罕见批复！中国邮政：获批保险兼业代理...

Core Viewpoint - The approval of China Post to operate insurance agency business marks a significant development in the insurance intermediary market, being the first insurance agency license granted directly by the Financial Regulatory Bureau since its establishment, and highlights the growing role of postal services in the insurance sector [1][6][9]. Group 1: Approval Details - The Financial Regulatory Bureau has granted China Post the license to operate as an insurance agency, following the approval of Postal Savings Bank, making it the second agency license for a postal entity [1][6]. - The scope of the insurance agency business includes various types of insurance such as auto insurance, liability insurance, life insurance, and health insurance, similar to other agency institutions [2][4]. - The approval document specifies that the agency business must be conducted through designated agency outlets, which raises questions about the historical role of postal outlets in selling insurance [2][18]. Group 2: China Post's Insurance Layout - China Post currently holds one life insurance license and two agency licenses, indicating a strategic positioning in the insurance market [3][9]. - The number of insurance intermediaries has been decreasing, with a drop from 2,642 to 2,539 institutions from 2019 to the present, reflecting a consolidation trend in the market [4]. Group 3: Historical Context - China Post has a long history in the insurance sector, having started selling insurance in 1987, which contributed to the growth of the insurance industry, especially in rural areas [10][12]. - Following the establishment of Postal Savings Bank, China Post ceased to engage in insurance agency business to avoid competition, leading to the voluntary cancellation of several agency licenses since 2010 [14][17]. Group 4: Operational Framework - The agency outlets for insurance sales are primarily those of Postal Savings Bank, which has a network of 31,000 outlets, significantly larger than its self-operated outlets [18][20]. - The commission and fees from insurance sales through these agency outlets are projected to reach 640 million in 2024, with a structured payment system in place for commissions based on sales [20].