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National bancassurance self-discipline considered

(chinadaily.com.cn)
Updated: 2009-11-30 14:18

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Officials with the Insurance Association of China have consulted with representatives of Guangdong-based banks and insurance companies to launch a national convention of self-discipline of banks and post offices as insurance agencies, the 21st Century China Business Herald reported, citing a source in Guangdong.

Despite lengthy negotiations between Guangdong's insurance association and banking association since this June, the local convention on bancassurance self-discipline has gone nowhere.

"The negotiations are in a stalemate," said Guangdong Insurance Association's deputy general secretary Tang Qi, one of the negotiating representatives. "The problem lies in that life insurers pursue a lower commission rate while banks ask for a higher one."

Up until now, the two sides have been unable to decide the timetable of the convention launch. However...

The full text is available in the November Issue of China Insurance. Please visit E-Shop for more subscription details.