To further implement the opening up of the insurance industry in China, on 10 March the China Banking and Insurance Regulatory Commission (CBIRC) promulgated the Decision of the China Banking and Insurance Regulatory Commission on Revising the Rules for the Implementation of the Administrative Regulations of the People’s Republic of China on Foreign-invested Insurance Companies (new implementation rules).
It is based on the summary of the corresponding revision to the Administration of Foreign-Funded Insurance Companies by the Decision of the State Council on Amending the Regulations of the People’s Republic of China on the Administration of Foreign-funded Insurance Companies and the Regulations of the People’s Republic of China on the Administration of Foreign-funded Banks, and the Notice of the General Office of the China Banking and Insurance Regulatory Commission on Clarifying the Effective Date of Abolishing the Restrictions on Foreign Shareholding in Joint Venture Life Insurance Companies (Yin Bao Jian Ban Fa [2019]).
The following are the main points the revision has made to the original implementation rules.
Business Law Digest is compiled with the assistance of Baker McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker McKenzie by e-mailing Howard Wu (Shanghai) at howard.wu@bakermckenzie.com
