CBIRC moves to rein in insurance agents
Business scope limited to selling insurance products, collecting premiums, carrying out loss investigation and dealing with claims
The China Banking and Insurance Regulatory Commission has drafted new regulations for insurance agents and is seeking public opinions, The Paper reported.
An insurance agent refers to the institution or individual who handles business on behalf of the insurance company within the scope authorized by the company and charges commissions.
In order to distinguish it from existing professional insurance companies, the drafted rule requires that the name of the latter must include the words “insurance agent.”
The rule also clarifies that certain units or individuals are not allowed to become shareholders of these insurance agents, such as those who have been reported for serious dishonesty.
Also, the business scope of these insurance agents is being limited to four categories, including selling insurance products, collecting insurance premiums, carrying out loss investigation and dealing with claims for insurance companies.