Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA)

Insurance Services

CEPA
Sectors or sub-sectors	7. Financial services
	A. All insurance and insurance-related services
		a	Life, health and pension/annuities insurance
		b.	Non-life insurance
		c.	Reinsurance
		d.	Services auxiliary to insurance
Specific commitments	1.	To allow groups formed by Hong Kong insurance companies through re-grouping and strategic mergers to enter the Mainland insurance market subject to established market access conditions (total assets held by the group of over US$ 5 billion; more than 30 years of establishment experience attributable to one of the Hong Kong insurance companies in the group; and a representative office established in the Mainland for over 2 years by one of the Hong Kong insurance companies in the group).
	2.	The maximum limit of capital participation by a Hong Kong insurance company in a Mainland insurance company is 24.9%.
	3.	To allow Hong Kong residents with Chinese citizenship, after obtaining the Mainland's professional qualifications in actuarial science, to practise in the Mainland without prior approval.
	4.	To allow Hong Kong residents, after obtaining the Mainland's insurance qualifications and being employed or appointed by a Mainland insurance institution, to engage in the relevant insurance business.

CEPA Supplement IV
Sectors or sub-sectors	7. Financial services
	A. All insurance and insurance-related services
		a	Life, health and pension/annuities insurance
		b.	Non-life insurance
		c.	Reinsurance
		d.	Services auxiliary to insurance
Specific commitments	1.	To permit the setting up of an examination centre in Hong Kong for the Mainland qualifying examinations for insurance intermediaries
	2.	To allow Hong Kong insurance agency companies to set up wholly-owned enterprises in the Mainland to provide insurance agency services to the Mainland insurance companies.

CEPA Supplement VIII
Sectors or sub-sectors	7. Financial services
	A. All insurance and insurance-related services
		a	Life, accident and health insurance services (CPC8121)
		b.	Non-life insurance services (CPC8129)
		c.	Reinsurance and retrocession (CPC81299)
		d.	Services auxiliary to insurance (including broking and agency services) (CPC8140)
Specific commitments	To allow Hong Kong insurance brokerage companies to set up wholly-owned insurance agency companies in Guangdong Province (including Shenzhen) on a pilot basis. The place of operation should be in Guangdong Province (including Shenzhen), and the applicant must fulfill the following criteria:
	1.	The applicant should have been operating insurance brokerage businesses in Hong Kong for over 10 years;
	2.	The applicant's average annual business revenue for the past 3 years before application should not be less than HK$500,000 and the total assets as at the end of the year before application should not be less than HK$500,000;
	3.	Within 3 years before application, there has been no serious misconduct and record of disciplinary action; and
	4.	The applicant should have set up a representative office in the Mainland for over one year.