| Order of the China Insurance Regulatory Commission | | 中华人民共和国保监会令 |
| (No. 5 [2018]) | | （〔2018〕5号） |
| The Measures for the Administration of Equities of Insurance Companies, as deliberated and adopted at the chairman's executive meeting of the China Insurance Regulatory Commission on February 7, 2018, are hereby issued, and shall come into force on April 10, 2018. | | 《保险公司股权管理办法》已经2018年2月7日中国保险监督管理委员会主席办公会审议通过，现予公布，自2018年4月10日起实施。 |
| Vice Chairman: Chen Wenhui | | 副主席 陈文辉 |
| March 2, 2018 | | 2018年3月2日 |
| Measures for the Administration of Equities of Insurance Companies | | 保险公司股权管理办法 |
| Chapter I General Provisions | | 第一章 总 则 |
| Article 1 These Measures are developed in accordance with the Company Law of the People's Republic of China, the Insurance Law of the People's Republic of China and other laws and administrative regulations for the purposes of strengthening the supervision and administration of equities of insurance companies, regulating the acts of shareholders of insurance companies, protecting the lawful rights and interests of insurance applicants, the insured and beneficiaries, and maintaining the order of the insurance market. | | 第一条 为了加强保险公司股权监管，规范保险公司股东行为，保护投保人、被保险人、受益人的合法权益，维护保险市场秩序，根据《中华人民共和国公司法》《中华人民共和国保险法》等法律、行政法规，制定本办法。 |
| Article 2 The equities of insurance companies shall be administered under the following principles: | | 第二条 保险公司股权管理遵循以下原则： |
| (1) Good qualifications and clear relationships. | | （一）资质优良，关系清晰； |
| (2) Reasonable structure and regulated conduct. | | （二）结构合理，行为规范； |
| (3) Openness, transparency and orderly transfer. | | （三）公开透明，流转有序。 |
| Article 3 The China Insurance Regulatory Commission (“CIRC”) shall, under the principle of substance over form, implement look-through and categorized supervision and administration of equities of insurance companies according to the law. | | 第三条 中国保险监督管理委员会（以下简称中国保监会）按照实质重于形式的原则，依法对保险公司股权实施穿透式监管和分类监管。 |
| The supervision and administration of equities shall be implemented through the following links: | | 股权监管贯穿于以下环节： |
| (1) Investment in the formation of insurance companies. | | （一）投资设立保险公司； |
| (2) Change in the registered capital of insurance companies. | | （二）变更保险公司注册资本； |
| (3) Change in the equities of insurance companies. | | （三）变更保险公司股权； |
| (4) Listing of insurance companies. | | （四）保险公司上市； |
| (5) Combination and division of insurance companies. | | （五）保险公司合并、分立； |
| (6) Governance of insurance companies. | | （六）保险公司治理； |
| (7) Risk handling or bankruptcy liquidation of insurance companies. | | （七）保险公司风险处置或者破产清算。 |
| Article 4 According to the shareholding ratios, qualifications and impact on the operation management of insurance companies, shareholders of insurance companies are classified into the following four categories: | | 第四条 根据持股比例、资质条件和对保险公司经营管理的影响，保险公司股东分为以下四类： |
| (1) Financial shareholders Class I, which means shareholders holding less than 5% of the equities of insurance companies. | | （一）财务Ⅰ类股东。是指持有保险公司股权不足百分之五的股东。 |
| (2) Financial shareholders Class II, which means shareholders holding not less than 5% but less than 15% of the equities of insurance companies. | | （二）财务Ⅱ类股东。是指持有保险公司股权百分之五以上，但不足百分之十五的股东。 |
| (3) Strategic shareholders, which means shareholders holding not less than 15% but less than one third of the equities of insurance companies, or shareholders with voting rights enjoyed on the basis of their amount of contribution or shares held sufficient to cause significant impact on the resolutions of the general meetings of shareholders of insurance companies. | | （三）战略类股东。是指持有保险公司股权百分之十五以上，但不足三分之一的股东，或者其出资额、持有的股份所享有的表决权已足以对保险公司股东（大）会的决议产生重大影响的股东。 |
| (4) Controlling shareholders, which means shareholders holding not less than one third of the equities of insurance companies, or shareholders with voting rights enjoyed on the basis of their amount of contribution or shares held sufficient to cause controlling impact on the resolutions of the general meetings of shareholders of insurance companies. | | （四）控制类股东。是指持有保险公司股权三分之一以上，或者其出资额、持有的股份所享有的表决权已足以对保险公司股东（大）会的决议产生控制性影响的股东。 |
| Article 5 The CIRC encourages investors with expertise in risk management, scientific and technological innovation, health management and pension services, among others, to invest in the insurance industry, to promote the transformation, upgrading and optimization of services of insurance companies. | | 第五条 中国保监会鼓励具备风险管理、科技创新、健康管理、养老服务等专业能力的投资人投资保险业，促进保险公司转型升级和优化服务。 |
| Chapter II Qualifications of Shareholders | | 第二章 股东资质 |
| Article 6 The following investors meeting the conditions as prescribed in these Measures may become shareholders of insurance companies: | | 第六条 符合本办法规定条件的以下投资人，可以成为保险公司股东： |
| (1) Domestic enterprise legal persons. | | （一）境内企业法人； |
| (2) Domestic limited partnerships. | | （二）境内有限合伙企业； |
| (3) Domestic public institutions and social organizations. | | （三）境内事业单位、社会团体； |
| (4) Overseas financial institutions. | | （四）境外金融机构。 |
| Public institutions and social organizations can only become financial shareholders Class I of insurance companies, unless as otherwise prescribed by the State Council. | | 事业单位和社会团体只能成为保险公司财务Ⅰ类股东，国务院另有规定的除外。 |
| Natural persons can only become financial shareholders Class I of insurance companies through purchasing shares of listed insurance companies, unless as otherwise prescribed by the CIRC. | | 自然人只能通过购买上市保险公司股票成为保险公司财务Ⅰ类股东。中国保监会另有规定的除外。 |
| Article 7 Asset management plans and trust products may invest in listed insurance companies through purchasing shares publicly offered. The proportion of shares of a listed insurance company held by a single asset management plan or trust product shall not exceed 5% of the total capital stocks of the insurance company. Where investors with affiliation relationship entrust the same institution or affiliated institutions to invest in an insurance company, the investment ratio shall be calculated on a consolidated basis. | | 第七条 资产管理计划、信托产品可以通过购买公开发行股票的方式投资上市保险公司。单一资产管理计划或者信托产品持有上市保险公司股票的比例不得超过该保险公司股本总额的百分之五。具有关联关系、委托同一或者关联机构投资保险公司的，投资比例合并计算。 |
| Article 8 A financial shareholder Class I shall meet the following conditions: | | 第八条 财务Ⅰ类股东，应当具备以下条件： |
| (1) It has sound business operation status and reasonable business income. | | （一）经营状况良好，有合理水平的营业收入； |
| (2) It has sound financial conditions and has made profits in the last fiscal year. | | （二）财务状况良好，最近一个会计年度盈利； |
| (3) It has sound tax payment records and has no record of tax evasion in the last three years. | | （三）纳税记录良好，最近三年内无偷漏税记录； |
| (4) It has sound credit records and has no record of major dishonest conduct in the last three years. | | （四）诚信记录良好，最近三年内无重大失信行为记录； |
| (5) It has sound compliance status and has no record of major violation of laws and regulations in the last three years. | | （五）合规状况良好，最近三年内无重大违法违规记录； |
| (6) Other conditions as set forth by laws, administrative regulations, and the CIRC. | | （六）法律、行政法规以及中国保监会规定的其他条件。 |
| Article 9 Besides those set forth in Article 8 of these Measures, a financial shareholder Class II shall also meet the following conditions: | | 第九条 财务Ⅱ类股东，除符合本办法第八条规定外，还应当具备以下条件： |
| (1) It has good credit standing, stable investment behavior and prominent core business. | | （一）信誉良好，投资行为稳健，核心主业突出； |
| (2) It has capacity to continuously make capital contributions and has made profits in the last two consecutive fiscal years. | | （二）具有持续出资能力，最近二个会计年度连续盈利； |
| (3) It has relatively strong capital strength and net assets of not less than 200 million yuan. | | （三）具有较强的资金实力，净资产不低于二亿元人民币； |
| (4) Other conditions as set forth by laws, administrative regulations, and the CIRC. | | （四）法律、行政法规以及中国保监会规定的其他条件。 |
| Article 10 Besides those set forth in Articles 8 and 9 of these Measures, a strategic shareholder shall also meet the following conditions: | | 第十条 战略类股东，除符合本办法第八条、第九条规定外，还应当具备以下条件： |
| (1) It has an ability to continuously make capital contributions, and has made profits in the last three consecutive fiscal years. | | （一）具有持续出资能力，最近三个会计年度连续盈利； |
| (2) It has net assets of not less than 1 billion yuan. | | （二）净资产不低于十亿元人民币； |
| (3) The balance of its equity investment shall not exceed the net assets. | | （三）权益性投资余额不得超过净资产； |
| (4) Other conditions as set forth by laws, administrative regulations, and the CIRC. | | （四）法律、行政法规以及中国保监会规定的其他条件。 |
| Article 11 Besides those set forth in Articles 8, 9 and 10 of these Measures, a controlling shareholder shall also meet the following conditions: | | 第十一条 控制类股东，除符合本办法第八条、第九条、第十条规定外，还应当具备以下条件： |
| (1) It has total assets of not less than 10 billion yuan. | | （一）总资产不低于一百亿元人民币； |
| (2) Its net assets at the end of the previous year is not less than 30% of the total assets. | | （二）最近一年末净资产不低于总资产的百分之三十； |
| (3) Other conditions as set forth by laws, administrative regulations, and the CIRC. | | （三）法律、行政法规以及中国保监会规定的其他条件。 |
| Except as otherwise prescribed by the state, financial institutions are not required to be subject to item (2) of the preceding paragraph. | | 国家另有规定的，金融机构可以不受前款第二项限制。 |
| Article 12 Besides those set forth in Articles 8 and 9 of these Measures, an investor that is a domestic limited partnership shall also meet the following conditions: | | 第十二条 投资人为境内有限合伙企业的，除符合本办法第八条、第九条规定外，还应当具备以下条件： |
| (1) Its general partners have sound credit records and have no record of major violation of laws and regulations in the last three years. | | （一）其普通合伙人应当诚信记录良好，最近三年内无重大违法违规记录； |
| (2) Where there is a duration, the investor shall undertake to transfer the equities of an insurance company held by it before the expiry of the duration. | | （二）设有存续期限的，应当承诺在存续期限届满前转让所持保险公司股权； |
| (3) It has a simple hierarchy and clear structure. | | （三）层级简单，结构清晰。 |
| A domestic limited partnership shall not initiate the formation of an insurance company. | | 境内有限合伙企业不得发起设立保险公司。 |
| Article 13 Besides those set forth in Article 8 of these Measures, an investor that is a domestic public institution or social organization shall also meet the following conditions: | | 第十三条 投资人为境内事业单位、社会团体的，除符合本办法第八条规定外，还应当具备以下条件： |
| (1) Its main business or major affairs are related to the insurance industry. | | （一）主营业务或者主要事务与保险业相关； |
| (2) It does not undertake the administrative function. | | （二）不承担行政管理职能； |
| (3) Its investment has been approved by a superior competent authority. | | （三）经上级主管机构批准同意。 |
| Article 14 An investor that is a domestic financial institution shall also comply with the laws and administrative regulations and satisfy the regulatory requirements of the financial regulatory authorities in the industry. | | 第十四条 投资人为境内金融机构的，还应当符合法律、行政法规的规定和所在行业金融监管机构的监管要求。 |
| Article 15 An investor that is an overseas financial institution shall, besides the aforesaid requirements for the qualifications of shareholders, also meet the following conditions: | | 第十五条 投资人为境外金融机构的，除符合上述股东资质要求规定外，还应当具备以下条件： |
| (1) It has made profits in the last three consecutive fiscal years. | | （一）最近三个会计年度连续盈利； |
| (2) Its total assets at the end of the previous year are not less than USD 2 billion. | | （二）最近一年末总资产不低于二十亿美元； |
| (3) Its long-term credit rating given by an international rating agency in the last three years is A or above. | | （三）最近三年内国际评级机构对其长期信用评级为A级以上； |
| (4) It satisfies the regulatory requirements of the local financial regulatory authorities. | | （四）符合所在地金融监管机构的监管要求。 |
| Article 16 To initiate the formation of an insurance company or become a controlling shareholder of an insurance company, an insurance company shall meet the following conditions: | | 第十六条 保险公司发起设立保险公司，或者成为保险公司控制类股东的，应当具备以下条件： |
| (1) It has been open for business for more than three years. | | （一）开业三年以上； |
| (2) It has sound corporate governance and internal control. | | （二）公司治理良好，内控健全； |
| (3) It has made profits in the last fiscal year. | | （三）最近一个会计年度盈利； |
| (4) Its headquarters has no record of major violation of laws and regulations in the previous year. | | （四）最近一年内总公司无重大违法违规记录； |
| (5) It has no record of major dishonest conduct in the last three years. | | （五）最近三年内无重大失信行为记录； |
| (6) It has net assets of not less than 3 billion yuan. | | （六）净资产不低于三十亿元人民币； |
| (7) Its core solvency adequacy ratio in the last four quarters is not less than 75%, comprehensive solvency adequacy ratio is not less than 150%, and comprehensive risk rating is not lower than Class B. | | （七）最近四个季度核心偿付能力充足率不低于百分之七十五，综合偿付能力充足率不低于百分之一百五十，风险综合评级不低于B类； |
| (8) Other conditions as prescribed by the CIRC. | | （八）中国保监会规定的其他条件。 |
| Article 17 Where the total shares held by affiliated parties and persons acting in concert reach the standard for financial shareholders Class II, strategic shareholders or controlling shareholders, the shareholder holding the most shares shall meet the qualifications for shareholders of the corresponding category under these Measures and report to the CIRC for approval. | | 第十七条 关联方、一致行动人合计持股达到财务Ⅱ类、战略类或者控制类股东标准的，其持股比例最高的股东应当符合本办法规定的相应类别股东的资质条件，并报中国保监会批准。 |
| Parties that have affiliation relationships within 12 months before the date when the agreement on investment is signed shall be deemed affiliated parties. | | 自投资入股协议签订之日前十二个月内具有关联关系的，视为关联方。 |
| Article 18 An investor falling under any of the following circumstances shall not become a shareholder of an insurance company: | | 第十八条 投资人有下列情形之一的，不得成为保险公司的股东： |
| (1) The investor is determined by the relevant entity of the state as an object subject to joint punishment for dishonesty due to its serious dishonest conduct and shall be subject to corresponding penalties in the insurance field. | | （一）因严重失信行为被国家有关单位确定为失信联合惩戒对象且应当在保险领域受到相应惩戒； |
| (2) The investor has an unclear equity structure or ownership dispute. | | （二）股权结构不清晰或者存在权属纠纷； |
| (3) The investor once entrusted others or was entrusted by others to hold the equity of an insurance company. | | （三）曾经委托他人或者接受他人委托持有保险公司股权； |
| (4) The investor once invested in the insurance industry, and provided any false material or made any false statement. | | （四）曾经投资保险业，存在提供虚假材料或者作不实声明的行为； |
| (5) The investor once invested in the insurance industry, and it has been less than three years since the date when it assumed material liability for the business operation failure of an insurance company. | | （五）曾经投资保险业，对保险公司经营失败负有重大责任未逾三年； |
| (6) The investor once invested in the insurance industry and was materially liable for the major violation of laws and rations of an insurance company. | | （六）曾经投资保险业，对保险公司重大违规行为负有重大责任； |
| (7) The investor once invested in the insurance industry and rejected to cooperate with the supervision and inspection of the CIRC. | | （七）曾经投资保险业，拒不配合中国保监会监督检查。 |
| Article 19 To become a controlling shareholder of an insurance company, an investor shall have the capital strength for making investment in the insurance industry, risk control capability and prudent investment philosophy. An investor falling under any of the following circumstances shall not become a controlling shareholder of an insurance company: | | 第十九条 投资人成为保险公司的控制类股东，应当具备投资保险业的资本实力、风险管控能力和审慎投资理念。投资人有下列情形之一的，不得成为保险公司的控制类股东： |
| (1) Fluctuation in cash flows is greatly influenced by the economic climate. | | （一）现金流量波动受经济景气影响较大； |
| (2) Its business plan is not feasible. | | （二）经营计划不具有可行性； |
| (3) Its financial capacity is insufficient to support the insurance company's continuous business operation. | | （三）财务能力不足以支持保险公司持续经营； |
| (4) Its core business is not prominent, and its business scope involves too many industries. | | （四）核心主业不突出且其经营范围涉及行业过多； |
| (5) Its corporate governance structure and mechanism have evident defects. | | （五）公司治理结构与机制存在明显缺陷； |
| (6) The investor has many affiliated enterprises, has complex and non-transparent equity relations, and conducts abnormal affiliated transactions frequently. | | （六）关联企业众多、股权关系复杂且不透明、关联交易频繁且异常； |
| (7) The investor has any record of bad investment on the open market. | | （七）在公开市场上有不良投资行为记录； |
| (8) The investor once had dishonest commercial behavior which caused adverse influence. | | （八）曾经有不诚信商业行为，造成恶劣影响； |
| (9) The investor had been confirmed by the relevant department to have improper conduct. | | （九）曾经被有关部门查实存在不正当行为； |
| (10) Other circumstances that have a major adverse influence on the insurance companies. | | （十）其他对保险公司产生重大不利影响的情况。 |
| The actual controllers of insurance companies shall be governed by the provisions of the preceding paragraph. | | 保险公司实际控制人适用前款规定。 |
| Chapter III Acquisition of Equities | | 第三章 股权取得 |
| Article 20 An investor may acquire equities of an insurance company by the following means: | | 第二十条 投资人可以通过以下方式取得保险公司股权： |
| (1) Initiating the formation of an insurance company. | | （一）发起设立保险公司； |
| (2) Subscribing for unlisted equities issued by an insurance company. | | （二）认购保险公司发行的非上市股权； |
| (3) Accepting the equities of an insurance company held by any other shareholder by means of agreement. | | （三）以协议方式受让其他股东所持有的保险公司股权； |
| (4) Acquiring equities of an insurance company publicly transferred by any other shareholder by means of bidding. | | （四）以竞价方式取得其他股东公开转让的保险公司股权； |
| (5) Purchasing equities of a listed insurance company on the stock market. | | （五）从股票市场购买上市保险公司股权； |
| (6) Purchasing convertible bonds of an insurance company, and acquiring the equities of the insurance company under the conditions agreed in the contract. | | （六）购买保险公司可转换债券，在符合合同约定条件下，取得保险公司股权； |
| (7) Obtaining equities of an insurance company as the pledgee of equities of the insurance company under the condition of complying with the relevant provisions. | | （七）作为保险公司股权的质权人，在符合有关规定的条件下，取得保险公司股权； |
| (8) Acquiring the equities by participating in the risk handling by the CIRC for an insurance company. | | （八）参与中国保监会对保险公司的风险处置取得股权； |
| (9) Acquiring the equities of an insurance company through administrative allocation. | | （九）通过行政划拨取得保险公司股权； |
| (10) Other means recognized by the CIRC. | | （十）中国保监会认可的其他方式。 |
| Article 21 An investor of an insurance company shall fully understand the operation characteristics and business rules of the insurance industry and the responsibilities and obligations to be assumed as a shareholder of the insurance company, and understand the business operation management situation, potential risks and other information of the insurance company. | | 第二十一条 保险公司的投资人应当充分了解保险行业的经营特点、业务规律和作为保险公司股东所应当承担的责任和义务，知悉保险公司的经营管理状况和潜在风险等信息。 |
| An investor investing in an insurance company shall have true intention of making contribution and fulfill the necessary internal decision-making procedures. | | 投资人投资保险公司的，应当出资意愿真实，并且履行必要的内部决策程序。 |
| Article 22 Where the equities of an insurance company are acquired by initiating the formation of an insurance company, the preparation for and opening of the insurance company shall be completed according to the conditions and procedures set forth in the Insurance Law of the People's Republic of China and the Provisions on the Administration of Insurance Companies, among others. | | 第二十二条 以发起设立保险公司方式取得保险公司股权的，应当按照《中华人民共和国保险法》和《保险公司管理规定》等规定的条件和程序，完成保险公司的筹建和开业。 |
| Article 23 Subscription for the equities issued by an insurance company or acceptance of the equities of an insurance company transferred by any other shareholder shall be reported to the CIRC for approval or recordation in accordance with the provisions of these Measures, after the insurance company undergoes the corresponding internal examination and decision-making procedures according to the bylaws of the insurance company. | | 第二十三条 认购保险公司发行的股权或者受让其他股东所持有的保险公司股权的，应当按照保险公司章程的约定，经保险公司履行相应内部审查和决策程序后，按照本办法规定报中国保监会批准或者备案。 |
| Where it is agreed in the bylaws of an insurance company that a shareholder has the preemptive right to the equities transferred by any other shareholder, the shareholder transferring the equities shall actively request the insurance company to guarantee that other shareholders exercise the preemptive right according to the agreement of the bylaws. | | 保险公司章程约定股东对其他股东的股权有优先购买权的，转让股权的股东应当主动要求保险公司按照章程约定，保障其他股东行使优先购买权。 |
| Article 24 Where the equities of an insurance company are transferred by means of agreement or bidding, the insurance company shall notify the investors of the relevant provisions of these Measures in advance. | | 第二十四条 保险公司股权采取协议或者竞价方式转让的，保险公司应当事先向投资人告知本办法的有关规定。 |
| Investors participating in the bidding shall comply with the provisions of these Measures on the qualifications for shareholders of an insurance company. After acquiring the equities of an insurance company, investors shall report to the CIRC for approval or recordation according to the provisions of these Measures. In the case of disapproval, relevant investors shall transfer the equities within one year from the date of disapproval. | | 参加竞价的投资人应当符合本办法有关保险公司股东资格条件的规定。竞得保险公司股权后，应当按照本办法的规定，报中国保监会批准或者备案。不予批准的，相关投资人应当自不予批准之日起一年内转出。 |
| Article 25 An investor that purchases shares of a listed insurance company on the stock market and holds equities reaching the ratio as prescribed in Article 55 of these Measures shall report to the CIRC for approval. In the case of disapproval, the equities shall be transferred within 50 trading days from the date of disapproval. In the event of suspension of trading, the equities shall be transferred within ten trading days from the date of resumption of trading. | | 第二十五条 投资人从股票市场购买上市保险公司股票，所持股权达到本办法第五十五条规定比例的，应当报中国保监会批准。不予批准的，应当自不予批准之日起五十个交易日内转出。如遇停牌，应当自复牌之日起十个交易日内转出。 |
| Article 26 An investor that purchases convertible bonds of an insurance company and converts them into equity under relevant contractual conditions or acquires the equities of an insurance company by exercising the pledge right shall, under the provisions of these Measures, report to the CIRC for approval or recordation. | | 第二十六条 投资人通过购买保险公司可转换债券，按照合同条件转为股权的，或者通过质押权实现取得保险公司股权的，应当按照本办法规定报中国保监会批准或者备案。 |
| Article 27 The equity transfer involving state-owned assets shall comply with the relevant provisions on the management of state-owned assets. | | 第二十七条 股权转让涉及国有资产的，应当符合国有资产管理的有关规定。 |
| Where the state-owned equities of an insurance company are managed on a consolidated basis by administrative allocation and other means, the provisions of these Measures on shareholding ratio and qualifications of investors shall be complied with, unless as otherwise prescribed by the state. | | 通过行政划拨等方式对保险公司国有股权合并管理的，应当符合本办法关于持股比例和投资人条件的规定，国家另有规定的除外。 |
| Article 28 Where the equities are acquired by participation in an employee stock ownership plan, the shareholding method and ratio shall be otherwise prescribed by the CIRC. | | 第二十八条 通过参与员工持股计划取得股权的，持股方式和持股比例由中国保监会另行规定。 |
| Article 29 Besides the provisions of Articles 4 and 6 of these Measures, the shareholding ratio of shareholders of an insurance company shall also satisfy the following requirements: | | 第二十九条 保险公司股东持股比例除符合本办法第四条、第六条规定外，还应当符合以下要求： |
| (1) The shareholding ratio of a single shareholder shall not exceed one third of the registered capital of the insurance company. | | （一）单一股东持股比例不得超过保险公司注册资本的三分之一； |
| (2) The shareholding ratio of a single domestic limited partnership shall not exceed 5% of the registered capital of the insurance company, and the total shareholding ratio of multiple domestic limited partnerships shall not exceed 15% of the registered capital of the insurance company. | | （二）单一境内有限合伙企业持股比例不得超过保险公司注册资本的百分之五，多个境内有限合伙企业合计持股比例不得超过保险公司注册资本的百分之十五。 |
| Where an insurance company needs to invest in the formation of or acquire an insurance company due to business innovation or professional or group business operation, its contribution or shareholding ratio shall not be subject to an upper limit. | | 保险公司因为业务创新、专业化或者集团化经营需要投资设立或者收购保险公司的，其出资或者持股比例上限不受限制。 |
| The shareholding ratio of a shareholder and its affiliated parties and persons acting in concert shall be calculated on a consolidated basis. | | 股东与其关联方、一致行动人的持股比例合并计算。 |
| Article 30 An investor and its affiliated party and persons acting in concert can only become the controlling shareholder of an insurance company carrying out the same type of business. An investor that is an insurance company shall not invest in the formation of an insurance company carrying out the same type of business. | | 第三十条 投资人及其关联方、一致行动人只能成为一家经营同类业务的保险公司的控制类股东。投资人为保险公司的，不得投资设立经营同类业务的保险公司。 |
An investor and its affiliated party and persons acting in concert shall not become the controlling shareholder and strategic shareholder of more than two insurance companies.
．．．．．． | | 投资人及其关联方、一致行动人，成为保险公司控制类和战略类股东的家数合计不得超过两家。
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