China Law Online Database : novexcn.com

You are using Guest Account

Subscribe To This Law Only

Subscribe To All Law Contents

Print This Page

Back




	INTERPRETATION OF CHINA INSURANCE REGULATORY COMMISSION ON COMMERCIAL BANKS' APPLICATION FOR THE QUALIFICATION FOR CONCURRENT-BUSINESS INSURANCE AGENCIES

	(issued on July 27, 2006: concerning No.70 [2006] of China Insurance Regulatory Commission)


SUBJECT : INTERPRETATION; CONCURRENT-BUSINESS INSURANCE AGENCIES
ISSUING DEPARTMENT : CHINA INSURANCE REGULATORY COMMISSION
ISSUE DATE : 07/27/2006
IMPLEMENT DATE : 07/27/2006
LENGTH : 213 words
TEXT :

Recently, China Insurance Regulatory Commission issued Notice on Regulating Banks' Commission Insurance Business (No.70 [2006] of China Insurance Regulatory Commission). Paragraph 1 of Article 1 stipulates that "Where a commercial bank intends to engage in commissioned insurance business, its first-level branches shall obtain the qualifications to be concurrent-business insurance agencies." Some insurance regulatory bureaus, commercial banks and insurance companies inquired about the policy implication of this provision. We hereby make the following interpretations:

Before the issuance of Notice No.70 [2006] of China Insurance Regulatory Commission, the first-level branches of commercial banks or the sub-branches engaged in commissioned insurance business without obtaining the Concurrent-Business Insurance Agency License. After the issuance of the Notice No. 70, to engage in commissioned insurance business, first-level branches of commercial banks must obtain the qualifications to be concurrent-business insurance agencies and the Concurrent-Business Insurance Agency License. Before the promulgation of the newly revised Provisions on the Administration of Concurrent-Business Insurance Agencies, the sub-branches shall follow the current policies on the supervision of concurrent-business insurance agencies and the local insurance regulatory bureaus shall determine based on the actual situation of the particular local market. After promulgation of the revised Provisions on the Administration of Concurrent-Business Insurance Agencies, the local insurance regulatory bureaus shall implement in accordance with the revised Provisions.