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CIRC Delegates Approval Authority on Foreign Invested Insurance Companies.

31 March, 2012

 

 

CIRC Delegates Approval Authority on Foreign Invested Insurance Companies.

 

On February 6, 2012, the China Insurance Regulatory Commission ("CIRC") issued the Notice on Relevant Issues Concerning Adjusting Some Administrative Licensing Items for Foreign Invested Insurance Companies, which came into effect immediately. Under the notice, the CIRC has delegated responsibility for carrying out the examination and approval of the following matters to its local counterparts: (1) change of office address by branches of foreign invested insurance companies; (2) application for preparation to establish sub-branches of branches of foreign invested insurance companies; (3) application for commencement of business by sub-branches of branches of foreign invested insurance companies; and (4) qualifications of senior management personnel in sub-branches of branches of foreign invested insurance companies.

 

The full Chinese text of the notice is available here.

 

 

For further information, please contact:

 

Elizabeth Cole, Partner, Orrick

 
Thomas Man, Partner, Orrick
 
Brad Herrold, Orrick
 
Veronica Lockyer, Orrick
 
Yan Zeng, Orrick

 

 

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