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CIRC strictly regulates sales of non-insurance financial products
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Chinese
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Category:Legislative Updates
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Subject:Insurance
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Keywords:China Insurance Regulatory Commission; insurance companies; non-insurance financial products
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Source:Pkulaw
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Publish Date:10-24-2014
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China Insurance Regulatory Commission recently issued the Notice on Strictly Regulating the Sales of Non-Insurance Financial Products (Solicitation Paper). The Notice requires an insurance company or a professional insurance intermediary to seek approval by a financial regulatory authority or acquire the relevant qualification before it sells any non-insurance financial product. In addition, the Notice provides that insurance companies and professional insurance intermediaries are to authorize and manage the sales of non-insurance financial products by their branch institutions in a uniform and centralized manner.
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