Core Viewpoint - Tianan Life Insurance Co., Ltd. has had its insurance intermediary license revoked by the Financial Regulatory Bureau due to various governance and compliance issues, marking a significant event in the insurance intermediary sector in China [1][3]. Company Summary - Tianan Life Insurance was granted its insurance intermediary license on November 17, 2016, and it will officially exit the market on July 18, 2025 [1][2]. - The company was involved in a wide range of insurance services, including corporate property insurance, family property insurance, vehicle insurance, engineering insurance, liability insurance, credit insurance, guarantee insurance, marine insurance, cargo transportation insurance, special risk insurance, agricultural insurance, and accident insurance [1][2]. - The company faced penalties for governance report inaccuracies, unqualified executive roles, and improper asset management practices, leading to fines totaling 990,000 yuan for responsible personnel [2][3]. Industry Summary - The Financial Regulatory Bureau has noted a trend of insurance intermediaries exiting the market, with several companies, including Beijing Zhongheng Insurance Agency and Liaoning Xinyi Automobile Insurance Agency, also announcing their exit [3]. - The number of insurance intermediary institutions in China has decreased from 2,642 in 2019 to 2,539, a reduction of approximately 103 institutions [3]. - The insurance intermediary market is experiencing a "head concentration, tail clearance" trend, where leading firms dominate due to brand and service advantages, while smaller firms struggle to adapt to regulatory changes and declining commissions [4]. - The industry is shifting from a product-oriented approach to a user-oriented approach, with opportunities in wealth management and pension finance due to rising income levels and aging population [4].