China News Service, Beijing, March 19 (Reporter Wang Enbo) The China Banking and Insurance Regulatory Commission announced on the 19th the "Decision on Amending the Implementation Rules for the Regulations of the People’s Republic of China on the Administration of Foreign-funded Insurance Companies". The number of foreign shareholders who can invest in foreign insurance companies has increased to Three categories.
According to the person in charge of the relevant department of the China Banking and Insurance Regulatory Commission, the revision resolutely implements the requirements of opening up, follows the principle of consistent domestic and foreign investment, focuses on strengthening risk management and control, and strives to create a market business environment that is conducive to fair competition and common development between China and foreign capital.
Before the amendment of the "Implementation Rules", foreign shareholders of foreign insurance companies were limited to foreign insurance companies.
After the amendment, the number of foreign shareholders who can invest in shares is increased into three categories, namely, foreign insurance companies, foreign insurance group companies, and other overseas financial institutions.
At the same time, in order to ensure the professional advantages of foreign-funded insurance companies, it is further stipulated that the sole or major foreign shareholder of a foreign-funded insurance company shall be a foreign insurance company or a foreign insurance group company.
The person in charge said that allowing qualified diversified entities to hold shares in foreign insurance companies can enrich the types of shareholders and capital sources of foreign insurance companies, and further stimulate market vitality.
At the same time, the "Implementation Rules" set the access conditions of foreign insurance group companies with reference to the access standards of foreign insurance companies.
Taking into account the differences in the regulatory practices of insurance group companies in different countries and regions, the "Implementation Rules" stipulate that foreign insurance groups or their major insurance subsidiaries need to meet relevant solvency regulatory standards.
In order to maintain the consistency of the system, the authorities also cancelled the restrictive regulations on foreign equity ratio this time.
In the earlier period, the China Banking and Insurance Regulatory Commission issued a document to abolish the restriction on the proportion of foreign investment in joint-venture life insurance companies. This amendment deletes the restrictive provisions on foreign equity ratio in the "Implementation Rules". Foreign insurance companies or foreign insurance group companies are shareholders of foreign insurance companies and their holdings The share ratio can reach 100%.
The aforementioned person in charge stated that on the basis of equality and mutual benefit, more qualified overseas institutions are welcome and supported to participate in the opening-up process of China's insurance industry, and jointly build a more open, mutually beneficial and win-win financial market environment.
(Finish)