Legal

Draft regulation will allow more financial institutions to become insurance brokers

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

The Provisions set forth the requirements and application procedures for establishment of publication general distributors, wholsalers, retailers, and leasing and chain enterprises.

The Provisions further regulate the temporary conduct of auditing in mainland China by overseas accounting firms.

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.

Chen & Lin Attorneys-at-LawShu-Wei Lo and Luc [email protected]; [email protected] the prevailing party of a foreign final civil judgment…

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