📋 Tender Overview
Xinhua News Agency, Beijing, April 18 (Reporter Zhang Qianqian, Li Yanxia) The State Financial Supervision and Administration Bureau issued the "Notice on Promoting the Deepening of the Reform of the Personal Marketing System in the Life Insurance Industry" on the 18th, which clearly stated that it would optimize the commission incentive distribution mechanism, enhance long-term service capabilities, and support the China Insurance Industry Association to establish standards for the classification of life insurance products and insurance sales personnel. The relevant department heads of the State Financial Supervision and Administration Bureau said that since the introduction of the individual insurance agent model into my country's insurance market in 1992, the individual agency channel has developed rapidly and has become the main driving force for the growth of the life insurance industry for many years. In recent years, with the rapid development of my country's economy and the improvement of the insurance awareness of the general public, some potential problems of the individual marketing system have gradually been exposed. The person in charge said that the notice will urge insurance companies to strengthen the constraints and guidance of insurance sales personnel through institutional norms, and at the same time give play to the joint efforts of industry organizations, regulatory departments, etc., to jointly promote the transformation and upgrading of the individual agency channel, thereby laying a solid foundation for the high-quality development of the insurance industry. In terms of the commission incentive distribution mechanism, the notice requires that insurance companies should do a good job in calculating the overall commission according to the established commission policy, expense budget and assessment mechanism. Establish a commission incentive design and deferred payment mechanism that is consistent with product design and cost structure, and matches business quality and service quality. For policies with a payment period of 5 years (inclusive) to 10 years, the commission payment period shall not be less than 3 years; for policies with a payment period of 10 years or more, the commission payment period shall not be less than 5 years. Based on the reform of the personal marketing system, the notice proposes to improve the professional level of insurance sales personnel, strengthen insurance companies' full-process management of insurance sales personnel; guide the professional development of insurance sales personnel; encourage insurance companies to innovate the management system of insurance sales personnel, support company employees to voluntarily convert to insurance sales consultants in accordance with the law, and sell the company's insurance products after obtaining the corresponding sales qualifications. In terms of strengthening management and supervision, the notice requires that channel management be comprehensively strengthened and the implementation of "reporting and banking integration" be deepened; strengthen risk monitoring, early warning and intervention, establish a commission salary recovery and deduction mechanism for insurance sales personnel who violate laws and regulations and cause economic losses, and protect the legitimate rights and interests of consumers; further strictly supervise and prevent sales misleading and arbitrage risks. In addition, the notice also made it clear that it supports the China Insurance Industry Association to establish standards for the classification of personal insurance products and insurance sales personnel, and realize the classification of insurance sales personnel, product classification, and differentiated authorization; the China Insurance Industry Association will establish and improve the insurance sales personnel integrity information management and application mechanism, and each insurance company will do a good job in the registration and management of insurance sales personnel integrity information; promote support for insurance sales personnel to participate in social insurance and apply for residence permits in accordance with relevant policies for flexible employment personnel, and establish an insurance sales personnel honor evaluation system with Chinese characteristics.
