006-06-01

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