On February 6, 2012, the China Insurance Regulatory Commission ("CIRC") issued the Notice on Relevant Issues Concerning Adjusting Some Administrative Licensing Items for Foreign Invested Insurance Companies, which came into effect immediately. Under the notice, the CIRC has delegated responsibility for carrying out the examination and approval of the following matters to its local counterparts : (1) change of office address by branches of foreign invested insurance companies; (2) application for preparation to establish sub-branches of branches of foreign invested insurance companies; (3) application for commencement of business by sub-branches of branches of foreign invested insurance companies; and (4) qualifications of senior management personnel in sub-branches of branches of foreign invested insurance companies.

The full Chinese text of the notice is available here.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.