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.
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.
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.
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.