893.5034 Registration/4–946: Telegram
The Counselor of Embassy in China ( Smyth ) to the Secretary of State
[Received April 9—9:15 p.m.]
644. Measures regarding registration of foreign insurance companies in China issued on March 21, 1946 by Ministry of Finance were received by Embassy April 5 through Bureau of Social Affairs of Chungking municipality (please inform Commerce). Text of such measures are as follows:
“As foreign insurance companies are now coming to China to carry on business operations, the three following measures for dealing with them are hereby laid down to facilitate control thereof by this Ministry.
- Foreign insurance companies which had suboffices or branches in China before the war that were closed down because of the war and which now ask to be allowed to resume business operations in China are required to apply to this Ministry for renewal in accordance with the law within 3 months of receipt of this airgram. Failure to comply with this requirement before the expiry date shall be penalized by the suspension of business.
- Foreign insurance companies which had no sub-office or branch in China before the war but which operated their insurance business in the name of an agent and which now wish to continue business operations in China are required to apply for registration in accordance with law and obtain the necessary license within 3 months of receipt of this airgram. Failure to comply with this requirement before the expiry date shall be penalized by the forced cessation of business operations.
- Insurance policies shall in all cases be written by foreign insurance companies in China in Chinese national currency. Foreign insurance companies may not issue insurance policies written in a foreign currency.
While separate letters are being addressed to the various organizations concerned, the above measures are hereby communicated to you by airgram with the request that foreign insurance enterprises operating in the region under your jurisdiction be instructed to act accordingly.”
Embassy’s comment will follow.21
- Telegram No. 926, June 7, not printed.↩