In the insurance law:
Article 97 An insurance company shall withdraw 20% of its total registered capital and deposit it in a bank designated by the the State Council Insurance Regulatory Authority. Except for paying off debts during the liquidation period of the company, it shall not be used.
Measures for the Administration of Capital Margin of Insurance Companies
Chapter I General Principles
Article 1 These Measures are formulated in accordance with the Insurance Law of People's Republic of China (PRC) (hereinafter referred to as the Insurance Law) in order to strengthen the management of capital deposits of insurance companies and maintain the stable and healthy development of the insurance market.
Article 2 The term "insurance company" as mentioned in these Measures refers to a commercial insurance company established with the approval of the insurance regulatory agency and registered according to law.
Article 3 The term "capital deposit" as mentioned in these Measures refers to the funds that are withdrawn according to 20% of the total registered capital after the establishment of an insurance company, and may not be used except for paying off debts during the liquidation of the insurance company.
Article 4 China Insurance Regulatory Commission (hereinafter referred to as "China Insurance Regulatory Commission") shall supervise and manage the capital deposits of insurance companies according to law, and the deposit and disposal of capital deposits of insurance companies shall comply with the provisions of these Measures.
Article 5 An insurance company shall follow the principle of "full, safe and steady" in depositing capital deposits.
Chapter II Depository and Release
Article 6 An insurance company shall choose two or more commercial banks as deposit banks for depositing funds. The opening bank shall meet the following conditions:
(1) National Chinese-funded commercial banks;
(2) Its net assets at the end of last year are not less than 20 billion yuan;
(3) The capital adequacy ratio and non-performing asset ratio at the end of last year are in compliance with the relevant regulations of the banking regulatory authorities;
(4) Having a sound corporate governance structure, internal audit monitoring system and risk control system;
(5) It has no related party relationship with the company;
(6) It has no record of major violations of laws and regulations in the last two years.
Article 7 An insurance company shall deposit the capital deposit in the designated bank of the domicile, municipality directly under the central government, city with separate state planning or provincial capital of the insurance company's legal person institution.
Article 8 An insurance company shall open an independent bank account to deposit the capital deposit.
Article 9 During the deposit period of capital deposits, if the depository bank does not meet the requirements of these Measures, or there are matters that may have a significant adverse impact on the safe deposit of capital deposits (such as being punished by the regulatory authorities for major violations of laws and regulations, insufficient capital adequacy ratio, etc.). ), the insurance company shall report to the China Insurance Regulatory Commission in a timely manner and transfer the capital deposit to the banks that meet the requirements.
Article 10 An insurance company shall, within 30 working days after the China Insurance Regulatory Commission approves the opening of business or the increase of registered capital (working capital), deposit the capital deposit in a bank that meets the requirements of the China Insurance Regulatory Commission on time and in full.
Article 11 An insurance company may deposit capital deposits in the following ways:
(1) Time deposits;
(2) Large agreed deposits.
(3) Other forms approved by the China Insurance Regulatory Commission.
Article 12 The deposit period of capital deposit shall not be shorter than one year.
Article 13 The amount of each capital deposit shall not be less than100000 RMB (or equivalent foreign currency). If the registered capital (working capital) of an insurance company is less than RMB 50 million (or equivalent foreign currency), it shall deposit a capital deposit for capital increase.
Article 14 An insurance company shall sign a capital deposit agreement with the head office or tier-one branch of the depository bank. Without the approval of the China Insurance Regulatory Commission, both parties to the contract shall not terminate the agreement without authorization.
Article 15 An insurance company shall require the deposit bank to endorse the capital deposit certificate: "This deposit is a capital deposit. Without the written approval of the China Insurance Regulatory Commission, the deposit bank shall not agree with the depositor to change the nature of the deposit and transfer the principal of the deposit out of the deposit bank. If the deposit bank fails to fulfill its review obligations, it shall bear joint and several liability for the debts of the insurance company within the passive capital guarantee amount. "
Article 16 An insurance company shall file with the China Insurance Regulatory Commission within 10 working days after the deposit of the capital deposit. An insurance company shall submit the following materials when filing afterwards:
(a) the capital deposit filing documents;
(two) the insurance company's capital deposit record form (in duplicate);
(3) One original of the capital deposit agreement;
(four) a copy of the certificate of deposit of funds and a copy of the endorsement of the certificate of deposit;
(5) Other materials required by the CIRC of China.
Article 17 Insurance companies should pay close attention to the exchange rate fluctuation of foreign currency deposits. An insurance company whose total capital deposit (equivalent to RMB) is lower than the statutory requirements for 20 consecutive working days due to exchange rate fluctuations shall, within 5 working days from the next working day, increase its capital deposit in full in accordance with the provisions of these Measures, and go through relevant formalities after filing.
Chapter III Supervision
Article 18 The CIRC of China shall, within 20 working days from the date of receiving the materials for filing afterwards, make a written reply on whether to file afterwards.
Article 19 Deposits that have not been filed by the China Insurance Regulatory Commission or the China Insurance Regulatory Commission afterwards are not recognized as capital deposits.
Article 20 An insurance company shall obtain the prior approval of the China Insurance Regulatory Commission for the use of the following funds:
(a) Change the nature of the deposit at maturity;
(2) early withdrawal;
(3) Transfer money to other banks, including transfers between branches of the same bank;
(4) Using fund deposits to repay debts during liquidation;
(five) when reducing the registered capital (working capital), withdraw part of the capital deposit;
(six) other acts of using and disposing of the fund deposit.
Article 21 Where an insurance company applies for changing the nature of the due capital deposit or applying for withdrawing the capital deposit in advance, it shall submit the following materials to the China Insurance Regulatory Commission:
(a) the application documents for the disposal of the fund deposit;
(2) An application form for the disposal of fund deposits of the insurance company;
(3) A copy of the capital deposit agreement to be disposed of;
(4) A copy of the deposit certificate and a copy of the endorsement of the deposit certificate of the funds to be disposed of;
(5) Filing materials for the funds to be deposited (required by Article 16 of these Measures);
(6) Other materials required by the China CIRC.
Article 22 Where an insurance company applies for transferring funds to other banks (including branches of the same bank) for deposit, it shall submit the information in Item (1), Item (2), Item (3), Item (4) and Item (6) of Article 21 and the draft fund deposit agreement to be signed to the China Insurance Regulatory Commission.
Article 23 Where an insurance company applies to use the capital deposit to repay its debts during the liquidation period, it shall submit the information in Items (1), (2), (3), (4) and (6) of Article 21 to the China Insurance Regulatory Commission, as well as the liquidation documents approved by the China Insurance Regulatory Commission.
Article 24 Where an insurance company reduces its registered capital (working capital) and applies for partial withdrawal of capital deposit, it shall submit the information in Item (1), Item (2), Item (3), Item (4) and Item (6) of Article 21 to the China Insurance Regulatory Commission, as well as the capital reduction documents of the insurance company approved by the China Insurance Regulatory Commission.
Article 25 The China CIRC shall make a written decision on approval or disapproval within 20 working days from the date of accepting the application for fund deposit disposal of insurance companies.
Article 26 An insurance company shall not use the capital deposit except for paying off debts during the liquidation period.
Article 27 During the deposit period, an insurance company shall not change the nature of capital deposit.
Article 28 Capital margin deposits shall not be used for pledge financing.
Twenty-ninth failure to deposit and dispose of capital deposits in accordance with the provisions of these measures, the China Insurance Regulatory Commission will be punished according to law.
Chapter IV Supplementary Provisions
Thirtieth insurance holding companies and insurance group companies engaged in insurance business shall be governed by these Measures.
Article 31 The China Insurance Regulatory Commission shall be responsible for the interpretation of these Measures.
Article 32 These Measures shall come into force as of the date of promulgation, and the Notice on Printing and Distributing the Interim Measures for the Administration of Capital Margin of Insurance Companies (No.66 [2007] of China Insurance Regulatory Commission) shall be abolished at the same time.