China Banking and Insurance Regulatory Commission Simplifies Administrative Approval for Newly Established Institutions
China Banking and Insurance Regulatory Commission issued "on the issuance of deepening the "separation of licenses" reform to further stimulate the development of market entities to implement the program", clear nationwide, the banking and insurance industry to implement a full-coverage list of business-related licensing matters. At the same time, the reform method of "optimization of approval services" is adopted, and the reform pilot is further increased in the free trade experimental zone. In the free trade experimental zone, the pilot reform will be further strengthened by adopting the reform method of "approval to filing", combining with the actual supervision, the establishment of some branches of banks and insurance institutions, the approval of senior managers' qualification and other matters will be changed from pre-approval to post-reporting.
From the perspective of decentralized approval authority, firstly, the approval authority for opening branches of policy insurance companies will be delegated from CBIRC to the local CBIRC. Secondly, the approval of the qualification of the chairman and president of foreign banks not under the direct supervision of CBIRC is delegated from CBIRC to the CBIRC of the location of the institution to be appointed.
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