The Guidelines detail the operating rules for bancassurance business concerning the insurance products, agency fees, sales model, sales, financial accounting, contingency mechanism and intra-industry exchanges.
New regulations from banking and insurance authorities aim to better monitor the burgeoning bancassurance market. Foreign insurance companies can expect a long-term and robust relationship with regulators if they cooperate, and are advised to develop suitable products for Chinese customers and lend their experience to the market
China's new social insurance law demonstrates the government's aim to promote equality among all those residing in China, however, more regulations are needed to implement the principles of coverage
The law comprises five types of social insurance: basic old-age insurance, basic medical insurance, occupational injury insurance, unemployment insurance and maternity insurance.