The General Administration of Financial Supervision issued the Measures for the Administration of Insurance Sales Behavior.

　　Cctv newsAccording to the website of the General Administration of Financial Supervision, in order to protect the legitimate rights and interests of the insured, the insured and the beneficiaries, standardize the insurance sales behavior and unify the supervision requirements of insurance sales behavior, the General Administration of Financial Supervision recently issued the Measures for the Administration of Insurance Sales Behavior (hereinafter referred to as the "Sales Measures") according to the Insurance Law of People’s Republic of China (PRC) and the Guiding Opinions of the General Office of the State Council on Strengthening the Protection of Financial Consumers’ Rights and Interests, which will take effect on March 1, 2024.

　　There are 6 chapters and 50 articles in the Sales Measures, which divide insurance sales behavior into three stages: pre-sales behavior, in-sales behavior and post-sales behavior, distinguish the characteristics of different stages and regulate them respectively. The first is the behavior management before insurance sales, which regulates the business scope, information system, terms and terms, information disclosure, product classification and grading, sales staff grading and sales promotion of insurance companies and insurance intermediaries. The second is behavior management in insurance sales, which requires insurance companies and insurance intermediaries to know customers and sell them properly, prohibit compulsory tying and default checking, inform the identity and related matters when selling, and prompt the responsibility to be relieved and exempted. The third is the behavior management after insurance sales, which puts forward requirements for policy delivery, return visit, notice of change of long-term insurance personnel, prohibition of behavior after personnel change, and surrender.

　　"Sales Measures" is an important measure taken by the General Administration of Financial Supervision to implement the people-centered development idea and effectively improve the sense of acquisition of insurance consumers. It is also the basic link to improve the behavior supervision system and build a supervision framework for insurance sales behavior. The promulgation of the "Sales Measures" reflects the political and people-oriented nature of financial supervision, helps to improve the standardization of sales behavior in the insurance industry, and effectively enhances the sense of acquisition and satisfaction of insurance consumers.