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Shanghai plans credit-rating for insurance agents

By Su Yue (chinadaily.com.cn)
Updated: 2006-11-08 08:55

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The China Insurance Regulatory Commission (CIRC) Shanghai Bureau has mapped out a plan to evaluate intermediate insurance organizations in Shanghai for credit-rating purposes in the fourth quarter of this year. All intermediate agencies shall complete the related work by November 18.

According to sources with the CIRC Shanghai Bureau, the credit rating covers all intermediate insurance organizations in Shanghai including agents, brokers, public evaluation companies, and subsidiaries established in Shanghai by insurance brokerages and public evaluation firms registered in other regions.

Credit-rating will involve the participation of multiple parties. It consists of five parts: self-evaluation by the concerned intermediate agency, evaluation by companies in the same trade; evaluation by insurance companies, evaluation by the insurance applicants or the insured, in addition to evaluation given by insurance regulatory organizations.

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The full text is available in the November Issue ofChina Insurance.