On May 9, it was reported on the website of the State Administration of Financial Supervision and Administration that the State Administration of Financial Supervision and Administration recently issued the Notice on Matters Related to the Agency Insurance Business of Commercial Banks. The Notice lifted the limit on the number of bank outlets cooperating with insurance companies, and clarified the commission standard for bank agency business.
According to industry insiders, this is conducive to broadening the scope of cooperation between commercial banks and insurance companies, and enriching bancassurance products and services.
The State Administration of Financial Supervision said that in recent years, with the economic and social development and changes in the external environment, all parties have called for further deepening of bancassurance cooperation, enriching the supply of insurance products and services, and meeting the diversified insurance needs of consumers. In this context, the State Administration of Financial Supervision initiated the drafting of the Notice, solicited industry opinions extensively, and revised the original relevant provisions.
From the specific contents of the Notice, first, the number limit of cooperation between bank outlets and insurance companies has been lifted. It is specified that commercial banks act as agents for Internet insurance business, telephone sales insurance business and other insurance business, and branches and outlets at all levels do not limit the number of cooperative insurance companies.
The second is to clarify the level of cooperation between the two sides. The insurance company is required to cooperate with the commercial bank. In principle, the legal institutions of both parties should sign a written agency agreement. If it is really necessary for a tier one branch to sign an agency agreement, the tier one branch shall obtain the written authorization of its legal person organization in advance.
Third, the commission standard of bank agency business was clarified. It is required that the commission rate agreed in the agency agreement shall not exceed the commission level of the insurance company's corporate product filing.
Previously, Article 39 of the Measures for the Administration of Agency Insurance Business of Commercial Banks made it clear that commercial banks should establish a unified and centralized business platform and processing process by their corporate bodies to carry out Internet insurance business and telephone sales insurance business, and implement centralized operation and unified management. In addition to the above businesses, each commercial bank outlet can only carry out insurance agency business cooperation with no more than three insurance companies in the same fiscal year. After the issuance of the Notice, the relevant content of the limit on the number of insurance companies will also be abolished simultaneously.
The State Administration of Financial Supervision said that the implementation of the Notice is conducive to giving better play to the advantages of commercial banks and insurance companies, promoting long-term and in-depth cooperation between the two sides, and exploring new paths for transformation and development; It is conducive to broadening the scope of cooperation between commercial banks and insurance companies, and improving the value of bank insurance agency business and consumer satisfaction; It is conducive to enriching bancassurance products and services, better meeting consumers' diversified and multi-level security needs, and effectively safeguarding consumers' rights and interests.
