Hong Kong and Macao insurance agents test the water in the Mainland

China Insurance Regulatory Commission approved the establishment of the Hong Kong insurance brokers De Shenzhen Representative Office, as the light Yuan approved the chief representative. This is the opening up of insurance agents in the Mainland, Hong Kong and Macao set up wholly-owned for nearly a year since the first insurance agency in Hong Kong and Macao set up a representative office in the Mainland, Hong Kong and Macao have yet to insurance agents in the Mainland to set up wholly-owned.

This year on January 1, the China Insurance Regulatory Commission to allow eligible Hong Kong and Macao insurance agencies in the Mainland to set up wholly-owned insurance agency. The China Insurance Regulatory Commission, Hong Kong and Macao to set up wholly-owned insurance agencies in harsh conditions, applicants must be Hong Kong and Macao's local professional insurance agents; operating insurance agency business for over 10 years; an application before the 3-year average annual revenue No less than 500,000 Hong Kong dollars, an application by the end of last year, the total assets of not less than 500,000 Hong Kong dollars; to apply for 3 years before they have committed serious misconduct by the record punished.

So far, there is no Hong Kong and Macao to enter the mainland insurance agencies. In response, Kim Chen, chairman of the International Insurance Brokers Co., Ltd. Wang Jin believes that Hong Kong and Macao insurance agents did not enter the mainland, mainland enterprises have long been with the business. For example, the company entered the mainland through Hong Kong, the first insurance policy in Hong Kong to do a good job, and then to the mainland to the insured. "Hong Kong insurance agency companies, there is no need to set up wholly-owned domestic, so that was also saved, as well as industrial and commercial registration and taxation procedures."

A Hong Kong insurance agency companies also said that the mainland insurance market for insurance intermediaries in Hong Kong and Macao have been more open, would like to enter the mainland market, most of these organizations are already through various channels, such as joint ventures, etc., to complete the creation of institutions, and with the Mainland intermediary company, Hong Kong and Macao's advantages as an intermediary is not clear.