Friday, March 23, 2018

China’s public insurance adjusters to see more scrutiny

Public insurance adjusters in China will be seeing more restrictions from the country’s insurance regulator.

In a statement published on its website, the China Insurance Regulatory Commission (CIRC) said public insurance regulators should be organised as either partnerships or corporations, employing professional staff for insurance adjustment.

The commission emphasised that the rules require the public insurance adjuster as a partnership to include no less than two public adjusters.

At least two-thirds of its partners should be practitioners with at least three years of professional experience who have not been banned from work in the last three years.

By composition, a public insurance adjuster is a corporation that should include no less than eight public adjusters and two shareholders.

Its shareholders are bound to the same requirements that apply to the above-mentioned partners.


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