Circular on Issues Relevant to Article 4 of the «Measures for the Administration of the Equity of Insurance Companies»

关于《保险公司股权管理办法》第四条有关问题通知

CIRC raises the shareholding threshold of a single insurance shareholder to more than 20% but lower than 51%.

Clp Reference: 3910/13.04.09 Promulgated: 2013-04-09 Effective: 2013-04-09

(Issued by the China Insurance Regulatory Commission on, and effective as of, April 9 2013.)

(中国保险监督管理委员会于二零一三年四月九日发布施行。)

保监会 [2013] 29號

各保险公司、保险资产管理公司，各保监局：

为优化保险公司股权结构，加强保险公司股权监管，现就《保险公司股权管理办法》第四条有关问题通知如下：

第一条 根据坚持战略投资、优化治理结构、避免同业竞争、维护稳健发展的原则，经中国保监会批准，对符合本通知规定条件的保险公司单个股东(包括关联方)，出资或者持股比例可以超过20%，但不得超过51%。

第二条 保险公司出资或者持股比例超过20%(不含20%)的股东，除满足《保险公司股权管理办法》第十五条关于主要股东的要求外，还应满足以下条件：

(一) 最近一年年末总资产不少于100亿元人民币；

(二) 净资产不低于总资产的30%；

(三) 包括对保险公司投资在内的对外长期股权投资不超过净资产；

(四) 投资该保险公司已满三年(含三年)；

(五) 无违反《保险法》、《保险公司管理规定》、《保险公司股权管理办法》、《保险公司控股股东管理办法》等有关保险公司股东行为规范的行为。

第三条 保险公司成立不满三年的，单个股东(包括关联方)出资或者持股比例不得超过20%。

第四条 保险公司股东自出资或者持股比例超过20%(不含20%)之日起三年内，不得进行股权转让，通过法院拍卖等依法进行的强制股权转让和经中国保监会特别批准的股权转让除外。

第五条 保险公司出资或者持股比例超过20%(不含20%)的股东，自以下情况发生之日起15日内，应书面报告中国保监会：

(一) 法定代表人或者主要负责人变更；

(二) 控股股东或者实际控制人变更；

(三) 财务状况发生重大变化，出现不能满足本通知第二条要求的情形；

(四) 合并、分立、解散、破产、关闭等重大变更；

(五) 中国保监会规定的其他情形。

第六条 关联方对保险公司出资或者持股比例超过20%(不含20%)的，其中出资或者持股比例最高的股东应当符合本通知第二条的要求。

第七条 本通知从发布之日起施行。

Bao Jian Fa [2013] No.29

Insurance companies, insurance asset management companies and bureaux of the China Insurance Regulatory Commission (CIRC):

With a view to optimising the equity structure of insurance companies and strengthening the regulation of the equity of insurance companies, we hereby notify you on issues relevant to Article 4 of the Measures for the Administration of the Equity of Insurance Companies as follows:

Article 1: Based on the principles of remaining committed to strategic investment, optimisation of governance structures, avoiding inter-affiliate competition and maintaining stable development, and subject to the approval of the CIRC, the capital contribution or shareholding percentage of any single insurance company shareholder (including affiliates) that satisfies the conditions set forth herein may exceed 20% but not 51%.

Article 2: An insurance company shareholder whose capital contribution or shareholding percentage exceeds 20% shall, in addition to satisfying the requirements in respect of major shareholders of Article 15 of the Measures for the Administration of the Equity of Insurance Companies, satisfy the following conditions:

(1) having total assets of not less than Rmb10 billion as at the end of the previous year;

(2) having net assets of not less than 30% of the total assets;

(3) long-term investments in the equity of third parties, including investments in insurance companies, not exceeding net assets;

(4) the investment in the insurance company in question having lasted for at least three years; and

(5) no violation of the code of conduct for shareholders of insurance companies in the Insurance Law, the Provisions for the Administration of Insurance Companies, the Measures for the Administration of the Equity of Insurance Companies, the Measures for the Administration of Controlling Shareholders of Insurance Companies, etc.

Article 3: The capital contribution or shareholding percentage of any one shareholder (including affiliates) of an insurance company that has been established for less than three years may not exceed 20%.

Article 4: An insurance company shareholder may not carry out an equity transfer for three years from the date on which its capital contribution or shareholding percentage exceeded 20%, with the exception of a mandatory equity transfer carried out in accordance with the law, as in the case of a court-ordered auction, etc., or an equity transfer specially approved by the CIRC.

Article 5: An insurance company shareholder whose capital contribution or shareholding percentage exceeds 20% shall make a written report to the CIRC within 15 days from the date on which any of the following circumstances arises:

(1) a change in its legal representative or principal person in charge;

(2) a change in its controlling shareholder or de facto controller;

(3) a material change in its financial position, resulting in its failure to satisfy the requirements set forth in Article 2 hereof;

(4) its merger, division, dissolution, bankruptcy, being closed down or other such material change; or

(5) another circumstance as specified by the CIRC.

Article 6: If the percentage of the capital contribution to, or shareholding in, an insurance company of affiliates exceeds 20%, the shareholder whose capital contribution or shareholding percentage is the largest shall satisfy the requirements set forth in Article 2 hereof.

Article 7: This Circular shall be effective as of the date of issuance.

clp reference:3910/13.04.09 prc reference:保监会 [2013] 29號 issued:2013-04-09 effective:2013-04-09