China – CIRC’s Call For Comments On Draft Changes To Four Regulations.

4 May, 2017

 

CIRC’s call for comments on Draft Changes to Administrative Regulations for Foreign-Invested Insurers (FII Draft Regs)

 

On 24th April 2017, the China Insurance Regulatory Commission (CIRC) released the FII Draft Regs, and calling for comments from the public by 1st June 2017.

 

The FII Draft Regs propose four key changes:

 

1. A repeal of the requirement in Article 26 of current FII Regs that all documentation submitted in respect of establishment of an FII must be publicly notarised.
2. A repeal, of the requirement in Article 6 of the current FII Rep Office regulations that all documentation submitted in respect of establishment of an FII Rep Office, or in respect of material changes to an existing FII Rep Office, must be publicly notarised.
3. A repeal of the current requirement for legal opinions in respect of subordinated debt issued by insurers.
4. A repeal of the current requirement that Chinese translations provided pursuant to CIRC ‘fit & proper’ applications for an insurer’s directors and officers must be publicly notarised.

 

 

For further information, please contact:

 

Michael Cripps, Partner, Clyde & Co

michael.cripps@clydeco.com