Insurance License Management Measures English versionAdministrative Measures for Insurance Licenses Promulgation date06-22-2007DepartmentChina Insurance Regulatory CommissionEffective date09-01-2007S

People’s Republic of China shall be subject to the administration of insurance licenses in accordance with these Measures:1. Insurance companies;2. Insurance asset management companies;3. Reinsurance companies;4. Insurance intermediaries;5. Insurance loss adjusters;6. Other institutions engaged in the insurance business as approved by the CIRC.Article 5 The CIRC shall establish a registration system for insurance licenses, and conduct registration for insurance institutions in accordance with the law. An insurance institution shall apply for registration of its insurance license to the CIRC within 30 days after obtaining its business license.Article 6 An insurance institution shall conform to the following conditions for obtaining an insurance license:1. Having a sound business operation system and management system；2. Having a certain scale of assets and capital；3. Having a qualified team of professionals；4. Meeting other conditions as prescribed by laws and regulations.Article 7 An insurance institution applying for an insurance license shall submit the following documents to the CIRC:1. Application form for insurance license；2. Business license；3. Articles of association；4. Feasibility study report；5. Proof of capital contribution；6. Supporting documents for the qualifications of the team of professionals；7. Other documents required by the CIRC.Article 8 The CIRC shall examine the application materials submitted by an insurance institution, and make a decision within 60 days after accepting the application. Where the application is approved, the CIRC shall issue an insurance license to the applicant. Where the application is not approved, the CIRC shall notify the applicant in writing and state the reasons.Article 9 An insurance institution shall display its insurance license in a prominent position of its premises, and shall not transfer, lease or lend its license to others.Article 10 Where an insurance institution changes its name, address, legal representative or other registration information, it shall apply for alteration of its insurance license to the CIRC within 30 days after the change.Article 11 Where an insurance institution violates laws, administrative regulations or these Measures and is subject to revocation or revocation of its business license, the CIRC shall revoke its insurance license simultaneously.Article 12 Any organization or individual is entitled to report to the CIRC any illegal activities in relation to the issuance and use of insurance licenses.Article 13 The CIRC shall establish and improve the supervision and inspection mechanism for the administration of insurance licenses, and shall conduct regular or irregular supervision and inspection on insurance institutions.Article 14 Where an insurance institution violates these Measures, the CIRC shall impose administrative penalties on it in accordance with the law, and may also order it to rectify within a prescribed time limit. Where the violation is serious, the CIRC may revoke its insurance license.Article 15 These Measures shall come into force as of September 1st, 2007. The Measures for the Administration of Insurance Licenses promulgated by the China Insurance Regulatory Commission on February 7th, 2003 shall be repealed simultaneously