Legislation roundup: Customs and approval in the FTZ and insurance subsidiaries

Free trade zone

Shanghai Customs, Announcement on Implementing in the China (Shanghai) Pilot Free Trade Zone the “First Enter the Zone, Then Carry Out Customs Declaration” Procedural Model for Foreign Goods Entering the Zone
上海海关关于在中国（上海）自由贸易试验区实施境外入区货物“先进区、后报关”作业模式的公告

Enterprises in the free trade zone registered with customs and classified as Type B or above (Zone Enterprises) may, on the strength of documentation such as the manifest for the imported goods, first carry out simple declaration with customs and carry out the procedures for taking delivery at port and entry of the goods into the zone, and then carry out the formal declaration procedures for the imported goods with customs by the specified deadline. Qualified Zone Enterprises wishing to be subject to the “first enter the zone, then carry out customs declaration” procedural model are required to carry out record filing procedures with competent customs of the zone.


General Office of the China Insurance Regulatory Commission, Circular on Further Streamlining Administrative Examination and Approval to Support the Development of the China (Shanghai) Pilot Free Trade Zone
中国保监会办公厅关于进一步简化行政审批支持中国（上海）自由贸易试验区发展的通知

Prior approvals for the establishment of (sub-)branches in the free trade zone by shipping insurance operation centres and reinsurance companies located in Shanghai are abolished and administration by record filing shall be implemented by the Shanghai Bureau of the China Insurance Regulatory Commission.

See the full translation.

Further reading
General Plan for the China (Shanghai) Pilot Free Trade Zone
Shanghai Municipality, Special Administrative Measures for Foreign Investment Access in the China (Shanghai) Pilot Free Trade Zone (Negative List)
A window into the future


Insurance

China Insurance Regulatory Commission, Measures for the Administration of the Non-insurance Subsidiaries of Insurance Companies (Draft for Comments)
中国保险监督管理委员会保险公司所属非保险子公司管理办法（征求意见稿）

Insurance companies may directly or indirectly invest in and establish non-insurance subsidiaries, the specific types of which include: non-insurance financial subsidiaries that engage in financial business other than insurance business in accordance with the law; and shared service type subsidiaries that provide IT, call, audit, insurance policy management, property or other such services or management mainly to the insurance company or its subsidiaries. The Draft also requires that senior management personnel of an insurance enterprise may not concurrently serve as senior management personnel of non-insurance subsidiaries.

See the digest for more details.

Further reading
Provisions for the Administration of Insurance Companies
Tentative Measures for the Graded Regulation of Establishments of Insurance Companies