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Notice of the General Office of the China Insurance Regulatory Commission on Further Simplifying the Administrative Approval System to Support the China (Shanghai) Pilot Free Trade Zone

china-shftz.gov.cn Updated:2017-07-24

CIRC Office Publication [2014] No. 36

To CIRC Shanghai Bureau, and all insurance companies:

To further implement the strategic plan of the CPC Central Committee and the State Council of China for developing the China (Shanghai) Pilot Free Trade Zone (referred to hereafter as “the PFTZ”), deepen reforms of the administrative approval system in the insurance industry, and increase the involvement of the insurance industry to better serve the development of PFTZ, relevant notices are issued as follows:

I. Shanghai Institute of Marine Insurance is permitted to issue pilot regulations appropriate to the institute, which shall be used by member companies at their discretion upon filing with competent authorities.

II. Prior approval will no longer be required for setting up branches within the PFTZ by Shanghai-based marine insurance operation centers and reinsurance companies. CIRC Shanghai Bureau shall be responsible for filing management of these matters.

III. Prior approval will no longer be needed for the appointment of executives in subsidiaries of insurance companies in the PFTZ. CIRC Shanghai Bureau shall be responsible for filing management of these matters.

The General Office of CIRC
May 15, 2014


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