In order to standardize and unify the rules for the management of the license of the insurance industry of the banking industry and further strengthen the requirements for the license management of the banking insurance institutions, the CBRC formulated the measures for the administration of the license of the bank insurance institutions (hereinafter referred to as the measures) and issued it recently.
There are 22 articles in the measures, which mainly include: first, the licenses issued by the CIRC to bancassurance institutions are integrated into three categories: financial license, insurance license and insurance intermediary license, and the applicable objects of all kinds of licenses are clarified. Second, unify the content of the license. The license shall contain the following contents: name of the organization, business scope, date of approval, address of the organization, date of issue of the license and issuing authority. The third is to optimize and unify the relevant management regulations and time limit requirements for new, renewed and returned licenses of Bancassurance institutions. Fourth, clarify the responsibilities and requirements for license management of the CIRC and its local offices. Fifthly, those who fail to use or manage the license according to regulations shall be punished in accordance with relevant laws and regulations.
According to the measures, the first is to require the bank insurance institutions to publicize the original license in the prominent position of the business place. For the branch of insurance intermediary institution that does not hold the license, it is required to publicize the copy of the license with the official seal of the legal entity at the prominent position of the business place. Second, in order to further protect the right to know financial consumers, the bank insurance institutions are required to publicize their business scope, business area and main principals in a proper way in the prominent position of the business site according to the decision documents of administrative license and the authorization documents of the superior management unit. For the business carried out through the network platform, the bank insurance institution shall display the above contents in a clear and conspicuous way on the relevant network pages and function modules.
In terms of announcement, one is to clarify the situation and time limit requirements for announcement. A bancassurance institution shall make an announcement within 30 days for the new or renewed license. If the license is lost, the bancassurance institution shall issue a notice of loss within 7 days from the date of discovery. The second is to clarify the announcement methods and effect requirements that can be adopted. The bank insurance institution may make public announcement in the public newspaper, on the official website of the bank insurance institution, or adopt other effective and convenient announcement methods. The scope of awareness of the announcement shall at least match the geographical scope of the business operation of the organization. The bank insurance institution shall keep the relevant announcement materials for reference.
The measures shall come into force on July 1, 2021. Next, the CBRC will steadily carry out the work of issuing stock financial license and insurance license, urge the banking insurance institutions to strengthen the license management and carry out business activities in accordance with the law.
