China Suspend approving Insurance Intermediaries
July 16th, 2012
On 26th June, 2012, China Insurance Regulatory Commission (CIRC) released the Notice on Further Regulation of Market Entry of Insurance Intermediaries (Notice)
1. How the applicant can be approved?
The CIRC states in the Notice that no license for insurance intermediaries will be granted unless the applicant applies to establish the insurance intermediaries as following:
a. insurance intermediary group;
b. insurance agency/broker with a registered capital of RMB50 million or above which are invested by car manufacture/sales/repair enterprises, banks, China Post offices or insurance companies, and branch offices of the aforesaid insurance agency/broker, and;
c. branch offices of an existing insurance agency operating on a nationwide basis/broker