The Financial Regulatory Authority system investigates and revokes and cancels the licenses of 60 insurance professional intermediary legal entities.

On February 27th, the National Financial Regulatory Administration website released a message, stating that to thoroughly implement the spirit of the Central Financial Work Conference, the Financial Regulatory Administration will adhere to strict regulation and oversight. Starting in 2024, they will carry out actions to clear out and standardize the insurance intermediary market, improve quality, and regulate. They will lawfully and systematically eliminate insurance intermediary institutions that do not meet regulatory requirements or operate abnormally, strictly investigate illegal and irregular activities, and revoke business licenses of institutions that seriously disrupt market order. From 2024 to 2025, a total of 3 insurance intermediary groups will be investigated, revoked, or canceled; 57 professional insurance intermediary legal entities; 3,730 insurance professional intermediary branches; and 226 insurance agency agencies.

Next, the Financial Regulatory Administration 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. They will solidly improve insurance intermediary regulation, perfect the regulatory system, continuously advance the clearing out and quality improvement of insurance intermediaries, optimize the structure of the insurance intermediary market, promote insurance intermediary institutions to enhance professional capabilities and information technology construction, deepen reforms in insurance agency operations, promote high-quality development of insurance intermediaries, and help improve the quality and efficiency of financial services.

(National Financial Regulatory Administration)

(Editor: Qian Xiaorui)

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