Legislation roundup: Investment funds, insurance companies and credit collection
February 01, 2013 | BY
clpstaff &clp articles &The General Office of the China Insurance Regulatory Commission has issued Tentative Provisions over securities investment by insurance institutions, while the State Council has issued Regulations for credit collection
Insurance
General Office of the China Insurance Regulatory Commission, Tentative Provisions for the Administration of the Sale of Securities Investment Funds by Insurance Institutions (Draft for Comments)
The Draft sets out the criteria for sale of securities investment funds for insurance institutions:
(1) insurance companies are required to have registered capital of at least Rmb500 million; and
(2) insurance brokerages and insurance agencies are required to have paid-in monetary registered capital of at least Rmb50 million.
See the digest for more details.
Further reading
Provisions for the Administration of Insurance Companies, Nov 2009
China Insurance Regulatory Commission, Measures for the Administration of Subordinated Debt with Fixed Term of Insurance Companies (Amendment Proposal)
The CIRC has proposed to revise Article 5 to allow insurance group (holding) companies to offer subordinated debt with fixed term, raising the borrowing capabilities of such companies.
See the digest for more details.
Further reading
Measures for the Administration of Subordinated Debt with Fixed Term of Insurance Companies, Nov 2011
Measures for the Administration of Insurance Group Companies (Trial Implementation), May 2010
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Credit information
State Council, Regulations for the Administration of the Credit Information Collection Industry
Institutions engaging in personal credit information collection are required to have minimum registered capital of Rmb50 million. Poor personal credit information that has been stored for more than five years from the date of the end of the poor credit act or incident should be removed.
See the digest for more details.
Further reading
Shenzhen City, Administration of Personal Credit Information Collection and Credit Rating Measures, Mar 2002
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