Insurance Day Asia
CHINA BANKS WIN DISTRIBUTION APPROVAL
Two Chinese banks have been given China Insurance Regulatory Commission (CIRC) approval to distribute insurance products.
Bank of China (BOC) and China Minsheng Banking Corporation were granted insurance intermediary approval but will need to apply
to local insurance regulators for distribution licences if their regional branches wish to sell insurance. The move means
the two banks will be able to provide insurance services across the counter and reflects the growing importance of bancassurance
in China. Already a number of other prominent Chinese banks including Industrial and Commercial Bank of China, China Construction
Bank, Hang Seng Bank and Bank of East Asia have been given the go-ahead for the same services.