CHINESE REGULATORS STRENGTHEN INSURANCE SALES RULES

The Chinese insurance and banking regulators have issued a joint notice to strengthen the rules on how banks sell insurance policies, reports today’s Financial News . The joint notice reinforces the supervision of the vetting of sales agencies’ qualifications, as well as regulating the management of insurance fees. Because of competition, banks had been making wafer-thin profits from insurance policy sales, claimed the report, citing an unnamed official at the China Insurance Regulatory Commission.