The Administration of Insurance Companies Provisions became effective on June 15 2004. They are applicable to domestic insurance companies, and are generally applicable to foreign-invested insurance companies.
Foreign participation in the insurance industry has been given a boost with the China Insurance Regulatory Commission's issuance of implementing rules for foreign-invested insurance companies.
The Provisions stipulate detailed regulations in relation to company registered capital, including its amount, method of contribution, asset appraisal, form of payment, increase or decrease, and the corresponding procedures, rights and liabilities.
A recent report from the State Administration of Commerce has highlighted the government's ongoing concern with monopoly practices by big foreign companies in China, and gives some information about the content of the pending PRC Anti-monopoly Law.
The Administration of Insurance Companies Provisions became effective on June 15 2004. They are applicable to domestic insurance companies, and are generally applicable to foreign-invested insurance companies.