According to a letter issued by Financial Supervisory Commission on July 12, 2013, a 10-day grace period will be given to an insurance enterprise to correct its violation of the savings restriction under Paragraph 3 of Article 146 of the Insurance Act if such insurance enterprise’s savings deposited in any single financial institution exceed 10 percent of the enterprise's funds by reason of compliance with mandatory capital verification of capital increase by cash (including capital brought in for operation needs by a foreign insurance company), deposits of a substantial amount required by business transactions (including insurance business), or remittance of a substantial amount or delivery of large-amount check by the transacting counterparty owing to business transactions. An insurance enterprise will not be fined if it adjusts the amount of savings to meet the percentage requirement in compliance with Paragraph 3, Article 146 of the Insurance Act within 10 business days from the day of completing capital verification or the day when the savings exceed the provided percentage.
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Financial Supervisory Commission provided a 10-day grace period for an insurance enterprise to correct its violation of the restriction on savings provided in Paragraph 3, Article 146 of the Insurance Act
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