外国保险机构驻华代表机构管理办法 Rules on Administration of Representative Offices of Foreign Insurance Institutions

work report of the previous year before the end of each February to the CIRC's local branch office， who shall then forward the report to CIRC's head office.

　　The work report shall follow the format prescribed by CIRC.

　　Article 23

　　A representative office shall submit the annual report of the foreign insurance institution it represents to both CIRC and CIRC's local branch office within six months after the end of each accounting year of the foreign insurance institution.

　　Article 24

　　If any following major event occurs in an insurance institution that has maintained a representative office in China， the representative office shall， within 10 days after the occurrence of the event， submit a written report to CIRC and copy the report to CIRC's local branch office.

　　（1） A change in its articles of association， register capital， and registered business address；

　　（2） Division or merger or change of top management；

　　（3） Serious losses resulted in business operation；

　　（4） Penalties imposed for violations of laws and regulations；

　　（5） Major regulatory actions taken against it by the regulatory authorities of its home country or territory；

　　（6） Other matters which may seriously disrupt business operation of the foreign insurance institution.

　　Article 25

　　In case of changing a General Representative or Chief Representative， the representative office shall apply to CIRC， and submit the following documents：

　　（1） A letter of application addressed to the Chairman of CIRC， and signed by its Chairman of the Board of Directors or General Manager of the concerned insurance institution；

　　（2） Power of attorney of the proposed General Representative or chief representative signed by the Chairman of the Board of Directors or General Manager；

　　（3） Proof of personal identity certificates， certificate of academic degree and resume of the proposed General Representative or Chief Representative.

　　Article 26

　　If a foreign insurance institution intends to terminate its representative office's operation， it shall submit a letter of application addressed to the Ch

airman of CIRC， and signed by its Chairman of the Board of Directors or General Manager of the concerned insurance institution.

　　Article 27

　　If a foreign insurance institution intends to change the name of its representative office， it shall submit a letter of application addressed to the Chairman of CIRC， and signed by its Chairman of the Board of Directors or General Manager of the concerned insurance institution， together with other relevant proving documents about the renaming.

　　Article 28

　　Under the situation stipulated in Article 25， Article 26， and Article 27， CIRC shall make a decision on whether to approve or disapprove of the application within 20 days from the date of receiving a complete set of application documents.

　　If a decision of approval is made， it shall issue an approval document； if a decision of disapproval is made， it shall notify the applicant in writing and give the reasons.

　　Article 29

　　A representative office can change its office location within the same administrative area it resides only.

　　The concerned representative office shall submit CIRC's local branch office of its new office address， telephone and fax numbers within 5 days from the date of changing.

　　Article 30

　　In case of changing， increasing or reducing the number of Representatives， Deputy Representatives， or foreign employees， the concerned representative office shall report to CIRC's local branch office within 5 days from the date of changing， and submit the proof of personal identity certificates， certificate of academic degree and resume of the nominated personnel.

　　Article 31

　　When a representative office is approved to be changed to a general representative office， the original representative office is cancelled automatically. The general representative office shall apply to the State Administration of the Industry and Commerce for cancellation of the registration of the representative office within one month from the date of CIRC's approval within one month from the date of CIRC's approval.

　　Article 32

　　If a general representative office is the only representative office in China after the insurance institution it represents withdraws all other representative offices， the general representative office shall be changed into a representative office.

　　The general representative office shall apply to CIRC by submitting an application letter regarding such change signed by the Chairman of the Board of Directors or General Manager of the concerned foreign insurance institution. Within 20 days from the date of receiving the application letter， CIRC shall make a decision on whether or not to approve. If CIRC decides to accept the application， it shall issue an approval document； in case of disapproval， CIRC shall state reasons in a written document.

　　When a general representative office is approved to be changed to a representative office， the original general representative office is cancelled automatically. The representative office shall apply to the State Administration of the Industry and Commerce for cancellation of its registration within one month from the date of CIRC's approval.

　　Article 33

　　After a representative office of the foreign insurance institution is terminated by the CIRC， all the issues left unsettled shall be taken over and handled by its general representative office in China； if there is no such a general representative office， responsibilities on all issues left unsettled shall be taken over and handled by the foreign insurance institution's other representative offices in China； if there is no any

　　other representative office in China， responsibilities on all issues left unsettled shall be borne by the foreign insurance institution itself.

　　Article 34

　　CIRC and its local branch offices conduct general supervision and annual in

spection over the representative offices of foreign institutions in regard to the following issues：

　　（1） The completeness of the procedures for the changes made by the representative office；

　　（2） The truthfulness of the documents and materials submitted to CIRC；

　　（3） The completeness of the procedures for the appointments or changes of staff members of representative offices；

　　（4） Whether or not representative offices are conducting business activities；

　　（5） Other items required by CIRC and its local branch offices.

　　Chapter Ⅳ

　　Legal Liability

　　Article 35

　　Any representative office established without approval， in violation of certain provisions of these Rules， shall be banned by CIRC in accordance with law.

　　Article 36

　　If a representative office is engaged in financial business activities in violation of these Rules， it shall be punished by CIRC in line with relevant laws and regulations. If a representative office is engaged in profit-seeking operational activities other than insurance business， it shall be imposed a disciplinary warning or a fine below RMB 300，000 yuan.

　　Article 37

　　If a representative office fails to submit relevant reports or documents as stipulated in Article 22， 23， 24 of these Rules to CIRC， it shall be imposed a warning and ordered to make correction by CIRC's local branch office.

　　Article 38

　　Employees of a representative office being with direct responsibility for activities violating these Rules shall be imposed by CIRC with a disciplinary warning and /or a fine below RMB 5000 yuan， according to the seriousness of the cases.

　　Article 39

　　CIRC may issue a disciplinary warning to a representative office involved in providing false information or concealing important facts.

　　Article 40

　　CIRC may order the representative offices， found in violation of other provisions stipulated in these Rules， to make corrections； those who do not make corrections within a prescribed time period shall be issued a disciplinary warning.

　　Chapter Ⅴ

　　Supplementary Provisions

　　Article 41

　　These Rules shall， mutatis mutandis， apply to the representative offices established in the mainland by insurance institutions from the Hong Kong Special Administrative Region， the Macao Special Administrative Region， and Taiwan region.

　　Article 42

　　These Rules shall， mutatis mutandis， apply to the resident offices of foreign insurance institutions approved to establish in China by CIRC.

　　Article 43

　　The terms “above”， “below” and “within” used to indicate a threshold number shall include the number itself.

　　Article 44

　　The approval and reporting periods prescribed in these Rules concerning licensing and reporting periods refer to working days， which exclude weekends and public holidays.

　　Article 45

　　CIRC shall be responsible for the interpretation of these Rules.

　　Article 46

　　These Rules shall be effective as of March 1， 2004， and the Rules on Administration of Representative Offices of Foreign Insurance Institutions， issued by CIRC on November 26， 1999 shall be repealed simultaneously

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