China Insurance Regulatory Commission, Circular on Amending the Relevant Provisions of the «Tentative Provisions for the Administration of Insurance Asset Management Companies»

中国保险监督管理委员会关于调整《保险资产管理公司管理暂行规定》有关规定的通知

May 04, 2011 | BY

clpstaff &clp articles &

CIRC revises establishment criteria for insurance asset management companies.

Clp Reference: 3910/11.04.07 Promulgated: 2011-04-07

Issued: April 7 2011

Main contents: According to the revision, the main promoter for establishing an insurance asset management company shall be an insurance group (holding) company or an insurance company. The requirements on the promoter's experience in the insurance business have been reduced from at least eight years to five years, while the capital and solvency requirements have been raised. The promoter shall have a solvency ratio of at least 150%, total assets of at least Rmb10 billion, and the total assets of an insurance group (holding) company shall be at least Rmb15 billion (Article 2). Also, the minimum registered capital of an insurance asset management company has been raised from Rmb30 million to Rmb100 million (Article 3).

Related legislation: Administration of Insurance Asset Management Companies Tentative Provisions, Apr 21 2004, CLP 2004 No.7 p.45

clp reference:3910/11.04.07promulgated:2011-04-07

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