The China Insurance Regulatory Commission ("CIRC") has recently issued the Decision on Revising Four Rules Including the Detailed Implementing Rules of the Administrative Regulations of the People's Republic of China on Foreign-funded Insurance Companies (the "Decision"), immediately effective from the issue date.
The Decision introduces amendments to the Detailed Implementing Rules of the Administrative Regulations on Foreign-funded Insurance Companies, the Administrative Measures for China-based Representative Offices of Foreign Insurance Institutions, the Administrative Measures for the Subordinated Term Debts of Insurance Companies and the Administrative Provisions on the Appointment Eligibility of Directors, Supervisors and Senior Executives of Insurance Companies. According to the Decision, stipulations relating to some intermediary service matters, including the "notarization of relevant materials for incorporating a foreign-funded insurance company", the "notarization of relevant materials for incorporating a representative agency of a foreign insurance institution within China and changing material items for such a representative agency", "giving legal opinions on an insurance company's issuance of private placement subordinated debts", and the "notarization of the Chinese translation of employment-related materials for directors, supervisors and senior management personnel of insurance companies", are adjusted, as these service items have been repealed. Furthermore, materials requested for an insurance company's application for the raising of subordinated debts are further streamlined.