| Notice of the General Affairs Department of the State Administration of Foreign Exchange on Relevant Issues concerning Opening Foreign Exchange Capital Accounts by Insurance Intermediary Institutions |
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| Monday,January 14,2008 Posted: 16:20 BJT(0820 GMT) |
| From:fdi.gov.cn Article type:Reproduced |
Hui Zong Fa [2006] No.6
The branches and the administration departments of foreign exchange under the State Administration of Foreign Exchange in all the provinces, autonomous regions, and municipalities directly under the Central Government, and the branches of the State Administration of Foreign Exchange in Shenzhen, Dalian, Qingdao, Xiamen and Ningbo,
In order to facilitate the handling of such matters as establishment, capital alteration, and alteration of stock right, and etc. by the insurance intermediary companies sharing by foreign capital , and regulate foreign exchange administration, the relevant issues concerning foreign exchange administration of foreign exchange capital accounts opened by insurance intermediary companies sharing by foreign capital are hereby notified as follow:
I.As an insurance intermediary company sharing by foreign capital handles such matters as establishment, capital alteration, and alteration of stock right, and etc., it may apply to the foreign exchange administration department, branch or sub-branch (hereinafter refers to as foreign exchange bureau) of the State Administration of Foreign Exchange at the local place where it is located for opening a foreign exchange capital account at a designated foreign exchange bank before obtaining the approval reply of China Insurance Regulatory Commission.
1.When filing an application, the materials shall be provided as follows:
(1)An written application for opening an account (specifying the basic information of the enterprise, the amount of capital to be contributed, equity structure, proportion of capital contributions, and organizations structure, and etc.).
(2)Articles of association of the company or partnership agreement or the relevant agreement on alteration of stock right.
(3)Photocopy of the pre-approval notice on enterprise name issued by the administrative department of industry and commerce.
(4)Name list of the main personnel preparing for the establishment and the photocopy of their identity certificates (provided at the time of establishing a new enterprise). And
(5)Other documents provided as required by the foreign exchange bureau.
2.The range of the use of the foreign exchange capital account shall be: for capital verification on the foreign exchange capital invested by the foreign shareholders.. The capital in the account shall not be used for settlement of foreign exchange or for payment before an insurance intermediary company with foreign shares obtains the documents of approval of the department of commerce.
3.The time limit for using the capital account shall be: 6 months from the day that the account is opened after approval.
II.After obtaining the documents of approval of the department of commerce for its establishment, capital alteration, or alteration of stock right, or any other matter, an insurance intermediary company sharing by foreign capital shall go through formalities for foreign capital and foreign exchange (or alteration) registration and formalities for alteration of foreign exchange capital account at the foreign exchange bureau at its locality according to the relevant provisions on foreign exchange administration in a timely manner.
III.At the time when the capital account as mentioned in Article I of the present Notice is due, if an insurance intermediary company sharing by foreign capital has not obtained the documents of approval of the department of commerce for the establishment, capital alteration, or alteration of stock right, or any other matter, the foreign exchange capital account shall be closed immediately, and remitted out the capital invested by foreign shareholders upon the approval of the foreign exchange bureau at its locality.
IV.The present Notice shall be implemented as of the day of its promulgation. If any problem is encountered in the implementation, please report it back to the department of capital projects of the State Administration of Foreign Exchange.
Contact Person: Wang Lei
Contact Telephone: 68402348
General Affairs Department of the State Administration of Foreign Exchange
January 25, 2006
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