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国家外汇管理局、中国保险监督管理委员会关于发布施行《保险业务外汇管理暂行规定》的通知 Circular of the State Administration of Foreign Exchange (SAFE) and the China Insurance Regulatory Commission (CIRC) on Distributing the Provisional Rules on Foreign Exchange Administration of Insurance Business

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汇发[2002]95号

颁布日期:20020924  实施日期:20021101  颁布单位:国家外汇管理局、 中国保险监督管理委员会

  HuiFa [2002] No.95

  September 24, 2002

  SAFE branches in all provinces, autonomous regions, and municipalities directly under the Central Government, exchange administration offices, and SAFE branches in the cities of Shenzhen, Dalian, Qingdao, Xiamen, and Ningbo, branches of the CIRC, all insurance companies and designated foreign exchange banks:

  The SAFE and the CIRC have jointly formulated the Provisional Rules on Foreign Exchange Administration of Insurance Business (hereinafter referred to as the Rules) with a view to promoting the development of Chinese insurance market, and normalizing the foreign exchange receipts and payments of the insurance industry. The Rules shall be officially implemented as from November 1, 2002.

  The Rules is hereby distributed to you. SAFE branches are requested to transmit it to the sub-branches, designated foreign exchange banks (foreign-funded banks included) under their jurisdiction; CIRC branches are requested to transmit it to the insurance companies and relevant institutions under their jurisdiction; and insurance companies and designated Chinese-funded foreign exchange banks are requested to transmit it to their branches and sub-branches for implementation.

  Attachment: Provisional Rules on Foreign Exchange Administration of Insurance Business

  Attachment:

  Provisional Rules on Foreign Exchange Administration of Insurance Business

  Chapter I General Provisions

  Article 1 Pursuant to the Insurance Law of the People's Republic of China (the PRC), Regulations on the Exchange System of the PRC, and Regulations of the PRC on Foreign-funded Insurance Companies, this Rules is enacted with a view to regulating foreign exchange insurance activities within the territory of the PRC, and perfecting foreign exchange administration of the insurance business.

  Article 2 Foreign exchange insurance stated in this Rules refers to commercial insurance whereby the payment of insurance premium, indemnity or the payment of insurance benefits shall be priced and settled in foreign exchange as agreed upon in the insurance contract. Foreign exchange insurance includes foreign exchange property insurance, foreign exchange life and health insurance, and foreign exchange reinsurance.

  Article 3 Foreign exchange insurance operations within the territory of the PRC, foreign exchange receipts and payments, sale and purchase of foreign exchange, opening and use of foreign exchange account under the item of insurance shall be governed by this Rules.

  Article 4 When conducting foreign exchange insurance business, insurance companies and their branches and sub-branches (hereinafter referred to as insurers) shall use foreign exchange in collecting the insurance premium from the applicants and indemnifying or paying the insurance benefits to the insured (or beneficiaries), and settling insurance contracts.

  Article 5 The SAFE and its branches and sub-branches (hereinafter referred to as SAFE offices) are responsible for examining and approving the qualifications of insurers for foreign exchange business, supervising foreign exchange receipts and payments, sale and purchase of foreign exchange, and foreign exchange account under the item of insurance in accordance with this Rules.

  The CIRC and its branches (hereinafter referred to as CIRC offices) are responsible for supervising the operations of foreign exchange insurance by insurers in accordance with the Insurance Law of the PRC and other relevant regulations.

  Article 6 Foreign exchange insurance activities within the territory of the PRC shall abide by relevant laws and rules of China, as well as relevant regulations of the CIRC offices and the SAFE offices.

  Chapter II Entry into and Termination of Foreign Exchange Business of Insurers

  Article 7 For handling foreign exchange insurance business, an insurer shall apply to the SAFE office concerned for approval and acquire the Foreign Exchange Business License.

  The insurer shall carry on business activities within the approved scope, and shall not do foreign exchange business without approval or beyond the scope approved.

  The Foreign Exchange Business License is the legal certificate for the insurer to handle foreign exchange business according to law, which is printed exclusively by the SAFE. The term of validity of the Foreign Exchange Business License is 3 years.

  Article 8 With the approval of the SAFE office concerned, the insurer may handle part or all of the following foreign exchange business:

  (1) Foreign exchange property insurance;

  (2) Foreign exchange life and health insurance;

  (3) Foreign exchange reinsurance;

  (4) Foreign exchange maritime guarantee;

  (5) Foreign exchange investment;

  (6) Investigation of creditworthiness, consulting; and

  (7) Other foreign exchange business approved by the SAFE.

  Foreign exchange property insurance, foreign exchange life and health insurance and foreign exchange reinsurance handled by the insurer shall be confined within the insurance products approved by the CIRC office concerned; foreign exchange investment shall be handled by the insurer through the investment channels approved by the financial supervision and control department of the State Council.

  Article 9 An insurance company that meets the following requirements may apply for the foreign exchange business:

  (1) Having been approved by a CIRC office to handle insurance business;

  (2) Having the required amount of paid-up capital or operating funds in foreign exchange;

  An insurance company with corporate capacity that possesses paid-up capital of more than RMB500 million (RMB500 million included) shall have paid-up capital of at least US$5 million or the equivalent in other foreign currency; that possesses paid-up capital of less than RMB500 million shall have paid-up capital of at least US$2 million or the equivalent in other foreign currency.

  The branch of foreign insurance company that possesses operating funds of more than RMB500 million (RMB500 million included) shall have paid-up operating funds of at least US$5 million or the equivalent in other foreign currency; that possesses operating funds of less than RMB500 million shall have paid-up operating funds of at least US$2 million or the equivalent in other foreign currency.

  (3) Having perfect systems for internal control and financial management;

  (4) Having managers for foreign exchange business whose qualifications have been endorsed by the SAFE office concerned;

  (5) Having abided by laws and regulations of the State and relevant foreign exchange regulations, and having no major malfeasance; and

  (6) Other requirements set by the SAFE.

  Article 10 An insurance company shall apply to the SAFE office in its locality for foreign exchange business with documents and materials listed below; the local SAFE office shall, after preliminary examination, submit the application that is deemed qualified level-by-level to the SAFE for approval. The SAFE will issue a Foreign Exchange Business License to the qualified insurance company:

  (1) A written application and feasibility study for foreign exchange business;

  (2) A photocopy each of the original and the duplicate of the Insurance Business License issued by the CIRC office concerned;

  (3) Articles of association approved by the CIRC office concerned (in case of a branch of foreign insurance company, the articles of association of its head office shall be presented instead);

  (4) Verification report on foreign exchange capital or operating funds issued by an accounting firm (the original);

  (5) Names and curricula vitae of the managers for foreign exchange business and their certificates of occupational competence issued by the SAFE office concerned;

  (6) The systems for internal control and financial management relevant to the application for foreign exchange business; and

  (7) Other documents and materials required by the SAFE.

  An insurance company that has acquired the Foreign Exchange Business License issued by the SAFE may authorize its branches and sub-branches to apply to the SAFE offices in their localities for foreign exchange business.

  Article 11 A branch or sub-branch of an insurance company shall apply to the SAFE office in its locality for foreign exchange business by presenting documents and materials listed below; the local SAFE office shall, after preliminary examination, submit the application that is deemed qualified to its superior SAFE branch for approval, and the latter shall issue the Foreign Exchange Business License to the applicant. The branch that has made the approval shall report to the SAFE for record the name of the approved applicant within 1 month after the approval is granted:

  (1) The authorization by its head office to handle foreign exchange business;

  (2) A written application for foreign exchange business (including the information on business needs, personnel disposition, business place and other facilities relevant to the business);

  (3) A photocopy each of the original and the duplicate of the Insurance Business License and Foreign Exchange Business License of its head office;

  (4) Names and curricula vitae of the managers for foreign exchange business and their certificates of occupational competence issued by the SAFE office concerned;

  (5) The systems for internal control and financial management relevant to the application for foreign exchange business; and

  (6) Other documents and materials required by the SAFE office concerned.

  Article 12 The insurer may apply to the SAFE office concerned for expanding the scope of its foreign exchange business in light of its business development in accordance with the procedure stipulated in article 10 or article 11 of this Rules by presenting the documents and materials listed below:

  (1) A written application and feasibility study for expanding the scope of foreign exchange business;

  (2) A report on foreign exchange business operations and financial conditions during the valid period of the Foreign Exchange Business License;

  (3) A photocopy each of the original and the duplicate of the Foreign Exchange Business License;

  (4) Names and curricula vitae of the managers for the new foreign exchange business and their certificates of occupational competence issued by the SAFE office concerned;

  (5) The systems for internal control and financial management relevant to the application for foreign exchange business; and

  (6) Other documents and materials required by the SAFE office concerned.

  Article 13 If the insurer wants to continue its foreign exchange business after its Foreign Exchange Business License expires, it shall apply to the SAFE office concerned 3 months before the expiry date in accordance with the procedure stipulated in article 10 or article 11 of this Rules by presenting the documents and materials listed below:

  (1) A written application for continuation of foreign exchange business;

  (2) A report on foreign exchange business operations and financial conditions during the last 3 years;

  (3) The auditing report on paid-up capital or operating funds in foreign exchange issued by an accounting firm (the original);

  (4) A photocopy each of the original and the duplicate of the expiring Foreign Exchange Business License; and

  (5) Other documents and materials required by the SAFE office concerned.

  A branch or sub-branch of an insurance company may replace the auditing report stated in item (3) with the written authorization of its head office for its continuation of foreign exchange business.

  Article 14 For terminating foreign exchange business, the insurer shall apply with the documents and materials listed below to the SAFE office concerned in accordance with the procedure stipulated in article 10 or article 11 of this Rules:

  (1) A written application for terminating its foreign exchange business;

  (2) A detailed explanation of the termination (including the cause of termination, and measures and steps for liquidation of its claims and liabilities after the termination);

  (3) A photocopy each of the original and the duplicate of the valid Foreign Exchange Business License;

  (4) Balance sheets in renminbi and foreign currency or other financial statements for the last 3 years audited by an accounting firm;

  (5) Document signed by its board of directors or its superior office approving the termination of its foreign exchange business; and

  (6) Other documents and materials required by the SAFE office concerned.

  Article 15 If an insurer has any of the following circumstances, the SAFE office concerned shall terminate its foreign exchange business, cancel or withdraw its Foreign Exchange Business License:

  (1) Being dissolved due to split, merger or the emergence of the causes for dissolution prescribed in its articles of association;

  (2) The Insurance Business License having been withdrawn and cancelled by the CIRC office concerned;

  (3) Having been declared bankrupt by the People's Court according to law; and

  (4) Other conditions prescribed by laws and regulations of the State.

  Article 16 Within 3 months from the date of receipt of the insurer's full set of application documents and materials for the launch, or expansion of foreign exchange business or for the renewal of approval thereto related, the SAFE office concerned shall make a decision on approving or rejecting the application, and inform the applicant in written form.

  The approved insurer shall ask for the Foreign Exchange Business License from the SAFE or its branch concerned within 1 month from the date of receipt of the approval document. If the insurer failed to ask for the said license in time, the approval document shall cease to be valid automatically.

  The insurer whose application for foreign exchange business has been turned down shall not apply again within 1 year from the date being rejected.

  The insurer who has been approved to terminate its foreign exchange business by the SAFE office concerned shall hand back its Foreign Exchange Business License to the issuing office within 1 month from the date receiving the approval document.

  Chapter III Administration on Foreign Exchange Business of Insurers

  Article 17 An insurance company shall adequately allocate in due time various reserve funds for foreign exchange insurance in accordance with the Insurance Law of the PRC and other regulations of the CIRC, and abide by the solvency supervisory indicators and asset investment indicators prescribed by the CIRC.

  Article 18 An insurance company shall confine its investment of foreign exchange to the modes of fund use set by the State Council, and apply to the SAFE for the special foreign exchange account for investment.

  Article 19 An insurance company shall abide by relevant regulations of the State on external guarantee when conducting foreign exchange maritime guarantee.

  Article 20 The insurer approved to conduct foreign exchange business may open the foreign exchange operating accounts in domestic banks, and shall report the accounts to the local SAFE office for record within 10 working days after the opening.

  For opening overseas foreign exchange accounts to meet the needs of foreign exchange business, the insurance company shall obtain the approval from the SAFE office that has issued the Foreign Exchange Business License. A branch or sub-branch of an insurance company shall not open overseas foreign exchange accounts.

  Article 21 The limit for the use of foreign exchange operating account is as follows:

  (1) Receipt and payment of insurance premium in foreign exchange;

  (2) Receipt and payment of indemnity or insurance benefits in foreign exchange;

  (3) Receipt and payment of premium and handling charges of foreign exchange reinsurance;

  (4) Receipt and payment of indemnity or insurance benefits under the item of foreign exchange reinsurance; and

  (5) Other foreign exchange receipt and payment under current account and approved capital account.

  Article 22 The domestic transfer of foreign exchange between the accounts of an insurance company and its branches, and that between different accounts of an insurer, may be made directly through the banks, provided that it tallies with the stated receipt-and-payment scope of such accounts.

  Article 23 The conversion of capital or operating funds in foreign exchange into renminbi by an insurance company, or vice versa, shall be approved by the SAFE.

  If an insurance company's paid-up capital in foreign exchange falls below the required amount due to operating losses, the company may purchase foreign exchange with its paid-up capital in renminbi to make up the deficiency on a fiscal year basis with the approval of the SAFE. If its branch's operating funds in foreign exchange falls below the required amount due to operating losses, the deficiency shall be made up by its head office on a fiscal year basis with the approval of the SAFE.

  If an insurer has terminated its foreign exchange business and liquidated the claims and liabilities related to the business according to law, the remaining foreign exchange shall be sold to a designated foreign exchange bank.

  Article 24 An insurance company shall, after making up operating losses and allocating accumulated fund, sell the remaining foreign exchange net profit to a designated foreign exchange bank within 4 months from the end of a fiscal year, or within 10 working days from the date when its board of directors approves the distribution of profit, and have it recorded by the SAFE within 5 working days after the sale.

  Profits distributed to the foreign investors of a foreign-funded insurance company in accordance with the resolution of its board of directors and the approval of the CIRC may, with the approval of the local SAFE office, be remitted abroad. Their renminbi proceeds from the distribution may, with approval of the local SAFE office, be converted to foreign exchange for outward remittance.

  Article 25 Financial management of an insurer for foreign exchange business shall abide by relevant regulations of the State. A perfect system of internal control over foreign exchange business, foreign exchange fund management and foreign exchange financial management, and separate foreign exchange ledgers shall be established.

  An insurance company shall report to the SAFE and the CIRC a consolidated balance sheet in foreign currency and other financial statements within 4 months from the end of every fiscal year.

  Article 26 The insurer shall conduct balance of payment (BOP) statistical reporting according to relevant regulations.

  Article 27 A SAFE office may conduct, by itself, or by designating an accounting firm or audit firm, on-spot or off-spot inspection on the foreign exchange business of an insurer, an insurance agent or an insurance broker. The inspected insurer, insurance agent or insurance broker shall accept and support such inspection.

  Article 28 The insurer shall provide relevant information and materials authentically, completely, and in time as required by the CIRC office and the SAFE office concerned.

  Chapter IV Administration on Foreign Exchange Receipt and Payment of Insurance Agents and Brokers

  Article 29 An insurance agent or insurance broker authorized by a CIRC office to conduct insurance intermediary business may engage in the intermediary business of foreign exchange insurance.

  Article 30 An insurance agent shall price and settle in renminbi its commission and other proceeds acquired from the factorage business under foreign exchange insurance within the territory of the PRC; and shall not collect insurance premium in foreign exchange without the approval of the SAFE office concerned.

  Article 31 An insurance broker may pay the insurance premium, indemnity or insurance benefits under foreign exchange insurance on behalf of its clients, but shall not purchase foreign exchange on behalf of its clients to make the aforesaid payment.

  An insurance broker shall sell its foreign exchange profit from the brokerage business under foreign exchange insurance to a designated foreign exchange bank within 3 months from the end of a fiscal year, or within 10 working days after its board of directors' approval for the current year's profit distribution, and have it recorded by the local SAFE office within 5 working days after the sale.

  Article 32 With the approval of the SAFE office in its locality, an insurance broker may open a special foreign exchange account, whose scope of receipt and payment shall be:

  (1) Transit receipt of insurance premium from an applicant, insurer, or an overseas insurance company;

  (2) Transit receipt of indemnity from an insurer or an overseas insurance company;

  (3) Transit payment of insurance premium to an insurer or an overseas insurance company;

  (4) Transit payment of indemnity to the insured or beneficiary, an insurer, or an overseas insurance company; and

  (5) Sale of brokerage commission in foreign exchange to a designated foreign exchange bank.

  Chapter V Administration on Sale, Purchase and Payment of Foreign Exchange under Insurance Activities

  Article 33 For property insurance satisfying one of the following requirements, the receipt of insurance premium, payment of indemnity or insurance benefits, and settlement of insurance contracts may be made in foreign exchange:

  (1) The insurable object moves between inside and outside of the territory of the PRC;

  (2) The insurable object exists or has been realized outside the territory of the PRC;

  (3) The insurable object exists or has been realized inside the territory of the PRC through international leasing, international syndicate loan, or other kinds of international finance; and

  (4) Both the applicant and the beneficiary are overseas legal persons or natural persons.

  Article 34 For life and health insurance satisfying one of the following requirements, the receipt of premium, payment of indemnity or insurance benefits, and settlement of insurance contracts may be made in foreign exchange:

  (1) The applicant is an overseas legal person or a foreign establishment in China, and the beneficiary is an overseas natural person;

  (2) A domestic resident individual's overseas casualties insurance and medical insurance.

  Article 35 Foreign exchange property insurance and foreign exchange life and health insurance satisfying the requirements stipulated in article 33 and 34 may be re-insured in foreign exchange within the territory of the PRC.

  For other insurance that fails to satisfy the requirements stipulated in article 33, article 34, and paragraph 1 of this article, the receipt of premium, payment of indemnity or insurance benefits, and settlement of insurance contracts shall be made in renminbi within the territory of the PRC.

  Article 36 An applicant shall pay foreign exchange premium to the insurer under the item of foreign exchange insurance from his or her foreign exchange account or with foreign exchange purchased from a designated foreign exchange bank by presenting related insurance contracts, advice of payment from the insurer. If the applicant is an overseas legal person, natural person, or a foreign establishment in China, purchase of foreign exchange for the payment of insurance premium is prohibited.

  The insurer shall pay indemnity or insurance benefits to the insured (or the beneficiary) under foreign exchange insurance from its foreign exchange account by presenting the insurance contracts and form of computation of claim.

  Article 37 If the beneficiary is a legal person or other economic organization, the indemnity or insurance benefits under foreign exchange insurance may either be deposited in its foreign exchange account under current account, or be sold to a bank, but shall be sold to a bank if the beneficiary has no foreign exchange account under current account or the amount overshoots the balance ceiling of its foreign exchange account under current account.

  If the beneficiary is a natural person, the indemnity or insurance benefits under foreign exchange insurance may be held in cash, deposited with a financial institution handling the business of foreign exchange deposit, or sold to a bank.

  Article 38 Under the item of reinsurance the insurer ceding a foreign exchange insurance shall pay the premium for the reinsurance from its foreign exchange account by presenting the contract of reinsurance and the list of payment.

  The insurer ceding an insurance contract that is settled in renminbi within the territory of the PRC may apply to the SAFE for approval to purchase foreign exchange and pay the premium for the reinsurance.

  The insurer shall repatriate in time to its domestic foreign exchange account the shared-back indemnity or insurance benefits and related commissions under foreign exchange reinsurance.

  Article 39 Under the item of reinsurance the insurer assuming a foreign exchange insurance shall repatriate in time to its domestic foreign exchange account the premium for reinsurance.

  The insurer shall make payment of indemnity and related charges for assumed foreign exchange reinsurance from its foreign exchange account by presenting the contract of reinsurance and list of payment.

  Article 40 The insurer shall make payment in foreign exchange of the premium, indemnity or insurance benefits, and related fees involving insurance pool and coinsurance from its foreign exchange account by presenting the articles of association of the insurance pool, the agreement of coinsurance, and the advice of payment.

  Article 41 The insurer shall make payment for the cancellation of a contract of foreign exchange insurance from its foreign exchange account by presenting the insurance contract and agreement on cancellation.

  Article 42 Purchase of and payment in foreign exchange for foreign exchange insurance conducted through a domestic insurance broker shall be made according to the rules below:

  (1) The applicant shall make payment of the premium to an insurance broker from his foreign exchange account or with foreign exchange purchased from a designated foreign exchange bank by presenting related insurance contracts, authorization of insurance broker and advice of payment. The insurance broker shall make payment of the premium to the insurer from its foreign exchange account by presenting related insurance contracts, authorization of insurance broker and advice of payment.

  Payment of indemnity or insurance benefits by the insurer via an insurance broker to the insured or the beneficiary shall be made through their foreign exchange accounts by presenting related insurance contracts, form of computation of claim, and authorization of insurance broker.

  (2) Payment of reinsurance premium by the insurer that has ceded a foreign exchange reinsurance to an insurance broker and payment of the reinsurance premium by the insurance broker to the insurer that has assumed the foreign exchange reinsurance shall be made from the foreign exchange account of the broker by presenting related contracts of reinsurance, authorization of insurance broker and list of payment.

  Payment of shared-back indemnity or insurance benefits and related commissions by the insurer that has assumed the foreign exchange reinsurance to the insurer that has ceded the reinsurance via an insurance broker shall be made from their foreign exchange accounts by presenting related contracts of reinsurance, list of payment, and authorization of insurance broker.

  (3) Payment for cancellation of foreign exchange insurance by the insurer to the applicant via an insurance broker shall be made from the foreign exchange account of the broker by presenting related contract of insurance, agreement on cancellation of the foreign exchange insurance, and authorization of insurance broker.

  Article 43 When going through the procedure of the receipt and payment of, or sale and purchase of foreign exchange for the premium, indemnity or insurance benefits related to foreign exchange insurance, the designated foreign exchange bank shall strictly examine corresponding valid documents and commercial vouchers, and keep them for 5 years for future check.

  Chapter VI Legal Responsibilities

  Article 44 If the insurer operates foreign exchange business without approval, the SAFE office concerned shall order it to terminate such operations and return collected premiums, confiscate the illegal income that has been gained and additionally impose a fine above RMB 100,000 but below RMB500,000. If the offense constitutes a crime, criminal responsibility shall be investigated according to law.

  Where the insurer that operates foreign exchange business exceeds its approved scope of business without authorization, or continues to operate that part of foreign exchange business that has been terminated or suspended by the SAFE office concerned, the SAFE office concerned shall order it to rectify the case and return the collected premiums, confiscate the illegal income that has been gained, and additionally impose a fine above RMB 100,000 but below RMB500,000. Where the circumstances are serious, or rectification is not carried out within the time limit, the SAFE office concerned shall suspend or revoke its foreign exchange business license. If the offense constitutes a crime, criminal responsibility shall be investigated according to law.

  Article 45 Where the insurer violates the provisions of this Rules by collecting premium, paying indemnity or insurance benefits, and settling insurance contracts in foreign exchange without authorization for insurance contracts that do not meet the requirements in this Rules, the SAFE office concerned shall order its rectification, confiscate its illegal gains, issue a warning, and/or circulate a notice of criticism, impose a fine in renminbi no more than the equivalent of foreign exchange that has been used illegally.

  Article 46 Where the insurer violates the provisions by retaining abroad without authorization the proceeds from foreign exchange reinsurance, or evading, arbitraging, or purchasing by fraud foreign exchange by forging and altering such valid documents as insurance contracts, list of payment and commercial vouchers, or by using such papers that are forged and altered, or by using such papers of others as its own, or by using such papers repeatedly, the SAFE office concerned shall punish it according to article 39, article 40 of the Regulations on the Exchange System of the PRC. If the offense constitutes a crime, criminal responsibility shall be investigated according to law.

  Article 47 Where the insurer makes conversions between capital or operating funds in renminbi and capital or operating funds in foreign exchange without authorization, or fails to sell its foreign exchange net profit as required, the SAFE office concerned shall order its rectification, or/and issue a warning, circulate a notice of criticism, impose a fine above RMB10,000 but below RMB30,000.

  Article 48 Where the insurer fails to set aside various reserve funds for foreign exchange insurance as required by this Rules or violates the provisions on the solvency of insurance company, the CIRC office shall punish it according to relevant regulations. If the circumstances are serious, the SAFE office concerned may impose restrictions on its scope of foreign exchange business, suspend or revoke its foreign exchange business license.

  Article 49 Where the insurer, insurance broker, or insurance agent violates this Rules by opening foreign exchange account without the approval of the SAFE office concerned, or lending/transferring foreign exchange account, or changing the scope of receipt and payment in the use of foreign exchange account without approval, or failing to go through the procedure of having foreign exchange account recorded as required, the SAFE office concerned shall order its rectification, or/and issue a warning, circulate a notice of criticism, impose a fine above RMB50,000 but below RMB300,000. If the circumstances are serious, or rectification is not carried out within the time limit, its foreign exchange account shall be canceled.

  Article 50 Where the insurance agent or insurance broker that has not been authorized by the CIRC office to conduct the intermediary insurance business goes in for foreign exchange insurance business; or that has been authorized oversteps the approved scope in running such business, the SAFE office concerned shall confiscate its illegal gains, and additionally impose a fine above one time but below five times the amount of such illegal gains, the CIRC offices shall limit or forbid its operations. If the offense constitutes a crime, criminal responsibility shall be investigated according to law.

  Article 51 Whoever refuses to take or hinder by any means the inspection and supervision by the SAFE office, the SAFE office shall order its rectification, issue a warning, circulate a notice of criticism, and impose a fine above RMB 10,000 but below RMB30,000.

  Article 52 Where the insurer fails to submit statements, relevant information, and materials as required by this Rules, the SAFE office concerned shall order its rectification, or/and issue a warning, circulate a notice of criticism, impose a fine above RMB50,000 but below RMB300,000.

  Chapter VII Supplementary Provisions

  Article 53 The definitions of relevant terms used in this Rules are as follows:

  (1) “Insurance company” refers to a corporate enterprise authorized by the CIRC office to operate the business of commercial insurance within the territory of the PRC and has registered according to law, and the branch of a foreign insurance company that has been established according to law within the territory of the PRC with the approval of the CIRC.

  (2) “Insurance contract” refers to a written insurance contract or agreement constituted by the means of insurance policy, insurance certificate, binding slip, and endorsement slip as stipulated in the Contract Law of the PRC and the Insurance Law of the PRC.

  Article 54 The foreign exchange administration related to the entry and termination of an insurance company's foreign exchange business, and foreign exchange receipt and payment, sale and purchase of foreign exchange, and foreign exchange account under the item of insurance that the insurance of a policy nature such as export credit insurance involves, shall be carried out in the light of this Rules.

  Article 55 The SAFE shall be responsible for the interpretation of this Rules.

  Article 56 This Rules shall enter into force as from November 1, 2002. If there is any contradiction between the provisions in the Rules on the Administration of Foreign Exchange Business of Non-bank Financial Institutions promulgated on January 1,1993 as well as other foreign exchange regulations and those in this Rules, this Rules shall prevail.

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以前自己看书,感觉非常吃力,很多地方看不懂。抱着试试看的心理,我报名参加了外语教育网的基础法律英语辅导。沙老师和李老师讲得非常好,重点、难点,经过老师的系统讲解,我都基本掌握了。就连冥思苦想都不能解决的难题,也通过答疑板请教老师而得到了满意的答复。在此衷心感谢网校的老师。
学员 hnigni:
我是法律专业的本科生,因为工作的需要,必须得会法律英语,可之前在学校的时候没好好学过啊。正头疼,同事推荐了外语教育网,于是我就报了名,开始学习。在学习过程中,发现沙老师的课真的很不错,她不但英语口语发音标准,而且她授课的内容通俗易懂,很方便我们接受和学习。另外,外语教育网的教学模式很适合我这种已经参加了工作的人,可以让我兼顾工作和学习,也很不错。特此,到网上来赞一下沙老师!沙老师,谢谢您!也谢谢网校的良好服务!在外语教育网学习,真值!
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