The Financial Regulatory Authority system has revoked or canceled the licenses of 60 insurance professional intermediary corporations through procedures including revocation and deregistration.

On February 27, the website of the National Financial Regulatory Administration released news that to thoroughly implement the spirit of the Central Financial Work Conference, the Financial Regulatory Administration will adhere to strong and strict regulation. Starting in 2024, it will carry out actions to clear and standardize the insurance intermediary market, categorically and stepwise eliminating insurance intermediary institutions that do not meet regulatory requirements or are operating abnormally, seriously investigating and punishing illegal and irregular activities, and revoking business licenses for institutions that severely disrupt market order. From 2024 to 2025, a total of three insurance intermediary groups and 57 professional insurance intermediary legal entities will be investigated and have their licenses revoked; 3,730 branches of professional insurance intermediaries and 226 insurance agency institutions will be dismissed.

Next, the Financial Regulatory Administration will continue to deeply implement the decisions and deployments of the Party Central Committee and the State Council, focusing on risk prevention, strong regulation, and promoting high-quality development. It will solidly carry out insurance intermediary regulatory work, improve the regulatory system for insurance intermediaries, continue to advance the clearing and quality improvement of insurance intermediaries, optimize the structure of the insurance intermediary market, promote the strengthening of professional capabilities and digitalization of insurance intermediary institutions, deepen the reform of insurance agency practices, and promote high-quality development of insurance intermediaries to enhance the quality and efficiency of financial services.

(National Financial Regulatory Administration)

(Editor: Qian Xiaorui)

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