In order to further deepen cooperation between banks and insurance, promote the standardized and healthy development of commercial bank agency insurance business, better meet the diversified needs of consumers, and protect the legitimate rights and interests of consumers, the State Administration for Financial Supervision and Administration recently issued a notice on matters related to commercial bank agency insurance business (hereinafter referred to as the "notice"). In recent years, with the development of the economy and society and changes in the external environment, various parties have called for further deepening of banking and insurance cooperation, enriching the supply of insurance products and services, and meeting the diversified insurance needs of consumers. In this context, the State Administration for Financial Regulation has initiated the drafting of the Notice and extensively solicited industry opinions, making modifications to the existing relevant regulations. The notice mainly includes the following content: Firstly, the number limit on cooperation between bank branches and insurance companies will be lifted. It is specified that commercial banks act as agents for Internet insurance business, telephone sales insurance business and other insurance business, and branches and outlets at all levels do not limit the number of cooperative insurance companies. The second is to clarify the level of cooperation between both parties. Insurance companies are required to cooperate with commercial banks, and in principle, a written agency agreement should be signed by both legal entities. If it is necessary for a first level branch to sign an agency agreement, the first level branch shall obtain written authorization from its legal representative in advance. The third is to clarify the commission standards for bank agency business. Require that the commission rate agreed upon in the agency agreement shall not exceed the commission level recorded by the insurance company's legal entity product. The implementation of the Notice is conducive to better leveraging the advantages of commercial banks and insurance companies, promoting long-term and deep cooperation between the two sides, and exploring new paths for transformation and development; Beneficial for expanding the scope of cooperation between commercial banks and insurance companies, enhancing the value of bank agency insurance business and consumer satisfaction; Beneficial for enriching bank and insurance products and services, better meeting the diversified and multi-level protection needs of consumers, and effectively safeguarding consumer rights. (Lai Xin She)
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