Notice by the General Office of the China Banking and Insurance Regulatory Commission of Matters Concerning the Development of Independent Individual Insurance Agents
- Document Number：No. 118  of the General Office of the China Banking and Insurance Regulatory Commission
Area of Law： General Provisions on InsuranceLevel of Authority： Departmental Regulatory DocumentsDate Issued：12-23-2020Effective Date：12-23-2020Issuing Authority： China Banking and Insurance Regulatory CommissionStatus： Effective
- Notice by the General Office of the China Banking and Insurance Regulatory Commission of Matters Concerning the Development of Independent Individual Insurance Agents
- (No. 118  of the General Office of the China Banking and Insurance Regulatory Commission)
- All local offices of the China Banking and Insurance Regulatory Commission ("CBIRC"); all insurance companies; and all corporate insurance agents and corporate insurance brokers:
- For the purpose of implementing the decisions and arrangements of the CPC Central Committee and the State Council on deepening the reform of "simplifying procedures, decentralizing powers, combining decentralization with appropriate control, and optimizing services", helping the state maintain stable employment and ensure employment, and promoting high-quality transformation and development of the insurance industry, in accordance with the Insurance Law of the People's Republic of China, the Provisions on the Supervision and Administration of Insurance Agents and other laws and regulations, you are hereby notified of the relevant matters concerning the development of independent individual insurance agents as follows:
- I. Independent individual insurance agents shall accurately grasp the market positioning
- 1. “Independent individual insurance agent” means any of insurance sales personnel who directly sign agency contracts with insurance companies and independently carry out insurance sales.
- 2. An independent individual insurance agent shall take commissions directly based on the premiums of the insurance sales by agency, and may not develop insurance marketing teams.
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