Measures for the Administration of Insurance Agency Business of Commercial Banks

The Measures for the Administration of Insurance Agency Business of Commercial Banks (hereinafter referred to as the Measures) issued by the General Office of China Banking Regulatory Commission came into effect on 20191kloc-0/. At this point, the words "deposit" and "savings" should not appear in insurance propaganda, and there will be laws to crack down on bank insurance chaos such as "taking kickbacks".

1. Policy content: The bancassurance business has entered a standardized development track.

The Measures point out that commercial banks should meet the requirements stipulated by the China Banking Regulatory Commission and obtain the insurance agency business license. According to the Measures, commercial banks and insurance companies should cooperate in insurance agency business on the principle of mutual benefit, common development and protection of consumers' interests, and jointly promote the sustained and healthy development of insurance agency business of commercial banks.

The Measures require that commercial banks should give full play to the advantages of sales channels, insurance companies should give full play to the core technical advantages of long-term asset-liability matching management and risk protection, vigorously develop long-term savings and risk protection insurance products in the insurance agency business of commercial banks, constantly adjust and optimize the insurance agency business structure of commercial banks, and provide comprehensive financial services to consumers.

Second, policy interpretation: crack down on violations and accelerate the transformation of business structure

The Measures improve the business access and exit mechanism, can effectively form a benign market competition environment, and is conducive to safeguarding the legitimate rights and interests of the insured, the insured and the beneficiaries.

(a) to crack down on illegal acts and protect the legitimate rights and interests of consumers.

1. Curb the chaos of "taking kickbacks"

In view of the chaos of "taking kickbacks" in the bancassurance business, Article 19 of the Measures stipulates that commercial banks should conduct separate accounting for insurance agency business, and independently account for premiums and commissions charged by different insurance companies, and may not deduct commissions from premium income.

These provisions in the Administrative Measures have broken the original vague concept of dividing premiums and commissions and recording the remuneration of salespeople, which is conducive to strengthening the transparency of bank insurance commission settlement, reducing the chaos caused by sales rebates and forming a healthy sales service system.

2. Curb misleading sales.

For a long time, misleading sales often occur, and the main reason may be the pressure of indicators. In addition, in recent years, banks have continuously lowered the recruitment threshold for sales positions, which is also one of the important incentives. The detailed rules in the "Measures" once again sounded the alarm for this part of the sales practitioners.

3. Other chaos containment

In addition, the new "Measures" have clarified and standardized other problems existing in the bancassurance channel and the behavior of playing the edge ball. For example, the Measures stipulate that the proportion of Italian health insurance, term insurance or whole life insurance sold by commercial banks shall not be less than 20% of the total premium income, so that customers can clearly know that they are buying insurance products, and clarify the relevant guiding principles to avoid inducing customers' deposits into insurance policies and forming adverse effects. At the same time, standardizing the settlement commission between banks and insurance companies should be settled by both parties, and prohibiting insurance companies from paying extra benefits, which is also conducive to strengthening the transparency of bank-insurance commission settlement, reducing the confusion of large and small accounts caused by sales rebates, and forming a healthy sales service system.

(2) Optimize the structure and adjust the transformation of products to protection.

At present, the products of bancassurance channel have obvious changing trend, the insurance period is extended and the interest rate is relatively reduced. Although some bank outlets are still selling wealth management products, the sales scale is not as good as before. The products of bancassurance channel are also transforming into long-term guarantee.