保险公司管理规定 Regulations on Administration of Insurance Companies

　　Article 17

　　CIRC shall review the establishment application of a branch and decide whether or not to grant approval within 20 days after receiving the complete application documents. If CIRC decides not to approve the application， it shall state reasons in a written document to the applicant.

　　After approval is granted， the applicant shall complete the preparation within 6 months. If， for a justifiable reason， the deadline fails to be met， the preparation period of establishing the branch may be extended by 3 months with the approval of CIRC. The approval document shall automatically become invalid if the extended deadline is still not observed.

　　The branch at preparation stage shall not conduct any insurance business.

　　Article 18

　　After the preparation for branch establishment has been completed， the applicant shall submit to CIRC an application for operation with the following materials in triplicate：

　　（1） Application letter for operation；

　　（2） Report on the fulfillment of preparation tasks；

　　（3） Resumes or other relevant certifying materials of the proposed senior managerial personnel；

　　（4） The certifying materials on ownership or the right of using the business site， statement of configuration of computing facilities and electronic network construction， internal organization setting and staff.

　　Article 19

　　CIRC shall decide whether or not to approve within 20 days after receiving the complete operation application documents. If CIRC decides to approve， it shall issue a license of the branch for conducting insurance business. If CIRC decides not to approve the application， it shall state reasons in a written document to the applicant. The approved insurance branch for opening business shall go through business registration formalities at the Administration for Industry and Commerce by presenting the approval document and insurance license and accordingly obtain business license from the authority before opening business.

　　Article 20

　　The review and administration of the qualifications of the senior managerial personnel of an insurance institution shall follow the relevant regulations of

CIRC.

　　Article 21

　　An insurance company shall obtain the approval of CIRC to establish representative office（s） within Chinese territory. The representative office shall not conduct insurance operation.

　　Article 22

　　An insurance company shall obtain the approval of CIRC to establish operating institution（s） or representative office（s） outside Chinese territory.

　　Section II Alteration of Institutions

　　Article 23

　　An insurance company shall obtain the approval of CIRC to make the following alterations：

　　（1） Change of organization form；

　　（2） Change of registered capital；

　　（3） Splits and mergers；

　　（4） Change of capital contributors or shareholders holding 10% or more of the shares；

　　（5） Withdrawal of branches.

　　Article 24 An insurance company shall obtain the approval of CIRC to make the following alterations：

　　（1） Change of name；

　　（2） Amendment to the articles of association；

　　（3） Adjustment of business scope；

　　（4） Change of locale.

　　Article 25

　　An insurance company shall file with CIRC the following alterations for records：

　　（1） Change of the shareholders with less than 10% of the whole equity， excluding publicly listed an insurance company；

　　（2） Change of the branches' business site.

　　Article 26

　　An insurance company shall submit a written report to CIRC within 15 days after performing the following alterations：

　　（1） Change of the names of the insurance company's shareholders， excluding publicly listed an insurance company；

　　（2） Mergers of insurance company branches or alteration of their names.

　　Article 27

　　An insurance company shall state reasons to CIRC for withdrawing their branches， and submit the follow-up solutions for their business.

　　An insurance company shall bulletin its branches' consolidating or withdrawing， and inform the policyholders， the insured， or beneficiaries concerned of the details regarding payment of insurance premiums and payment of indemnity or insurance benefits in a written document.

　　The insurance license of withdrawn insurance company branch shall become automatically invalid from the date on which the withdrawal is approved， and be turned back within 15 days.

　　Article 28

　　An insurance company having changed contents recorded in the insurance license shall take the documents concerned and insurance license to change for a new license from the issuing authority within 1 month from the date the changes are approved， confirmed， filed or reported.

　　Section III Insurance License

　　Article 29 An insurance license hereof refers to is an insurance company's or its branch's license for conducting insurance business.

　　An insurance license is a legal document issued by CIRC in accordance with related laws， permitting an insurance institution to operate insurance business， and certifying the legitimacy of its operation.

　　Article 30 CIRC designs， prints， issues， confiscates， withdraws or revokes an insurance license exclusively and in accordance with the law.

　　An insurance institution must not forge， alter， lease， lend， or transfer insurance license.

　　Article 31 An insurance institution shall put the insurance license at a prominent position in the business site， ready for examination.

　　Article 32 In the event that the insurance license is lost， an insurance institution shall announce the invalidation of the license in newspapers designated by CIRC and submit a statement to the issuing department and apply for a new one.

　　Section IV Termination and Liquidation

　　Article 33

　　An insurance company must set up a liquidation team to be dissolved. The liquidation team works under the supervision and guidance of CIRC.

　　If the insurance company is

closed down according to law， CIRC shall form the liquidation team in time by organizing shareholders， authorities concerned and related professionals.

　　If the insurance company declares bankruptcy according to law， it is the legal responsibility of the People's Court to form a liquidation team.

　　Article 34

　　The liquidation team shall notify the debtors within 10 days and bulletin 3 times in newspapers designated by CIRC within 60 days after its formation. The content of bulletin must be confirmed by CIRC.

　　The liquidation team shall entrust the accounting firm and law firm of good credit standing to evaluate the assets and liabilities of the company.

　　Article 35

　　An insurance company to be dissolved according to its articles of association or the resolution of the shareholders' general meeting shall obtain the approval of CIRC and submit following documents in triplicate：

　　（1） Application letter for dissolution；

　　（2） Resolution of the general meeting of shareholders；

　　（3） Liquidation organization and its director；

　　（4） Liquidation procedure；

　　（5） Creditor's rights and liabilities arrangement scheme；

　　（6） Assets distribution plan and assets disposition scheme；

　　（7） Other documents and materials required by CIRC.

　　Article 36

　　The dissolved or legally closed-down insurance company shall immediately stop receiving new business and shall turn in its insurance license.

　　Article 37

　　The dissolved or legally closed-down insurance company shall dispose of its assets via public auction， contract transfer， or other ways ratified by CIRC.

　　Article 38

　　An insurance company that has been dissolved， legally closed down， or declared bankrupt shall have its insurance contracts transferring scheme approved by CIRC.

　　Article 39

　　The shareholders of the insurance company to be dissolved shall not dispose the assets of the company or obtain any benefits from it until the insurance contracts liabilities have been liquidated.

　　Article 40

　　If the insurance company to be dissolved finds that its assets fail to satisfy its liabilities during the liquidation process， it shall submit a bankruptcy application， and the property liquidation and treatment of its creditor's rights and liabilities shall follow the legal bankruptcy procedures.

　　Section V Investment in Insurance Company

　　Article 41

　　Corporations or other organizations permitted by laws or administrative regulations are allowed to invest in an insurance company.

　　Article 42

　　Corporations investing in an insurance company shall satisfy the following requirements：

　　（1） In accordance with the stipulations of laws and administrative regulations；

　　（2） Investment funds are legal， and the performance is satisfactory；

　　（3） Other requirements stipulated by CIRC on the principle of prudential supervision.

　　Article 43

　　Except for insurance holding companies and insurance companies approved by CIRC， individual corporation or any other organization （including their affiliates） investing in an insurance company shall not hold more than 20% of the whole equity.

　　Article 44

　　If the shareholders of an insurance company are affiliated， the company shall report the case to CIRC in a written document.

　　Article 45

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