The China Banking and Insurance Regulatory Commission has issued the "Regulations on the Management of Bank and Insurance Institution Licenses" to further enhance the responsibility of institutions in managing their operations.

On February 6, the China Banking and Insurance Regulatory Commission issued the "Banking and Insurance Institutions License Management Measures", which will be implemented starting from June 1, 2026. Officials from the relevant department answered questions from reporters regarding the issues. The "Measures" adhere to the principles of financial franchising and licensed operation, mainly regulating the management of banking and insurance institutions licenses. Following the principles of "strengthening responsibility, strict enforcement, and improving service", the Measures further strengthen the main responsibilities of institutional management, enhance compliance with license management, and rigorously punish any illegal activities in the use of licenses. At the same time, it focuses on optimizing work processes to facilitate banking and insurance institutions, improve efficiency. In terms of strengthening the supervision of license management, the Measures propose the following main measures: First, to strengthen the subject responsibility of banking and insurance institutions in license management. Institutions are required to incorporate licenses into their internal control compliance management, establish sound license management systems, set up license management positions, regularly organize license checks, and strengthen compliance management. Second, to refine and improve administrative penalty standards. Based on the nature and seriousness of violations, a classification of administrative penalty standards is set, with added penalty clauses for responsible persons. At the same time, in accordance with the relevant provisions of the "Administrative Penalty Law of the People's Republic of China", institutions that actively eliminate or reduce the harmful consequences of illegal behavior may receive lenient or reduced penalties. Third, to prevent the risks of illegal operation. After an institution exits and returns its license, it should apply for changes or cancellations with the market supervision department in accordance with the law, ensuring the connection of licensing management procedures. In cases where institutions exit but do not return their licenses to the regulatory department, and the regulatory department is unable to collect them, the regulatory department will announce the invalidation of the license, better safeguarding the public's right to information. Starting from June 1, 2026, insurance institutions will use financial licenses. Institutions that already hold insurance licenses must apply for a financial license from the China Banking and Insurance Regulatory Commission or its designated agencies between June 1, 2026 and May 31, 2028, and simultaneously return their original insurance licenses. For institutions that still temporarily hold their original insurance licenses based on the arrangements for the change of licenses, the original license will remain valid until June 1, 2028. The original text continues with the detailed regulations on license management, governance, and penalties for violations.