中 国 保 险 中 介 监 管 及 其 对 保 险 消 费 者 的 保 护. China Insurance Intermediaries Regulation and Insurance Consumers Protection
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1 中 国 保 险 中 介 监 管 及 其 对 保 险 消 费 者 的 保 护 China Insurance Intermediaries Regulation and Insurance Consumers Protection 1
2 China Insurance Intermediaries System Insurance Intermediary companies Insurance Agency Insurance Brokerage Insurance Appraisal Insurance Sales Representatives Life Insurance Sales Representatives Other Institutions Banks Post Office Others 2
3 Insurance Intermediary companies 2012 : China had 2432 insurance intermediary companies; among them there were 1764 agents, 343 brokers and 325 appraisers. 2013: China had 2525 insurance intermediary companies; among them there were 1767 agents, 438brokers and 320 appraisers. Since 2014, CIRC began a thorough investigation and consolidation of the entire national insurance intermediary market. 3
4 Insurance Premium by Insurance Intermediaries 2012: Insurance Premium by Insurance Intermediaries was RMB billion(usd billion), 82.39% of the China s annual premium. 2013: Insurance Premium by Insurance Intermediaries was RMB billion (USD billion), 80.34% of the China s annual premium. 4
5 Life Insurance Sales Representatives 2009: 2.90 Million 2010: 3.29 Million 2011: 3.35 Million 2012: 2.77 Million 2013: 2.89 Million 2014: 3.25 Million The First Half of 2015: 3.78 Million 5
6 China Preliminary Legislation and Regulations on Insurance Intermediaries 1997: China People s Bank issued Regulations on Insurance Agents, stipulating the qualification and licensing procedure for Chinese insurance agents. 1998: China People s Bank issued Regulations on Insurance Brokers. 6
7 Resent Development of Legislation and Regulations on Insurance Intermediaries 2009: CIRC issued Regulations on Professional Insurance Agencies stipulating two million RMB of registered capital for a Domestic Professional Insurance Agency and RMB10 million for a National Professional Insurance Agency. 2013: CIRC raised the registered capital RMB50 million. Meanwhile, CIRC issued the regulations on insurance intermediary group companies and the insurance sales representatives. 7
8 Major Issues in China Insurance Intermediary Market (1) Low market share of insurance Intermediary companies. 2013: insurance Intermediary companies premium is 15.87% of the total national property & liability premium and 1.12% of total life premium. Insurance Intermediary marketing misconducts. For example, Shanghai insurance agency Fanxin Company caused the total damage to its consumers over RMB800 million, over 3000 victims. 8
9 Major Issues in China Insurance Intermediary Market (2) Quick turn-around of professionals. From , China Insurance Industry hired 5.08 million new sale representatives. During that same time period, 5.02 million sales reps quit; among them, some went to other insurance companies, while others quite all together. This resulted in an immature insurance market development, unfair competition and poor post-sales service. 9
10 Major Issues in China Insurance Intermediary Market (3) Lower compensation and inadequate social security : monthly commission of a Chinese insurance sales rep is RMB , after deducting the marketing expenses, the net income is only RMB Insurance sales representatives are not insurance companies employees. Companies wouldn t pay social security taxes for them, so they are not entitled to social security benefit. 10
11 Major Issues in China Insurance Intermediary Market (4) Low education level. 2011: 72.9% of all insurance sales representatives are only educated at the high school graduate level. More women and middle-aged person. 2013: 69% of life insurance sales rep are women and the ages of most insurance sales representatives are between 31 and
12 Major Measures Taken by CIRC (1) Regulatory Policies and Reform Market Access. CIRC will lower the registered capital for new insurance intermediary companies and encourage the development of local and community insurance agencies. Innovation. CIRC will encourage insurance intermediaries to use contemporary marketing avenues for promoting sales, such as the internet. Niche Markets. CIRC will encourage insurance intermediaries to develop companies which cater to individualized (single) markets such as, malpractice liability insurance, auto insurance, etc. 12
13 Major Measures Taken by CIRC (2) Strengthening supervision Institution Auditing and Consolidation : CIRC checked over 10,000 insurance intermediary institutions and revoked 63 agencies licenses. 165 insurance agencies were fined. 31 officials were disqualified. One person was permanently banned from the insurance industry. 13
14 Major Measures Taken by CIRC (3) Internal Rectification Simplifying approval procedures and promoting new insurance sales method. Equity registration of insurance intermediary institutions and support to the independent insurance agency experiments. Strengthening the company's management and control. Establishment of insurance intermediary association. 14
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