Insurance Company Management Regulations (Revised in 2015)

Chapter 1 General Provisions Article 1 In order to strengthen the supervision and management of insurance companies, maintain the normal order of the insurance market, protect the legitimate rights and interests of the insured, and promote the healthy development of the insurance industry, in accordance with the "People's Republic of China These regulations are formulated by laws and administrative regulations such as the Insurance Law of the People's Republic of China (hereinafter referred to as the "Insurance Law"), the Company Law of the People's Republic of China (hereinafter referred to as the "Company Law") and other laws. Article 2 The China Insurance Regulatory Commission (hereinafter referred to as the China Insurance Regulatory Commission) shall implement unified supervision and management of insurance companies in accordance with the law and authorization from the State Council.

The dispatched offices of the China Insurance Regulatory Commission shall perform supervisory duties in accordance with the law within the scope authorized by the China Insurance Regulatory Commission. Article 3 "Insurance companies" as mentioned in these regulations refer to commercial insurance companies established with the approval of the insurance regulatory agency and registered in accordance with the law.

The term "branch offices of insurance companies" as mentioned in these regulations refers to branches, central branches, branches, sales departments, marketing service departments and various exclusive branches established by insurance companies in accordance with the law with the approval of the insurance regulatory agency. mechanism. The establishment and management of exclusive institutions shall be separately stipulated by the China Insurance Regulatory Commission.

Insurance institutions as mentioned in these regulations refer to insurance companies and their branches. Article 4 The term "branch" as mentioned in these regulations refers to the branch named after the branch established by an insurance company in accordance with the law.

The term "provincial branches" as mentioned in these regulations refers to the branches of insurance companies that are responsible for licensing applications, report submissions and other related matters in various provinces, autonomous regions and municipalities in accordance with the regulatory requirements of the China Insurance Regulatory Commission. If an insurance company has established branches in provinces, autonomous regions and municipalities other than its place of residence, it shall designate one of the branches as a provincial branch.

If an insurance company establishes a branch in a city under separate state planning, it shall designate a branch to be responsible for licensing applications, report submission and other related matters in the city under separate state planning in accordance with the regulatory requirements of the China Insurance Regulatory Commission.

If a provincial branch is located in a city specifically designated in the state plan, the provincial branch shall also be responsible for the matters stipulated in the preceding two paragraphs. Article 5: Insurance business is operated by insurance companies established in accordance with the Insurance Law and other insurance organizations stipulated in laws and administrative regulations. Other units and individuals are not allowed to operate or operate insurance business in disguised form. Chapter 2 Establishment of Legal Person Institutions Article 6 When establishing an insurance company, the following principles shall be followed:

(1) Comply with laws and administrative regulations;

(2) Conducive to fairness in the insurance industry competition and healthy development. Article 7 To establish an insurance company, an application for establishment shall be submitted to the China Insurance Regulatory Commission and meet the following conditions:

(1) There are investors who meet the conditions prescribed by laws, administrative regulations and the China Insurance Regulatory Commission, and the equity structure is reasonable;

(2) There is a draft of articles of association that complies with the provisions of the Insurance Law and the Company Law;

(3) The investor promises to contribute capital or subscribe for shares, and the proposed registered capital shall not be less than RMB 2 billion, and must be paid-in monetary capital;

(4) Have a clear development plan, business strategy, organizational framework, and risk control system;

(5) Proposed appointment The chairman and general manager shall meet the qualifications stipulated by the China Insurance Regulatory Commission;

(6) Have a person in charge of the preparatory team recognized by investors;

(7) Other requirements stipulated by the China Insurance Regulatory Commission condition.

The China Insurance Regulatory Commission may adjust the minimum amount of registered capital of an insurance company based on the business scope and business scale of the insurance company, but it shall not be less than RMB 200 million.

Article 8 When applying to establish an insurance company, the applicant shall submit the following materials in triplicate:

(1) Application for establishment, which shall state the name, proposed registered capital and business of the insurance company to be established. Scope, etc.;

(2) Feasibility study report on establishing an insurance company, including development plan, business strategy, organizational framework and risk control system, etc.;

(3) Preparatory plan;

(4) Draft articles of association of the insurance company;

(5) Relevant materials that investors must submit as stipulated by the China Insurance Regulatory Commission;

(6) Person in charge of the preparatory team , list of proposed chairman and general manager and personal approval certificate;

(7) Other materials required by the China Insurance Regulatory Commission. Article 9 The China Insurance Regulatory Commission shall examine the application for the establishment of an insurance company, make a decision to approve or disapprove the establishment within 6 months from the date of acceptance of the application, and notify the applicant in writing. If it is decided not to approve, the reasons shall be stated in writing. Article 10: During the review of the application for the establishment of an insurance company, the China Insurance Regulatory Commission shall provide risk warnings to investors.

The China Insurance Regulatory Commission should listen to the working ideas of the proposed chairman and general manager on the operation management and business development of the proposed insurance company. Article 11 If the establishment of an insurance company is approved by the China Insurance Regulatory Commission, the applicant shall complete the preparatory work within one year from the date of receipt of the notice of approval of establishment. If the preparatory work is not completed at the expiration of the preparatory period, the original decision to approve the preparatory work will automatically become invalid.

The preparatory institution shall not engage in insurance business activities during the preparatory period. The main investor shall not be changed during the preparation period. Article 12 After the preparatory work is completed, if the following conditions are met, the applicant may submit an application for business opening to the China Insurance Regulatory Commission:

(1) The shareholders comply with laws, administrative regulations and relevant provisions of the China Insurance Regulatory Commission;

(2) Have articles of association that comply with the provisions of the Insurance Law and the Company Law;

(3) The minimum registered capital is RMB 200 million, and must be paid-in monetary capital;

(4) Have directors, supervisors and senior managers who meet the qualifications stipulated by the China Insurance Regulatory Commission;

(5) Have a sound organizational structure;

( 6) Establishing complete business, financial, compliance, risk control, asset management, anti-money laundering and other systems;

(7) Having specific business development plans and central banks formulated in accordance with the principles of asset-liability matching and other principles Long-term asset allocation plan;

(8) Have a legal business premises, safety and fire-fighting facilities meet the requirements, the business premises, office equipment, etc. are consistent with the business development plan, and the information construction meets the requirements of the China Insurance Regulatory Commission;

(9) Other conditions stipulated by laws, administrative regulations and the China Insurance Regulatory Commission.