Regulations Governing Insurance Agents Article 28

A bank that applies to suspend or terminate its insurance agent business in part or in whole shall describe reasons therefor and submit an application form and the minutes of its board of directors’ meeting to the competent authority for approval.A bank that applies to suspend its insurance agent business shall surrender the practice licenses of agents employed by it. A bank that applies to terminate its insurance agent business shall surrender the practice licenses of agents employed by it and its practice license for operating concurrently insurance agent business.A bank that has been approved by the competent authority to suspend or terminate its insurance agent business in part or in whole, or has its business permit revoked or voided and its practice license for operating concurrently insurance agent business cancelled but fails to surrender the practice licenses of agents employed by it, the employed agents should, within thirty days from the date the competent authority approves the bank to suspend or terminate its insurance agent business in part or in whole, or from the date the competent authority cancels the bank’s practice license for operating concurrently insurance agent business, submit relevant documents for registration cancellation through the agent association.The directions for the operation of cancellation registration mentioned in the paragraph 5 of preceding article and preceding paragraph shall be drawn up by the agents association.