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China to Strengthen Regulation on Administrative Licensing and Filing of Insurance Intermediaries

Thu, 16 Dec 2021
Categories: China Legal Trends

On 5 Nov. 2021, China Banking and Insurance Regulatory Commission issued the “Measures of Implementation for Administrative Licensing and Archival Filing of Insurance Intermediaries” (hereinafter “the Measures”, 保险中介行政许可及备案实施办法), which shall come into effect on 1 Feb. 2022.

With a total of 88 articles in six chapters, the Measures clarifies the scope, working conditions, application materials and application procedures for administrative licensing and archival filing of insurance intermediaries.

The administrative licensing of insurance intermediaries mentioned in the Measures include licensing for operating insurance agency business, licensing for operating insurance brokerage business, filing for operating insurance assessment business, and approval of qualifications of senior managers in professional insurance agencies and brokerage institutions.

Statistics show that, at the end of 2019, there had been 2,687 insurance intermediaries, over 30,000 part-time insurance agencies, and approximately nine million insurance marketers. Among the 2,687 insurance intermediaries, there are five insurance intermediary groups, 1,794 insurance agencies, 498 insurance brokerage institutions and 390 insurance assessment companies.

This huge group will be regulated by the Measures.

 

 

Cover Photo by wendy on Unsplash

Contributors: CJO Staff Contributors Team

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