Guangxi Financial Supervision Bureau Orders Rectification for Entities Misusing "Insurance Agent" and "Insurance Broker" Titles

Deep News08-12 16:31

On August 12, the Guangxi Financial Supervision Bureau issued a public notice regarding the rectification of business entities that improperly use terms such as "insurance agent" and "insurance broker" in their names or business scopes.

The bureau stated that insurance agency and insurance brokerage operations are classified as licensed financial businesses. Entities that include terms like "insurance agent," "insurance concurrent agent," "agency insurance," or "insurance broker" in their company names or business scopes, and are actually engaged in insurance agency or brokerage activities, must legally obtain approval from the National Financial Regulatory Administration or its local branches.

For entities that do not conduct insurance agency or brokerage business and have not secured the required licenses, the bureau urges them to promptly apply to the business registration authority to amend their names and business scopes, removing phrases such as "insurance agent," "insurance concurrent agent," "agency insurance," and "insurance broker."

Any business entity that fails to comply with this rectification notice will face legal action from financial regulatory and market supervision departments. If violations are found, they will be subject to strict penalties according to the law.

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