60 insurance company licenses revoked and canceled

2026-02-28 08:09:31

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Beijing, February 27 — According to the State Administration for Market Regulation, starting in 2024, the administration will carry out actions to clean up and standardize the insurance intermediary market, improving quality. They will lawfully and systematically phase out insurance intermediary agencies that do not meet regulatory requirements or operate abnormally. Illegal and violations will be strictly investigated, and agencies that severely disrupt market order will have their business licenses revoked. From 2024 to 2025, a total of 3 insurance intermediary groups will be deregistered or revoked, along with 57 professional insurance intermediary legal entities; 3,730 branch offices of professional insurance intermediaries will be phased out, and 226 insurance agency agencies will be eliminated.

A responsible official from the relevant department of the State Administration for Market Regulation said they will solidify insurance intermediary supervision, improve regulatory systems, optimize the market structure, deepen reforms in insurance agency operations, and promote high-quality development of insurance intermediaries.

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