Repealing its 1999 predecessor, the new Procedures improve upon the 'foreign insurance institutions' definition, administrative examination and approval, and prudential regulations.
By increasing transparency, and protection of ordinary people, the “Ten Measures” represent an institutional answer to the perceived unfairness in the allocation and development of land and resources within the PRC.
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.
The Procedures applies to law firms having already established representative offices in the Mainland. Association with Mainland law firms shall not take the form of a partnership or a legal person, and shall retain independence of both parties in terms of legal status, names and finances. Fulfilling criteria listed in therein, the Procedures provide application procedures for association submitted by the Hong Kong and Macau SAR law firms.
Repealing its 1999 predecessor, the new Procedures simplies application and approval procedures for setting up a Chinese representative office for foreign insurance firms.