The Implementing Rules mainly focus on the establishment, termination and liquidation of foreign-invested insurance companies and their branch organizations, clarifying the PRC Administration of Foreign-invested Insurance Companies Regulations effective since February 2002.
(Issued by the State Administration of Foreign Exchange on May 17 2004 and effective 45 days after the date of issue.)
The Administration of Insurance Companies Provisions became effective on June 15 2004, and have replaced the provisions of the same name promulgated by the CIRC on January 13 2000 and amended on March 15 2002. They are applicable to domestic insurance companies, and are generally applicable to foreign-invested insurance companies.
(Issued by the State Administration of Foreign Exchange on May 17 2004 and effective 45 days after the date of issue.)
The Circular details the screening of fixed asset investment projects in respect of the guiding ideology, principles, scope, content, post-screening handling, working methods and work progress.
The Procedures detail the pilot projects for the direct purchase of electricity from power generation enterprises by electricity users and specify the guiding ideology, objectives and principles; scope and conditions; main substance; and organization and implementation.
Ten years after the PRC Protection of the Rights and Interests of Consumers Law, the Provisions add more details to product defects, standard contracts, proof of purchase, consumer rights protection, remote sales and tortuous liability.
The Provisions specify the qualifications required of and the procedures for foreign enterprises engaging in construction project design activities in the PRC, including cross-border delivery services.
The Circular details the screening of fixed asset investment projects in respect of the guiding ideology, principles, scope, content, post-screening handling, working methods and work progress.
The new Procedures represent China's WTO commitments to remove restrictions against wholly-owned foreign enterprises.