China Insurance Regulatory Commission, Notice on the Matters Relevant to the Application for Establishing Wholly-owned Insurance Agencies in the Mainland by Hong Kong and Macao Insurance Agencies
中国保险监督管理委员会关于香港、澳门保险代理公司申请在内地设立独资保险代理公司有关事项的公告
March 12, 2008 | BY
clpstaff &clp articles &Hong Kong and Macao insurance agencies allowed to set up wholly-owned insurance agencies on the mainland.
Issued: December 26 2007
Main Contents: Starting from January 1 2008, qualified Hong Kong and Macao insurance agencies are permitted to establish wholly-owned insurance agencies on the mainland. The applicants shall fulfil the following criteria:
(1) they must be local professional insurance agencies in Hong Kong or Macao;
(2) they have engaged in the insurance agency business for at least 10 years;
(3) their average annual business income in the three years prior to the application, and the total assets at the end of the year prior to the application shall not be less than HK$500,000; and
(4) they have no record of serious violation of rules or being subject to penalty in the three years prior to the application.
Related Legislation: Supplement IV to the <MAINLAND I Hong Kong Closer Economic Partnership Arrangement>; Supplement IV to the <MAINLAND I Macao Closer Economic Partnership Arrangement>; and Provisions for the Administration of Insurance Agencies, Dec 1 2004, CLP 2005 No.1 p.8
clp reference:1200/07.12.26promulgated:2007-12-26This premium content is reserved for
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