China Administrative Measures for Insurance LicensesⅡ

　　Article 13 The CIRC shall serve decisions of administrative license and insurance licenses in a direct way, or by post in case direct service is difficult.

　　In the event of direct service, there shall be a service receipt on which the applicant for administrative license shall indicate the date of receive and sign or affix with its seal. In the event of service by post, certificate of mailing shall be retained, and the date of posting as indicated on the certificate shall be deemed as the date of service.

　　Article 14 Where it is difficult for the CIRC to serve a decision of administrative license either directly or by post, it may serve it in the form of announcement. In that case, a decision of administrative license shall be deemed as served two months after an announcement thereon is published.

　　An applicant for administrative license shall, within 2 months since the decision of administrative license is served in the form of announcement, draw its insurance license from the CIRC. If it fails to do so after the time limit exceeds, both the decision of administrative license and the insurance license shall become invalid automatically.

　　Article 15 Insurance institutions shall properly keep their insurance licenses.

　　No entity or individual may forge, alter, lease, lend or transfer any insurance license.

　　Article 16 An insurance institution shall place its insurance license at an eye-catching place of its business place for future examination and inspection.

　　Article 17 The CIRC shall make more efforts in insurance license information management, establish a complete institution management archive system and disclose information related to insurance licenses according to law.

　　Article 18 Where any item indicated in the insurance license of an insurance institution changes, the institution shall surrender the original license to the CIRC and obtain a new one.

　　In case the change as mentioned in the preceding paragraph needs to be approved by the CIRC, the insurance institution shall obtain a new insurance license from the CIRC within 2 months since the date when the approval decision is made. In case the change does not need to be approved by the CIRC, the insurance institution shall obtain a new insurance license from the CIRC within one month since the date when the change occurs.

　　Article 19 There is no valid term for the insurance licenses of the following insurance institutions:

　　1. insurance holdings companies and their branches;

　　2. insurance group companies and their branches;

　　3. insurance companies and their branches;

　　4. insurance asset management companies and their branches.

　　The valid period of insurance licenses of the insurance institutions other than those listed above shall be governed by the relevant provisions of CIRC.

　　Article 20 Where any insurance institution needs to extent the valid term of its insurance license, it shall apply to the CIRC within the prescribed time limit.

　　The CIRC shall make a decision on whether to approve the extension or not before the valid period of the insurance license expires. In the event of approval, the insurance institution shall, within 10 days since it receives the decision of approval, surrender the original license to the CIRC and obtain a new one.

　　Article 21 Where the insurance license of an insurance institution is damaged, the institution shall surrender the original license to the CIRC and obtain a new one.

　　Article 22 Where the insurance license of an insurance institution is lost, the institution shall, within 10 days since it becomes aware of the loss, the license invalid on a newspaper designated by the CIRC, and apply for obtaining a new one from the CIRC upon the strength of a written explanation and the materials related to the declaration of invalidation.

　　Article 23 An insurance institution shall submit the following materials when applying for a new insurance license from the CIRC:

　　1. documentary evidence on the change of any item registered on the insurance license （the original and a photocopy）;

　　2. letter of introduction or attorney produced by the insurance institution;

　　3. legal and valid identity certificate of the personnel drawing the license （the original and a photocopy）;

　　4. other materials as specified by the CIRC.

　　Article 24 Where an insurance institution receives an insurance license or obtains a new insurance license for the change of any item registered in the original insurance license, it shall, within 20 days since the date when it receives or obtains the insurance license, publish an announcement thereon on a newspaper designated by the CIRC.

　　And the announcement shall include the following content:

　　1. items recorded in the insurance license;

　　2. name of the legal representative or principal of the insurance institution;

　　3. business scope and business area of the insurance institution; and

　　4. domicile, postal code and telephone number of the insurance institution.

　　Article 25 An insurance institution shall, within 15 days since the date when it is legally dismissed, deregistered or d bankrupt, surrender its insurance license to the CIRC.

　　Article 26 In case any of the following circumstances occurs, the CIRC shall handle the formalities for canceling an insurance license according to law, and publish an announcement thereon:

　　1. the valid period of the insurance license expires and is not renewed;

　　2. the insurance institution owning the license is terminated according to law;

　　3. the administrative license is cancelled or withdrawn, or the insurance license is revoked according to law; or

　　4. other circumstances as specified by laws, administrative regulations or the CIRC.

　　Article 27 The CIRC shall destroy surrendered insurance licenses on a regular basis.

　　Article 28 Where any insurance institution falls under any of the following circumstances, the CIRC shall order it to correct within a certain time limit, and impose a fine of no more than 30,000 yuan if it fails to do so:

　　1. failing to surrender the original license and obtain a new one as required in the event of the change of the content recorded in the original license;

　　2. failing to report the loss of insurance license to the CIRC;

　　3. failing to place its insurance license at the business place as required;

　　4. failing to publish an announcement on a newspaper as required by these Measures.

　　Article 29 Where any insurance institution falls under any of the following circumstances, the CIRC shall order it to correct, impose a fine of no more than 30,000 yuan upon it and a fine of 5000 yuan upon the directly responsible senior manager, and where a crime is constituted, the relevant personnel shall be subject to corresponding criminal liabilities:

　　1. forging, altering, leasing, lending or transferring its insurance license;

　　2. using expired or invalid insurance license.

　　Article 30 All the time limits prescribed in these Measures, except those based on the month, shall be based on workdays, excluding official holidays.

　　Article 31 The power to interpret these Measures shall remain with the CIRC.

　　Article 32 These Measures shall come into force as of September 1st, 2007.