Thursday , December 3 2020

Jiyou Bank Shenzhen Branch, Allianz Insurance Holdings Approved Bank Insurance Regulatory Commission to increase the opening _ preparation



Original title: Jiyou Bank Shenzhen Branch, Allianz Insurance Holdings Approved Bank Insurance Regulatory Commission to Increase Opening

Image source: Visual China

The process of opening the banking sector to the outside world is gradually accelerating.

China's Insurance Regulatory Commission recently approved Hong Kong Jiyou Bank Co. Ltd. to set up Shenzhen Branch and Germany Allianz Insurance Group to form Allianz (China) Insurance Holdings Co., Ltd. Among them Allianz (China) Insurance Holdings Co., Ltd. will become the first foreign insurance holding company in China.

"Daily Economic News" reporter noted that this was supplemented by Fubon Huayi Bank Co., Ltd. Chongqing Branch, ICBC Ansheng Life Insurance Co., Ltd. to set up ICBC Ansheng Asset Management Co., Ltd. and Dahan Reinsurance Company to set up a branch After approving 10 market access applications, the Banking Regulatory Commission promoted another important measure to implement various open measures in the banking sector.

Allianz (China) Insurance Holdings will become the first foreign insurance holding in China

The two institutions approved by the Banking Regulatory Commission have a long history. According to information from the public, Jiyou Bank was founded by the Chinese patriot Chen Jiageng, officially opened in Hong Kong on July 15, 1947, and became the 39th licensed bank in Hong Kong. On March 27, 2017, the Bank of Jiyou's capital was successfully delivered and officially became a member of the international bank Xiamen Germany. Allianz Insurance Group was founded in 1890 in Germany and is based in Munich, with over 125 years of history, the largest an insurance company in the world. One of the group management groups with the group.

However, the companies approved for this are different. Pursuant to the Rules of the People's Republic of China on the Administration of Foreign-Funded Banks (Ordinance No 657 of the Council of State, hereinafter referred to as the "Staff Regulations") and the "Implementing Measures for the Administrative Licensing of the Foreign Banking Banks of the Commission for the Regulation of the Banking Sector in China" (CBRC No. 3 of 2018, hereafter referred to as "The relevant provisions of the Insurance Regulatory Commission in China approved the Bank of China to establish a branch in Shenzhen and asked the bank to go to the local banking corporation Insurance Supervision and Management Authority in order to receive the application form within 15 days of the date of receipt of this approval and to complete the Shenzhen Branch in accordance with the relevant provisions Prepare for work.

During preparation, Jiyou will set up the preparatory group responsible for the preparation of the project and will report the list of responsible persons from the preparatory group of the local bank insurance supervisory and administrative institution. The preparatory group is responsible for supervising, inspecting and managing the local banking insurance supervisory and adminis- trative institution and is not engaged in financial activities. The preparatory team was disbanded at the end of the preparatory period. After the preparatory work has been completed, the application for the establishment of a business activity shall be filed with the local banking insurance supervisory and administrative institution in accordance with the provisions of the Regulations and the implementing measures.

At the same time, China's Insurance Regulatory Commission approved the creation of Allianz China Insurance Holdings Co., Ltd. by Allianz Insurance Group from Germany. The Banking Regulatory Commission stated that "your company should set up a preparatory group in the preparatory period." The preparatory group has to carry out the preparatory work within one year from the date of receipt of this approval and not carry out any business operations during the preparatory period. Change the Chief Investor, proposed Chairman and proposed General Manager. In addition, the preparatory group will deal with the issues of the preparatory body in strict accordance with the relevant laws and regulations and will report relevant information in the preparatory process of the Bank Regulation Committee in a timely and timely manner. Upon completion of the preparation, the preparatory group reports the application for opening in time. Following the adoption of the Yin Insurance Regulatory Commission and the approval of the opening of the business, the company will register with the industrial and commercial department.

It is worth noting that if Allianz (China) Insurance Holdings Co., Ltd. is well established, will become the first foreign insurance holding in China. According to the industry, Allianz Insurance Group has more licenses in China and a wider range of companies. The creation of the Group can coordinate the development of these businesses. The group may not necessarily conduct business directly but is structured over the sub-branch so that it can not be limited by the equity ratio.

The banking insurance industry opens to the outside world

A Daily Economic News reporter noted that after President Blue Ding stressed at BoAo's annual Asia-2018 meeting that China would continue to reform and discover and announce a series of new important steps to open up to the outside world, Regulatory Insurance Commission is active. Practice the banking industry's insurance industry to open up to the outside world. Fubon Huayi Bank Co., Ltd. has completed the creation of 10 apps for access to markets for Chongqing Branch, ICBC AXA Life Insurance Co., Ltd. to establish ICBC Ansheng Asset Management Co., Ltd. and Dahan Reinsurance Company.

"In order to fulfill the spirit of the Central Committee of the Party and the State Council, China's Insurance Regulatory Commission has accelerated the opening of the banking industry and the insurance industry, and a number of opening measures have been launched recently and active measures have been taken to open up is possible sooner. " Chen Wenhoui, In the speech of the Global Financial Forum 2018 Tsinghua Wudaokou, it is necessary and possible to open the Chinese banking industry and the insurance industry from the point of view of internal power and the external environment.

In terms of internal motivation, the banking industry and the insurance industry need to further expand openness, improve the efficiency of financial resource allocation, and better serve the real economy. Expanding the opening of finance to the outside world will help to make good use of both domestic and overseas resources in both markets, make better use of special financial services of foreign-funded institutions, achieve "external promotion" and optimize distribution and the modernization of financial resources on a larger scale. Effectiveness of financial services.

In terms of the external environment, the development of China's economic globalization and the "exit" of China-funded institutions require a consistent internal and external financial system to establish fair, open and transparent market rules. Chen Wenui said the Chinese financial industry has favorable conditions for expanding the opening. China's banking and insurance systems currently have a strong global reach and the right to formulate and speak international financial rules is gradually increasing and the ability of the banking industry to supervise the insurance industry is internationally recognized.

The China Insurance Regulatory Commission said that, in line with President Xi Jinping's statement on "Continuously Soothing Market Access" at China's first China International Exhibition of Importance, the Bank's Insurance Regulatory Commission will continually expand its openness to the outside world based on the continuous improvement of risk prevention and control capabilities. A new chapter in the financial industry is open to the outside world.Go back to Sohu and see more

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