Nearly 400 Chinese Insurance Intermediaries Have Licenses Revoked since Start of 2019
China has seen a wave of insurance intermediaries shut since the start of 2019.
Nearly 400 insurance intermediaries have had their licenses revoked since the start of the year according to a report from Beijing Business Today.
Key reasons for revocation include the expiration of effective license terms, the closure of legal person entities responsible for the intermediaries, as well as active revocation on the part of companies themselves.
In August 2019 the China Banking and Insurance Regulatory Commission (CBIRC) issued the “Insurance Intermediary Administrative License Items Services Guide” (保险中介机构行政许可事项服务指南), for the purpose of integrating regulations governing the approval of insurance agents, insurance brokers and insurance accessors.