Foreign shareholders of foreign insurance companies increase to three categories

Original title: Foreign shareholders of foreign insurance companies increased to three categories

The China Banking and Insurance Regulatory Commission reported on March 19 that to continue improving the “Foreign Investment of the People’s Republic of ChinaSurethe companymanagementRegulations“(Hereinafter referred to as the” Regulations “) related to support systems, the China Banking and Insurance Regulatory Commission recently issued the” Regarding the Amendment “Sure“Decision on the rules of application of the Company Management Regulations” to further clarify that foreignSureGroup companies andForeign financial institutionsinvestmentforeign investmentSureThe company’s access standards. Before the “Implementing Rules” were revised, foreign investmentInsurance companyForeign partyshareholderOnly limited to foreign insurance companies. After the amendment, the number of foreign shareholders who can invest in shares increases in three categories.

Prevent supervisionarbitration

According to the person in charge of the corresponding department of the China Banking and Insurance Regulatory Commission, the basic principles followed in the revision of the “Implementation Rules” are to adhere to the principle of openness to the outside world, unwaveringly fulfill the commitments of openness and promote the formation of a higher level of openness to the outside world.The second is to adhere to the principle of consistent domestic and foreign investment, so that Chinese and foreign insurance institutions can conduct business under the same rules and strive to build fair competition .marketThe third is to persist in preventing financial risks and paying attention toInsurance supervisionThe system maintains effective convergence, basically adheres to the same access rules for similar institutions and avoidsRegulatory arbitration。

before fixing,Foreign insurance companyForeign shareholders are limited to foreign insurance companies.After the amendment, the number of foreign shareholders who can invest in shares is increased by three categories, namely, foreign insurance companies,Insurance group companyAnd other foreign financial institutions.At the same time, toWarrantyThe professional advantages of insurance companies with foreign capital further stipulate that the sole or principal foreign shareholder of an insurance company with foreign capital will be a foreign insurance company or a foreign insurance group company. Allowing qualified diversified entities to own shares in foreign insurance companies can enrich the types of shareholders and sources of capital of foreign insurance companies and further stimulate the vitality of the market.

The “Implementing Rules” establish the access conditions for foreign insurance group companies with reference to the access rules for foreign insurance companies. Taking into account the differences in regulatory practices of insurance group companies in different countries and regions, the “Implementing Rules” stipulate that foreign insurance groups or their main insurance subsidiaries must comply with the relevant regulatory solvency standards.

In order to maintain the consistency of Chinese and foreign regulatory systems, foreign insurance companies and foreign financial institutions other than foreign insurance group companies that become shareholders of foreign insurance companies should apply the relevant provisions of the Measures for the administration of the capital stock of insurance companies in foreign financial institutions.

Improve shareholder access and change requirements

The revised “Implementing Rules” remove thejoint projectRestrictions on the foreign investment ratio of the life insurance company, but the “Insurance Company Capital Management Measures” stipulate that “the participation rate of a single shareholder shall not exceed that of the insurance company.Registered capitalone third”.

As for how to understand the applicable rules, the aforementioned person in charge said that at an initial stage, the China Banking and Insurance Regulatory Commission issued a document to abolish the restriction on the proportion of foreign investment in joint life insurance companies. . Achievements, maintain the consistency of the system. According to the “Regulations”, foreign insurance companies or foreign insurance group companies, as shareholders of foreign insurance companies, are not restricted in their participation ratio. As shareholders of foreign insurance companies and financial institutions other than group insurance companies, as well as Chinese shareholders of foreign insurance companies, the relevant restrictive provisions of the “Measures for the Management of the Capital Stock of Insurance Companies shall apply. “.

The aforementioned manager introduced that the revised “Implementation Standards” supplemented and improved the following systems: One is to improve shareholder changes and access requirements. Prescribed foreign capitalChange of insurance companyIf the shareholder, the proposed transferee or the successor is a foreign insurance company or a foreign insurance group company, they must comply with the relevant requirements of the “Regulations” and the “Implementing Rules”. The second is to improve the management system of the national insurance group companies. It is clarified that foreign insurance companies and foreign insurance group companies are shareholders of insurance companies in China, and the establishment of insurance group companies may refer to the relevant provisions of the “Regulations” and “Rules of application “on shareholder ratings and application materials. The third is to do a good job of converging the system. Develop principles and regulations on the review of the security of foreign investment and do a good job of linking with the “Measures for the review of the security of foreign investment” issued jointly by the Development and Reform Commission and the Ministry of Commerce .

The China Banking and Insurance Regulatory Commission will do a good job of accessing and daily supervision of foreign insurance companies in accordance with the revised “Implementation Rules”.jobs. At the same time, the China Banking and Insurance Regulatory Commission will be based on China’s national conditions,borrowBased on international experience, continue to improve laws and regulations and support the construction of the system, resolutely maintain the end result without systemic risks, and promoteSureHealthy development will ensure stable and long-term financial reform and openness in the new era.

(Source: Qingdao Finance and Economics Daily)

(Editor-in-charge: DF520)