China's State Council, or the cabinet, on Saturday announced changes in a code to manage overseas-invested insurers operating in the country.

Joint-venture insurers and overseas solely-owned insurers must have a minimum registered capital of 200 million yuan (32.47 million U.S. dollars) or freely convertible currencies of equivalent value, reads section one in article seven of the code.

It deleted "funds from overseas insurers should be freely convertible currencies" in the previous version.

Parent overseas corporations should give no less than "200 million yuan or freely convertible currencies of equivalent value" gratis to branches of overseas insurers as operation funds, reads section two in article seven of the code.

It changed the previous requirement that parent corporations should give no less than "200 million yuan worth of freely convertible currencies" gratis to branches of overseas insurers as operation funds.

The new version will take effect on Aug. 1 this year.

The code was first issued on Dec. 12, 2001 and took effect on Feb. 1, 2002.

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