GUIDELINES FOR INSURANCE AGENTS APPLYING FOR CONCURRENT PROPERTY INSURANCE LICENSE AND LIFE INSURANCE LICENSE

07/01/2012

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On 29 December 2011, the Financial Supervisory Commission revised Article 22 of the Regulations Governing Insurance Agents. The revised provision provides that unless otherwise approved by the competent authority, an insurance agent can only apply for either the property insurance license or the life insurance license, but not both. The relevant approval guidelines were published on 29 June 2012 with immediate effect. The business scope under these Guidelines is limited to the solicitation of insurance business, e.g. explanation of the insurance products' main content and important liability and obligations, analysis on the applicant or insured' needs and suitability of insurance arrangement, examination and signing processes of the insurance proposal, and relevant work such as the transfer of insurance application documents and policies, collecting insurance premium, etc.