Decree [2001] No.336 of the
State Council The Regulation of the People's Republic of China on the
Administration of Insurance Companies with Foreign Investment has been passed at
the 49th executive meeting of the State Council on December 5, 2001 and is
hereby promulgated for implementation as of February 1, 2002.Premier of the
State Council: Zhu Rongji December 12, 2001
Chapter I General Provisions
Article 1
The present Regulation has been enacted for the purpose of
satisfying the demand of opening to the outside world and developing economy,
strengthening and improving the supervision and administration of insurance
companies with foreign investment, and promoting the healthy development of the
insurance industry.
Article 2
The term "insurance company with foreign investment" as
mentioned in the present Regulation shall refer to any of the following
insurance companies established upon approval according to relevant laws and
administrative regulations and does business within the territory of the
People's Republic of China;
1. An insurance company established by foreign
insurance companies and Chinese companies or
enterprises within the territory
of China for joint business operations (hereinafter referred to as joint
insurance companies);
2. A foreign capital insurance company invested and
established by foreign insurance companies
for business operations within the
territory of China (hereinafter referred to as solely-funded insurance
companies);
3. A branch company of a foreign insurance company established
within the territory of China (hereinafter referred to as branches of foreign
insurance companies)
Article 3
Insurance companies with foreign investment shall abide by the
laws and regulations of China and may not infringe upon the social public
interests of China.
The lawful business operations, rights and interests of
the insurance companies with foreign investment shall be subject to the
protection of Chinese law.
Article 4
The China Insurance Regulatory Committee (hereinafter referred
to as CIRC) shall be responsible for the supervision and regulation of insurance
companies with foreign investment. The detached offices of the CIRC shall, on
the basis of the authorization of the CIRC, be responsible for the routine
supervision and regulation of the insurance companies with foreign investment
within their respective jurisdictions.
Chapter II Establishment and Registration
Article 5
The establishment of a insurance company with foreign
investment shall be subject to the approval of the CIRC.
The areas where
insurance companies with foreign investment may be established shall bedecided
by the CIRC according to relevant provisions.
Article 6
For the establishment of insurance companies with foreign
investment engaging in personal insurance and property insurance, the form of
establishment and proportion of foreign investment shall be determined by the
CIRC according to relevant provisions.
Article 7
The minimum limit of registered capital of a joint insurance
company and solely funded
