Insurance intermediaries

The Chinese authorities have unveiled the new criteria for the admission of insurance intermediaries. The latter must, henceforth, have a minimum capital of 15.7 million USD and own at least five subsidiaries.
Moreover, brokers have to report a minimum of 50% of their turnover from two of these subsidiaries, and cannot earn the title of «group» without the consent of the authorities.
The improvements of these criteria show the legislator’s will to extend its control and promote a healthy market of intermediaries.