Q：What qualifications should be met when applying for setting up a foreign insurance company of a foreign-funded insurance company?
A： (I) Over 30 years of experience in operating insurance business;
(II) The representative organ has been set up on the Chinese mainland for over 2 years;
(III) The total assets by the end of the year 1 year prior to the application shall not be less than US$ 5 billion;
(IV) The country or region where the foreign insurance company is located has perfect insurance regulatory system, and the company is already under the effective supervision of the concerning competent authorities of the country and region;
(V) Meet the solvency standard of the country or region where the foreign insurance company is located;
(VI) Concerning competent authorities of the country or region where the foreign insurance company is located approve the application;
(VII) Other prudence conditions stated by the China Insurance Regulatory Commission.
