BUSINESS China tightens regulations on insurance salesmen, agents

BUSINESS

China tightens regulations on insurance salesmen, agents

Xinhua

15:35, May 23, 2020

Engineers from Ping An Smart Healthcare operate the company's epidemic prevention and control management system in its Shanghai office on Feb 19. (Photo provided to China Daily)

BEIJING - China's insurance regulator has unveiled two guidelines to tighten regulations on sales personnel and agents in the insurance sector.

The measures, issued by the China Banking and Insurance Regulatory Commission, specified requirements for the management of insurance companies' sales staff in terms of professional qualities, credit systems formation and punishment.

Requirements for insurance agents included shouldering management responsibility in all aspects, advancing overall management, enhancing regulation on recruitment and intensifying supervision.

The two guidelines aimed to shore up systemic weak links and boost regulatory efficiency, so as to facilitate the high-quality development of the insurance sector, an official with the commission said.

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