China Administrative Measures for Insurance Licenses Ⅰ

Order No.1 [2007] of China Insurance Regulatory Commission

　　The Administrative Measures for Insurance Licenses, which were deliberated and adopted at the chairman's utive meeting of China Insurance Regulatory Commission on May 11th, 2007, are hereby promulgated and shall come into force as of September 1st, 2007.

　　Chairman Wu Dingfu

　　June 22nd, 2007

Administrative Measures for Insurance Licenses

　　Article 1 For the purpose of strengthening the administration of insurance licenses, regulating the licensing activities in the insurance industry and maintaining the normal order of insurance market, these Measures are formulated in accordance with the Insurance Law of the People's Republic of China, the Administrative License Law of the People's Republic of China and other laws and administrative regulations.

　　Article 2 China Insurance Regulatory Commission （hereinafter referred to as CIRC） shall take charge of the issuance and management of insurance licenses.

　　The dispatched offices of the CIRC shall exercise the functions and powers of issuing and managing insurance licenses within the scope authorized by the CIRC.

　　Article 3 The CIRC shall establish an insurance license supervision and management system by following the principles of legality, openness, equity, facilitating people and high efficiency.

　　Article 4 The following insurance institutions within the boarders of the People's Republic of China shall obtain an insurance license according to law:

　　1. insurance holdings companies and insurance group companies operating the insurance business;

　　2. insurance companies and their branches;

　　3. insurance asset management companies and their branches;

　　4. insurance agencies, insurance brokerage institutions, insurance assessment institutions and their branches;

　　5. concurrent-business insurance agencies;

　　6. other insurance institutions as determined by the CIRC.

　　Article5 The term "insurance license" as mentioned in these Measures include the following types:

　　1. legal-person license for insurance companies and license for engaging in insurance business;

　　2. license for engaging in insurance marketing services;

　　3. license for engaging in insurance agency business;

　　4. license for engaging in insurance brokerage business;

　　5. license for engaging in insurance assessment business;

　　6. license for engaging in concurrent-business insurance agency business;

　　7. legal-person license for insurance asset management companies and license for engaging in insurance asset management business.

　　Article 6 Insurance licenses shall be uniformly designed and printed by the CIRC. No other entity or individual may design, print, issue, capture or detain insurance licenses without the authorization of the CIRC.

　　Article 7 The CIRC applies hierarchical management to insurance licenses.

　　Article 8 A dispatched office of the CIRC shall be responsible for serving and changing insurance licenses upon the following institutions within its jurisdiction:

　　1. branches of insurance companies;

　　2. branches of insurance asset management companies;

　　3. insurance agencies and their branches;

　　4. insurance brokerage institutions and their branches;

　　5. insurance assessment institutions and their branches;

　　6. concurrent-business insurance agencies.

　　Article 9 The following content shall be indicated in an insurance license:

　　1. name of the institution;

　　2. code of the institution;

　　3.domicile of the institution;

　　4. business scope of the institution;

　　5. territorial scope of the institution;

　　6. date when the decision of administrative license is made;

　　7. date of issuance of the license;

　　8. issuing authority.

　　No insurance license is effective unless it is stamped with the official seal of the CIRC.

　　Article 10 Insurance institutions across the whole nation shall be coded in a unified way. The CIRC shall print insurance licenses according to the codes of insurance institutions.

　　The institution code of an insurance license shall be permanent. Where any item indicated in an insurance license changes, or the insurance license is expired, lost or damaged, the insurance institution concerned shall apply for a new license, which shall keep the original code.

　　Where the nature of an insurance institution changes, or it is relocated to another district or terminated according to law, the code of the insurance institution shall be repealed automatically.

　　Article 11 The content of the items indicated in an insurance license shall be identical with that of the decision of administrative license.

　　Article 12 Where the CIRC made a decision on approving administrative license and it is necessary to issue an insurance license, the license shall be issued to the applicant for administrative license.

　　The CIRC shall, within 10 days since the date when the decision of administrative license is made, serve the decision of administrative license together with the insurance license upon the applicant for administrative license.