The China Insurance Regulatory Commission has recently promulgated the Provisions on Issues concerning the Spouses of the Leading Cadres and Their Children and the Spouses of their Children Running Private Business (for Trial Implementation) (the "Provisions") and the Provisions on Issues concerning the Interactions between Supervisors and Supervisees (for Trial Implementation), which shall come into force as of July 1, 2015.
There are 12 articles in the Provisions, specifying that no spouses of the leading cadres and their children and the spouses of their children shall be allowed to register insurance institutions, invest in non-listed insurance institutions, engage in domestic operations after registering foreign insurance institutions, or hold senior positions designated or appointed by the foreign side in the foreign-funded or Sino-foreign joint venture insurance institutions. Where any of the spouses of the leading cadres or their children or the spouses of their children acts as a senior official, he/she shall not take use of the power or influence of the leading cadre to seek for business opportunities in insurance operation so as to conduct unfair competition. The Provisions also list six actions which the spouses of the leading cadres and their children and the spouses of their children shall not take when registering an enterprise in an industry other than the insurance industry or holding a senior position in an enterprise.