Legislation roundup: Insurance Law and PBOC announcements

Insurance

Legislative Affairs Office of the State Council, Decision on Amending the «PRC Insurance Law» (Draft for Comments)
国务院法制办公室关于修改〈中华人民共和国保险法〉的决定（征求意见稿）

A personal insurance contract with a term of more than one year shall provide for a cooling-off period. The proposer shall have the right to terminate the insurance contract during the cooling-off period and the insurer shall refund the entirety of the insurance premiums in a timely. The cooling-off period may not be less than 20 days from the date on which the proposer signs the insurance policy.

Further reading
PRC Insurance Law (Revised in 2015)
Provisions for the Administration of Insurance Companies


Banking

People's Bank of China, Announcement [2015] No.31
中国人民银行公告〔2015〕第31号

PBOC allows foreign central banks to access the Chinese interbank foreign exchange market by agency of the People's Bank of China, by agency of a member of the Chinese interbank foreign exchange market and by directly becoming a foreign member of the Chinese interbank foreign exchange market.

Further reading
Circular on Matters Relevant to Investment in the Interbank Market in Renminbi by Foreign Central Banks, International Financial Organisations and Sovereign Wealth Funds
Circular on Matters Relevant to the Pilot Project for Investment in the Interbank Bond Market with Renminbi by Three Types of Organisations Such as Overseas Renminbi Clearing Banks

People's Bank of China, Circular on Further Facilitating the Engagement in Cross-border Bi-directional Renminbi Cash Pool Business by Multinational Enterprise Groups
中国人民银行关于进一步便利跨国企业集团开展跨境双向人民币资金池业务的通知

For a multinational enterprise group to engage in cross-border bi-directional renminbi cash pool business, the total of the operating income of the domestic member enterprises for the preceding year may not be less than Rmb1 billion and that of the offshore member enterprises may not be less than Rmb200 million. Previously, the annual revenues of the domestic member enterprises and offshore member enterprises may not be less than Rmb5 billion and Rmb1 billion respectively.

Further reading
Capital accounts unlocked
Circular on Issues Relevant to Cross-border Direct Investment in Renminbi
Measures for the Administration of Renminbi Settlement Matters Relating to Foreign Direct Investment
Provisions for the Centralised Operation and Management of Foreign Exchange Funds by Multinational Corporations (Trial Implementation)