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National bancassurance self-discipline considered

(chinadaily.com.cn)
Updated: 2009-11-30 14:18

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National bancassurance self-discipline considered

Officials with the Insurance Association of China have consulted with representatives of Guangdong-based banks and insurance companies to launch a national convention of self-discipline of banks and post offices as insurance agencies, the 21st Century China Business Herald reported, citing a source in Guangdong.

Despite lengthy negotiations between Guangdong's insurance association and banking association since this June, the local convention on bancassurance self-discipline has gone nowhere.

"The negotiations are in a stalemate," said Guangdong Insurance Association's deputy general secretary Tang Qi, one of the negotiating representatives. "The problem lies in that life insurers pursue a lower commission rate while banks ask for a higher one."

Up until now, the two sides have been unable to decide the timetable of the convention launch. However...

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