893.506/40
The American Embassy in China to the Chinese Foreign Office 18
The American Embassy has the honor to recall that an Insurance Business Law was approved by the Legislative Yuan on June 17, 1935, and was promulgated by the National Government on July 5, 1935.
The text of this law has been carefully studied by the representatives of American firms transacting insurance business in China and they have come to the opinion that it would be to the interest of the Chinese public and of insurance companies of various nationalities engaged in the insurance business in China if certain sections of the law were modified. There is transmitted herewith a Memorandum prepared by the American Chamber of Commerce at Shanghai19 setting forth the recommendations in this respect made by the American insurance companies already mentioned.
The American Embassy observes that American insurance companies, in consonance with the treaties in force between the United States [Page 653] and China, have been conducting their business in China over a long period of years with mutual benefit to the parties concerned. The American authorities desire to cooperate with the Chinese Government with a view to obtaining the proper conduct of the insurance business carried on by American firms and they believe that it would be to the general interest if the Insurance Business Law were to be modified in such way as to enable the American companies to cooperate with those Chinese authorities charged with the administration of the law.
With this object in mind the American Embassy has the honor to invite consideration by the appropriate authorities of the Chinese Government of the recommendations for the modification of the Insurance Business Law embodied in the enclosed Memorandum.20