China Insurance Regulatory Commission (CIRC), the country's top insurance regulator, announced on Thursday that it had removed pre-approval requirements for insurance companies to establish representative offices, liaison offices, or other non-transactional operation offices abroad.
Under the new rules, Chinese insurers now only need to submit a written statement about the basics of their overseas offices to the CIRC within 20 days after the offices were set up. Previously, an insurance firm that failed to obey the pre-approval procedures to open offices overseas would be fined up to 30,000 yuan.
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