CIRC
promotes bancassurance business innovation
Source:
First Financial Daily Date: 14 Sep,
2006
CIRC
was originally scheduled to complete the ¡°Administration regulations
for insurance agents (hereinafter referred to as "regulation")" by the
end of the year, the adaptation process has been steadily advancing.
Bancassurance as one of the important aspect of expanding the channel
of insurance sales, its form is changing quietly. The regulatory
department shows: Bancassurance business innovation will be put in
consideration when modify the administration regulations.
"With
further cooperation of bancassurance business, rights and obligations
shall be detailed planning, to make the insurance companies more
initiative, and more attention will be paid to incentives within the
basic level of the banks."said by a related person from CIRC. Currently,
banks and insurance companies are building agency
relationship, include collecting of premiums, selling insurance
products on behalf of insurance company, paying insurance claims, as
well as using the bank's network to promote the insurance business,
also some financial business.
Insurance
companies can expand their sale channels, reduce costs by working with
the banks. "New Chinalife increase the premium rapidly by using bank
channel", the person from CIRC said, the telephone customer service
centre and intent banking could be the new format of bancassurance. "
Some
Opinions of the State Council on the Reform and
Development
of the Insurance Industry" which promulgated in June point out, we
shall steadily propel the experiments of insurance companies¡¯
comprehensive operations, explore wider and deeper cooperation between
the insurance industry and the banking or securities sector, so that
the insurance industry may provide multiple and comprehensive financial
and insurance services.
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