slotchristmascarol| Notice of the State Financial Supervision and Administration on Matters Related to Commercial Banks 'Insurance Agency Business

All regulatory bureaus, insurance companies, policy banks, large banks, joint-stock banks and foreign banks:

I. in conducting insurance agency business cooperation between insurance companies and commercial banks, they shall jointly promote the sustained and healthy development of commercial bank agency insurance business in accordance with the principles of mutual benefit, common development and protection of consumers' interests.

Commercial banks act as agents for Internet insurance business, telemarketing insurance business and itsSlotchristmascarolHis insurance business, branches and outlets at all levels do not limit the number of cooperative insurance companies. Insurance companies shall ensure that they have the ability to provide offline services in the cooperation area.

III. In principle, when an insurance company carries out insurance agency cooperation with a commercial bank, a written principal-agent agreement shall be signed by the legal entities of both parties. If it is really necessary for a first-level branch to sign a principal-agent agreement, the first-level branch shall obtain the written authorization of its legal entity in advance and shall, after signing the agreement, promptly file with its corporate institution for the record. At the same time, the commission rate stipulated in the principal-agent agreement shall not exceed the commission level for the filing of the products of the legal entity of the insurance company.

IV. As of the date of promulgation of this circular, paragraph 2 of Article 39 of the Circular of the General Office of the China Banking and Insurance Regulatory Commission on Printing and issuing measures for the Administration of Agent Insurance Business of Commercial Banks (issued by the Office of the Superintendent of Banking and Insurance [2019] No. 179) shall be annulled.

State Administration of Financial Supervision and Administration

April 28, 2024

(this letter is sent to the regulatory branch and the local corporate bancassurance institution)