# Policy and regulatory basis
《 Insurance Law of the People's Republic of China
Upon completion of the preparatory establishment, if the applicant meets the conditions for establishment as prescribed in Article 68 of this Law, it may file an application with the insurance regulatory authority under the State Council for business opening.
The insurance regulatory authority under the State Council shall, within 60 days from the date of accepting the application for business opening, make a decision on approval or disapproval for business opening.
If the decision is approved, the insurance business license shall be issuedIf it decides not to approve the application, it shall notify the applicant in writing and explain the reasons.
《 Insurance Law of the People's Republic of China
An insurance agency or an insurance broker shall meet the conditions prescribed by the insurance regulatory authority under the State Council and obtain an insurance agency business license and an insurance brokerage business license issued by the insurance regulatory authority.
Article 4 of the Measures for the Administration of Insurance Licenses
The following insurance institutions within the territory of the People's Republic of China shall obtain insurance licenses according to law:
(1) Insurance holding companies and insurance group companies engaged in insurance business
(2) Insurance companies and their branches
(3) Insurance asset management companies and their branches
(4) Insurance agencies, insurance brokerage institutions, insurance assessment institutions and their branch offices
(5) Concurrent insurance agencies
6. other insurance institutions as prescribed by the CIRC.
Article 5 of the Measures for the Administration of Insurance Licenses
The term "insurance license" as mentioned in these Measures includes the following types:
(1) The legal person license of an insurance company and the license for operating insurance business
(2) Insurance Marketing Service License
(3) License for operating insurance agency business
(4) Insurance Brokerage Business License
(5) License for Operating Insurance Assessment Business
(6) License for Part-time Insurance Agency Business
(7) The license for an insurance asset management company as a legal person and the license for operating the insurance asset management business.