License value:

Now that the insurance industry is looking good, diversified capital is trying to get in.According to the analysis, the main reasons for industrial capital entering the insurance industry include promoting transformation and upgrading, reducing financing costs, sharing insurance dividends, increasing corporate profits, and market value management needs.According to incomplete statistics, since 2016, more than 70 listed companies have participated in the establishment of insurance companies.At the same time, a number of listed shareholders or wholly owned subsidiaries are also involved.

Insurance access is also tightening.By raising the entry threshold of the insurance industry, we can prevent other capital from hitting the insurance industry, distort the insurance industry's guarantee essence and normal order, maintain the healthy development of the insurance industry, and at the same time deepen the scarcity of insurance licenses.

Business scope:

(1) life insurance business, including life insurance, health insurance, accident and injury insurance, etc.;

(2) property insurance business, including property loss insurance, liability insurance, credit insurance, warranty insurance and other insurance business;

(3) other insurance-related businesses approved by the insurance regulatory body under the state council.

The insurer shall not concurrently engage in personal insurance business and property insurance business.However, with the approval of the insurance regulatory body under the state council, an insurance company engaging in property insurance business may engage in short-term health insurance business and accident injury insurance business.

An insurance company shall conduct insurance operations within the business scope approved by the insurance regulatory body under the state council according to law.

An application for establishment of an insurance company shall be submitted to circ and shall meet the following requirements:

(1) having investors who meet the requirements stipulated by laws, administrative regulations and circ and have a reasonable equity structure;

(2) having draft articles of association in line with the provisions of the insurance law and the company law;

(3) where the investor commits to contribute capital or subscribe for shares, the proposed registered capital shall not be less than RMB 200 million yuan and must be paid-in monetary capital;

(4) having a clear development plan, business strategy, organizational framework and risk control system;

(5) the proposed chairman and general manager shall meet the qualifications prescribed by circ;

(6) there is a person in charge of the preparatory group recognized by the investor;

(7) other requirements stipulated by circ.

Upon completion of the preparation, the applicant may apply to circ for business opening if it meets the following requirements:

(1) the shareholder complies with laws, administrative regulations and relevant provisions of circ;

(2) having articles of association in line with the provisions of the insurance law and the company law;

(3) the minimum registered capital shall be RMB 200 million yuan and must be paid-in monetary capital;

(4) having directors, supervisors and senior managerial personnel who meet the qualifications prescribed by circ;

(5) having a sound organizational structure;

(6) establishing sound systems for business, finance, compliance, risk control, asset management and anti-money laundering;

(7) having specific business development plans and medium - and long-term asset allocation plans formulated in accordance with the principle of matching assets and liabilities;

(8) having a legal business place, meeting the requirements of safety and fire control facilities, meeting the requirements of the circ in terms of business development planning and informatization construction;

(9) other requirements stipulated by laws, administrative regulations and circ.