中华人民共和国保险法（二）

　　Article 75 The financial supervision and control department shall， within six months counted as commencing on the date of receiving the formal application documents for the establishment of an insurance company， make a decision to approve or disapprove it.

　　Article 76 An insurance company approved to be established shall be issued a permit to engage in the insurance business by the department of approval， and shall， on the strength of the aforesaid permit， go through registration with the administrative department for industry and commerce， and receive a business licence.

　　Article 77 If an insurance company， within six months counted as commencing on the date of receiving a permit to engage in the insurance business， fails to go through registration of the establishment of a company without justified reasons， its permit to engage in the insurance business shall be valid automatically.

　　Article 78 An insurance company shall， after its establishment， draw 20 percent of its total registered capital for guarantee fund， and deposit in the bank designated by the financial supervision and control department； the guarantee fund may not be used except to be used to liquidate debts when the insurance company is wound up.

　　Article 79 An insurance company shall be subject to the approval of the financial supervision and control department in establishing branches within or outside the territory of the People's Republic of China， and shall receive permits to engage in insurance business for these branches.

　　The branches of an insurance company do not have the status of legal person， and their civil liability shall be borne by the insurance company.

　　Article 80 The establishment of representative offices of an insurance company within or outside the territory of the People's Republic of China shall be subject to the approval of the financial supervision and control department.

　　Article 81 Any of the following modifications of an insurance company shall be subject to the approval of the financial supervision and control department：

　　（1） change of its designation；

　　（2） change of its registered capital；

　　（3） change of business place of the company or its branch；

　　（4） adjustment of its business scope；

　　（5） split or merger of the company；

　　（6） revision of its articles of association；

　　（7） change of the contributors or shareholders who own 10 percent or more of the total shares； and

　　（8） other modifications stipulated by the financial supervision and control department.

　　An insurance company which intends to change the chairman of board or the general manager shall report the financial supervision and control department for examining his qualifications for the position.

　　Article 82 The provisions of the Company Law shall apply to the organization of an insurance company.

　　Article 83 A solely state-owned insurance company shall set up a board of supervisors， which shall be composed of representatives from the financial supervision and control department， relevant experts and the staff of the company and carry out supervision over various reserve fund drawn by the solely state-owned insurance company， its minimum payment capacity and increase and maintenance of value of the state-owned property and assets as well as acts of senior managerial personnel committed in violation of laws， administrative regulations or the articles of association and acts impairing the company's interests.

　　Article 84 Due to its split， merger or the appearance of the cause of dissolution stipulated in the articles of association and upon the approval of the financial supervision and control department， an insurance company may be dissolved. The insurance company shall， according to law， form a liquidation group to carry out liquidation.

　　Any insurance company which engages in

the life insurance business may not be dissolved except its split or merger.

　　Article 85 Any insurance company which violates the law and administrative regulations and the permit of which to engage in the insurance business is revoked by the financial supervision and control department shall， according to the law， be liquidated. The financial supervision and control department shall， according to the law， form a liquidation group to carry out liquidation.

　　Article 86 Any insurance company which is unable to pay the debts due shall， with the consent of the financial supervision and control department， be declared bankrupt by a people's court according to law. If an insurance company is declared bankrupt， the people's court shall form a liquidation group composing of the financial supervision and control department， other relevant departments and relevant personnel to carry out liquidation.

　　Article 87 If an insurance company engaged in life insurance business is dissolved or is declared bankrupt according to law， the life insurance contracts and reserve fund in its possession shall be transferred to other insurance companies engaged in life insurance business； if the insurance company cannot come to an agreement on transfer with other insurance companies， the financial supervision and control department shall appoint insurance companies engaged in life insurance business to accept them.

　　Article 88 If an insurance company goes bankrupt according to law， the bankruptcy property shall， after being used to pay the bankruptcy expenses in priority， be distributed according to the following order：

　　（1） wages and salaries to its employees in arrears and labour insurance costs；

　　（2） indemnity or payment of the insurance；

　　（3） tax in arrears； and

　　（4） liquidation of the company's debts.

　　If the bankruptcy property is not sufficient to liquidate the liquidated demands in the same order， it shall be distributed according to a percentage.

　　Article 89 Where an insurance company terminates its business activities according to law， its permit to engage in the insurance business shall be cancelled.

　　Article 90 The provisions of the Company Law and other relevant laws and administrative regulations， in the absence of the provisions in this Law， shall apply to the matters such as establishment， modification， dissolution and liquidation of insurance companies.

　　Chapter IV Rules of Insurance Business Operation

　　Article 91 The business scope of an insurance company is：

　　（1） property insurance business， including such insurance business as property loss insurance， liability insurance and credit insurance； and

　　（2） life insurance business， including such insurance business as life insurance， health insurance and accidental injury insurance.

　　The same insurer may not engage in property insurance business and life insurance business concurrently.

　　The business scope of an insurance company shall be checked and ratified by the financial supervision and control department. The insurance company can only engage in the insurance business activities checked and ratified.

　　The State Council shall formulate the measures of separation of business operation as provided in the second paragraph for those insurance companies which have been set up prior to the enforcement of this Law.

　　Article 92 Upon the check and ratification of the financial supervision and control department， an insurance company may engage in the following reinsurance business of the insurance business provided in the preceding Article：

　　（1） outward insurance；

　　（2） inward insurance.

　　Article 93 Any insurance company engaged in other insurance business than life insurance business shall draw undue liability reserve fund from the retention insurance premiums of the current year； the amount drawn an

d carried forward shall be equivalent to 50 percent of the retention insurance premiums of the current year. Any insurance company engaged in life insurance business shall draw undue liability reserve fund according to the total net value of valid life insurance policies.

　　Article 94 Any insurance company shall draw the outstanding indemnity reserve fund in accordance with the amount of insurance indemnity or payment already claimed， as well as the amount of insurance indemnity or payment not yet claimed but an insurance accident already happened.

　　Article 95 Apart from drawing reserve fund as provided in the preceding two Articles， any insurance company shall， in accordance with the provisions of relevant laws， administrative regulations and the state's financial accounting system， draw the accumulation fund.

　　Article 96 In order to guarantee an insured's interests and support the steady and health management of an insurance company， any insurance company shall， according to the regulations of the financial supervision and control department， deposit the insurance guarantee fund.

　　The insurance guarantee fund shall be centrally controlled and used with all-round consideration.

　　Article 97 Any insurance company shall have minimum solvency which matches with its business scale. The difference between the actual assets and actual debts of the insurance company may not be lower than the amount stipulated by the financial supervision and control department； if the amount is lower than the amount stipulated， the insurance company shall increase its capital to make up the difference.

　　Article 98 The retention insurance premiums of the current year of an insurance company engaged in property insurance business may not exceed four times of the

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