Measures for Commission Insurance Business of Commercial Banks

On August 23, China Banking and Insurance Regulatory Commission-CBIRC issued the “Measures for the Administration of Commercial Bank’s Commission Insurance Business”, which includes six chapters: General Provisions, Business Access, Business Rules, Business Withdrawal, Supervision and Management, and Supplementary Provisions, totaling 70 articles. The “Administrative Measures” system stipulates access, sales compliance, prevention of misleading and withdrawal of commission insurance of commercial bank, including accidental insurance, health insurance, life insurance, long-term savings insurance and property insurance of bank agent, which account for no less than 20% of the premiums; bank outlets can only have up to three insurance policies in the sameRead More →

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