Repealing its 1999 predecessor, the new Procedures improves upon the 'foreign insurance institutions' definition, administrative examination and approval, and prudential regulations.
The PRC Banking Regulation Law establishes a new banking supervision institution – the China Banking Regulatory Commission (CBRC) – to oversee the regulation for all banking institutions and activities in China.
Repealing its 1999 predecessor, the new Procedures simplies application and approval procedures for setting up a Chinese representative office for foreign insurance firms.
Promulgated: December 27 2003Effective: February 1 2004Main contents: With the new revision, the State Council banking regulatory authority has taken over…
Promulgated: December 4 2003Effective: January 10 2004Applicability: Landing of foreign satellite television within designated districts in China approved…