Regulations Governing Insurance Brokers Article 28

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