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Provisions on the Formation of Reinsurance Companies
发布时间:2015-11-25      分享到:
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Article 1 These Provisions are developed in accordance with the Insurance Law of the People's Republic of China and the Regulation of the People's Republic of China on the Administration of Foreign-Funded Insurance Companies for the purposes of promoting the development of the reinsurance market and regulating the formation of reinsurance companies.

 Article 2 For the purposes of these Provisions, “reinsurance companies” mean companies formed with the approval of the China Insurance Regulatory Commission (hereinafter referred to as “CIRC”) and legally registered to specially engage in the reinsurance business.

 Article 3 The formation of reinsurance companies shall be subject to the approval of the CIRC. By the scope of business, reinsurance companies may be divided into life reinsurance companies, non-life reinsurance companies, and general reinsurance companies.

 Article 4 With the approval of the CIRC, a reinsurance company may engage in all or part of the following business:

 (1) Life reinsurance business

 (a) Reinsurance business within China.

 (b) Retrocession business within China.

 (c) International reinsurance business.

 (2) Non-life reinsurance business

 (a) Reinsurance business within China.

 (b) Retrocession business within China.

 (c) International reinsurance business.

 (3) Engaging in all or part of the business in item (1) above and all or part of the business in item (2) above concurrently.

 Article 5 The paid-in monetary capital of a life reinsurance company or a non-life reinsurance company shall not be less than 200 million Yuan in Renminbi or an equivalent in a convertible currency; and the paid-in monetary capital of a general reinsurance company shall not be less than 300 million Yuan in Renminbi or an equivalent in a convertible currency. The capital contributed by a foreign insurance company shall be in a convertible currency.

 Article 6 A reinsurance company shall have actuaries recognized by the CIRC.

 Article 7 The Chinese shareholders of a reinsurance company shall satisfy the requirements of the Interim Provisions on Investment in the Shares of Insurance Companies issued by the CIRC, and comply with the relevant provisions of the CIRC on the proportion of shareholding and the change of equities. A foreign insurance company which invests in a Chinese-foreign equity joint venture or a wholly foreign-owned reinsurance company shall satisfy the relevant commitments made by China upon its accession to the World Trade Organization.

 Article 8 The operating fund standards and the formation requirements for a branch to be formed within China by a foreign reinsurance company shall be governed by these Provisions.

 Article 9 These Provisions shall apply, mutatis mutandis, to a branch to be formed in the mainland by a reinsurance company from the Hong Kong Special Administrative Region, the Macao Special Administrative Region, or the Taiwan region.

 Article 10 These Provisions shall come into force on the date of issuance.

 

Statement

The English translation is provided by the China Insurance Regulatory Commission and may only be used as a reference. In case a different interpretation arises, the original Chinese shall prevail.

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