中华人民共和国外资保险公司管理条例 PRC, Administration of Foreign-funded Insurance Companies Regulations

usiness for the types of insurance stipulated in Article 15:

　　1. outward reinsurance; and

　　2. inward reinsurance.

　　Article 18　The precise scope of foreign-funded insurance companies' business, their area of business and those to whom they can offer services shall be ratified by the CIRC in accordance with the relevant provisions. Foreign-funded insurance companies may only operate within the approved scope of business.

　　PART FOUR　SUPERVISION AND ADMINISTRATION

　　Article 19　The CIRC has the power to investigate foreign-funded insurance companies' business situation, financial situation and use of funds. It has the power to require foreign-funded insurance companies to submit within the stipulated time relevant documents, materials and written reports, and to punish or handle in accordance with the law for violations of laws and regulations.

　　Foreign-funded insurance companies shall accept supervision and investigation in accordance with the law by the CIRC and shall provide accurate documents, materials and written reports. They shall not refuse, obstruct or cover-up.

　　Article 20　Foreign-funded insurance companies shall not engage in the following transactions with their affiliated enterprises except with the approval of the CIRC:

　　1. outward or inward reinsurance; or

　　2. buying and selling of assets or other transactions involving assets.

　　Affiliated enterprises as referred to in the previous paragraph shall be enterprises having one of the following relationships with the foreign-funded insurance company:

　　1. control of the company through shareholding or capital contribution;

　　2. control as a third party through shareholding or capital contribution; or

　　3. other affiliated interests.

　　Article 21　Foreign Insurance Company Branches shall within three months of the end of each accounting year submit their and their parent company's financial accounts for the preceding year to the CIRC and shall make them public.

　　Article 22　If one of the following situations applies to the parent company of a Foreign Insurance Company Branch, t

he branch shall within 10 days of the circumstance occurring submit a written report to the CIRC:

　　1. a change of name, of principal officers or of place of registration;

　　2. a change in capital contribution;

　　3. a change in the shareholder(s) who hold(s) at least 10% of the total capital or shares;

　　4. an adjustment to the scope of business;

　　5. penalties imposed by the relevant authorities of the country or region of domicile;

　　6. major losses;

　　7. division, merger, dissolution, or being shut down or declared bankrupt in accordance with the law; or

　　8. other circumstances stipulated by the CIRC.

　　Article 23　If the parent company of a Foreign Insurance Company Branch is dissolved, shut down or declared bankrupt in accordance with the law, the CIRC shall stop the branch from developing new business.

　　Article 24　Foreign-funded insurance companies conducting foreign exchange insurance business shall abide by national provisions on control of foreign exchange.

　　Insurance business within China by foreign-funded insurance companies shall be priced and settled in Renminbi except with the approval of the administration of foreign exchange.

　　Article 25　The documents, materials and written reports stipulated in these Regulations to be handed over to the CIRC shall be written in Chinese.

　　PART FIVE　TERMINATION AND LIQUIDATION

　　Article 26　Foreign-funded insurance companies shall be dissolved after approval by the CIRC if such companies divide or merge, or if reasons for dissolution stipulated in their articles of association arise. Foreign-funded insurance companies to be dissolved shall set up a liquidation committee in accordance with the law to carry out the liquidation.

　　Foreign-funded insurance companies engaging in life insurance business shall not be dissolved except through division or merger.

　　Article 27　Foreign-funded insurance companies that violate laws or regulations shall be stripped of their insurance business permit by the CIRC and dissolved in accordance with the law. The CIRC shall organize and set up a liquidation committee in a timely manner according to law to carry out the liquidation.

　　Article 28　Foreign-funded insurance companies liquidated because of dissolution or shutting down in accordance with the law shall publicize this at least three times in the press within 60 days of the liquidation committee being set up. The announcement shall be approved by the CIRC.

　　Article 29　Foreign-funded insurance companies unable to pay their due debts shall be declared bankrupt in accordance with the law by the people's court with the agreement of the CIRC. The people's court shall set up a liquidation committee composed of the relevant personnel and organizations such as the CIRC to carry out the liquidation of foreign-funded insurance companies that have been declared bankrupt.

　　Article 30　Foreign-funded insurance companies that are dissolved, shut down in accordance with the law or declared bankrupt shall not transfer their assets outside China until their debts have been settled.

　　PART SIX　LEGAL LIABILITY

　　Article 31　If, in violation of these Regulations, a foreign-funded insurance company is established without authorization or engages in insurance business operations illegally, it shall be banned by the CIRC, and criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of unauthorized establishment of financial institutions, illegal operations or other crimes. If the offence is not serious enough for the imposition of criminal penalties, its illegal income shall be confiscated by the CIRC, and a fine of not less than one time and not more than five times of the illegal income shall be imposed. If there is no illegal income or if it is less than Rmb 200,000, a fine of not less than

Rmb 200,000 and not more than Rmb 1 million shall be imposed.

　　Article 32　If a foreign-funded insurance company, in violation of these Regulations, exceeds the approved scope of business, area of business or scope of those to whom they may offer services, criminal liability shall be pursued in accordance with the relevant provisions of the criminal law on the crime of illegal operations or other crimes. If the offence is not serious enough for the imposition of criminal penalties, the CIRC shall order rectification and the return of insurance premiums collected. Its illegal income shall be confiscated and a fine of not less than one time and not more than five times of the illegal income shall be imposed. If there is no illegal income or if it is less than Rmb 100,000, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 shall be imposed. Where matters are not rectified within the specified time period or that serious consequences are resulted, the company shall be ordered a suspension of business within a specified time period or its insurance business permit shall be revoked.

　　Article 33　If a foreign-funded insurance company commits one of the following in violation of these Regulations, it shall be ordered by the CIRC to rectify the matters, and a fine of not less than Rmb 50,000 and not more than Rmb 300,000 shall be imposed; in serious cases, it shall be ordered to stop accepting new business or its insurance business permit shall be revoked:

　　1. failure to provide guarantee funds in violation of the provisions or use of these funds in violation of the provisions;

　　2. conduct of transactions with affiliated enterprises in violation of the provisions; or

　　3. failure to provide sufficient registered capital or operating funds in violation of the provisions.

　　Article 34　If a foreign-funded insurance company commits one of the following in violation of these Regulations, it shall be ordered by the CIRC to rectify the situation within a specified time period; if the situation is not rectified within the period, a fine of not less than Rmb 10,000 and not more than Rmb 100,000 shall be imposed:

　　(1) failure to submit the relevant documents, materials and written reports in violation of the provisions; or

　　(2) failure to make information public in violation of the regulations.

　　Article 35　If a foreign-funded insurance company commits one of the following in violation of these Regulations, a fine of not less than Rmb 100,000 and not more than Rmb 500,000 shall be imposed by the CIRC:

　　1. provision of false documents, materials or written reports; or

　　2. refusal or obstruction of supervision and administration in accordance with the law.

　　Article 36　Foreign-funded insurance companies that in violation of these Regulations transfer assets outside China shall be ordered by the CIRC to transfer them back again, and a fine of not less than 20% and not more than the equivalent value of the transferred assets shall be imposed.

　　Article 37　The CIRC may strip senior managers of foreign-funded insurance companies that violate the laws and administrative regulations of China, and these Regulations, of their qualifications to work inside China, either temporarily or permanently.

　　PART SEVEN　SUPPLEMENTARY PROVISIONS

　　Article 38　Where there is no provision in these Regulations for the administration of foreign-funded insurance companies, the PRC, Insurance Law and other relevant laws, administrative regulations and State provisions shall apply.

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