| Law of the People's Republic of China on Wholly Foreign-Owned Enterprises |
| Tuesday,January 01,2002 Posted: 21:00 BJT(00 GMT) |
Decree [2001] No.336 of the State Council The Regulation of the People's Republic of China on the Administration of Insurance Companies with Foreign Investment has been passed at the 49th executive meeting of the State Council on December 5, 2001 and is hereby promulgated for implementation as of February 1, 2002. Premier of the State Council:
Zhu Rongji December 12, 2001 Chapter I General Provisions Chapter I General Provisions Article 1 The present Regulation has been enacted for the purpose of satisfying the demand of opening to the outside world and developing economy, strengthening and improving the supervision and administration of insurance companies with foreign investment, and promoting the healthy development of the insurance industry. Article 2 The term "insurance company with foreign investment" as mentioned in the present Regulation shall refer to any of the following insurance companies established upon approval according to relevant laws and administrative regulations and does business within the territory of the People's Republic of China; 1. An insurance company established by foreign insurance companies and Chinese companies or enterprises within the territory of China for joint business operations (hereinafter referred to as joint insurance companies); 2. A foreign capital insurance company invested and established by foreign insurance companies for business operations within the territory of China (hereinafter referred to as solely-funded insurance companies); 3. A branch company of a foreign insurance company established within the territory of China (hereinafter referred to as branches of foreign insurance companies) Article 3 Insurance companies with foreign investment shall abide by the laws and regulations of China and may not infringe upon the social public interests of China. The lawful business operations, rights and interests of the insurance companies with foreign investment shall be subject to the protection of Chinese law. Article 4 The China Insurance Regulatory Committee (hereinafter referred to as CIRC) shall be responsible for the supervision and regulation of insurance companies with foreign investment. The detached offices of the CIRC shall, on the basis of the authorization of the CIRC, be responsible for the routine supervision and regulation of the insurance companies with foreign investment within their respective jurisdictions. Chapter II Establishment and Registration Article 5 The establishment of a insurance company with foreign investment shall be subject to the approval of the CIRC. The areas where insurance companies with foreign investment may be established shall bedecided by the CIRC according to relevant provisions. Article 6 For the establishment of insurance companies with foreign investment engaging in personal insurance and property insurance, the form of establishment and proportion of foreign investment shall be determined by the CIRC according to relevant provisions. Article 7 The minimum limit of registered capital of a joint insurance company and solely funded |
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