Regulations for Establishment, Transfer, or Withdraw Branch Units by Insurance Enterprises Article 5

Within six months of the day on which the competent authority approves the establishment of a branch office (or branch cooperative), an insurance enterprise shall submit an application indicating its address, responsible person, and business scope, and therewith apply to the competent authority for branch office (or branch cooperative) business registration and issuance of a business license. After business registration is approved, the applicant shall duly complete registration with the appropriate authority.When the application particulars referred to in the preceding paragraph undergo a change, within 15 days of the date of the change the applicant shall apply with the competent authority for amendment of its business registration and renewal of its business license. After amendment of its business registration, the applicant shall duly complete registration of the amendment with the appropriate authority.Before the time period referred to in paragraph 1 expires, an applicant that has legitimate reason may apply for an extension; the period of extension shall be no longer than three months, and shall be limited to one time. If an extension is not approved, the competent authority may revoke its business license approval.Where an insurance enterprise fails to commence business operations within six months after obtaining a business license in accordance with the provisions of paragraph 1, the competent authority may revoke its business license approval and order the enterprise to surrender its license for cancellation within a specified time period. However, where there is legitimate reason and the competent authority has granted approval, an extension may be granted; the period of extension shall be no longer than six months, and shall be limited to one time.