The insurance license will be cancelled. Starting from June this year, insurance institutions will apply for a financial permit.

In order to further strengthen and standardize the management of bank insurance institution licenses, promote bank insurance institutions to operate in compliance with the law, the China Banking and Insurance Regulatory Commission has revised and issued the "Bank Insurance Institutions License Management Measures", which will be implemented from June 1, 2026. The revised measures have abolished the insurance license and clarified that insurance institutions will now be subject to financial licenses. It is understood that in order to further standardize the classification of licenses and facilitate better understanding of the institutions' licensed operations by the public, institutions that currently hold insurance licenses must apply for and exchange them for financial licenses with 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.