The Financial Regulatory Authority system has investigated and revoked the licenses of 60 insurance brokerage companies.

On February 27, the website of the China Banking and Insurance Regulatory Commission announced that to thoroughly implement the spirit of the Central Financial Work Conference, the Financial Regulatory Commission will adhere to strict regulation and oversight. Starting in 2024, it will carry out actions to clean up and improve the insurance intermediary market, systematically and step-by-step phasing out insurance intermediary institutions that do not meet regulatory requirements or operate abnormally, and strictly investigate illegal and irregular activities. For institutions that seriously disrupt market order, business licenses will be revoked according to law. From 2024 to 2025, a total of 3 insurance intermediary groups will be deregistered or revoked, along with 57 professional insurance intermediary legal entities; 3,730 branches of professional insurance intermediaries will be phased out, and 226 insurance agency institutions will be eliminated.

Next, the Financial Regulatory Commission will continue to thoroughly implement the decisions and deployments of the Party Central Committee and the State Council, focusing on risk prevention, strengthened regulation, and promoting high-quality development. It will solidify insurance intermediary supervision, improve regulatory systems, and continuously advance the cleaning and upgrading of insurance intermediaries. The goal is to optimize the insurance intermediary market structure, enhance the professional capabilities and informatization of insurance intermediaries, deepen reforms in insurance agency operations, promote high-quality development of insurance intermediaries, and help improve the quality and efficiency of financial services.

(China Banking and Insurance Regulatory Commission)

(Edited by: Qian Xiaorui)

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