China Insurance Regulatory Commission (CIRC), the country's top insurance regulator, has tightened regulations for insurers, insurance brokers, and insurance salespersons that sell non-insurance financial products to customers, according to a statement published on CIRC website on Thursday.
The regulator said in the statement that it has revised rules regulating the above-mentioned practices, effective from Oct.24. The new rules, tougher than previous ones that took effect in November 2014, stipulate that insurers, insurance brokers, and insurance salespersons are prohibited from selling non-insurance products, such as wealth management products, unless authorized by financial regulatory bodies.
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