Cancellation of Approval for Capital Settlement of Insurance Companies

On June 5, the State Administration of Foreign Exchange promulgated the Notice on Further Promoting the Facilitation of Capital Settlement of Insurance Companies, abolishing the examination and approval of Capital Settlement of Insurance Companies, and implementing the Willingness Settlement System. Insurance companies may directly handle foreign exchange capital in financial institutions and raise foreign exchange funds for foreign exchange settlement by listing abroad according to actual business needs. An insurance company shall report to the bureau of the State Administration of Foreign Exchange before the end of January of each year on the current and previous year’s settlement plans; theRead More →

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