NCI Says CBIRC Document 65 to Drive Fee Discipline and Upgrade Bancassurance Model

At its 2026 interim results briefing, New China Life Insurance (NCI) revealed that the bancassurance channel has become an important engine driving the company's coordinated growth in scale and value. On August 27, Vice President Wang Lianwen presented the development of the bancassurance business at the meeting. Document 65 issued by the National Financial Regulatory Administration, formally titled the Notice on Further Strengthening the Management of Fees in Bank Agency Channels, is positioned as a landmark document advancing the "report-act consistency" policy in the bancassurance channel to a deeper level. The document focuses on refined fee management, reinforces operational responsibilities at each stage, and emphasizes the authenticity and compliance of fee expenditures in the bank agency channel, aiming to promote more standardized and orderly competition in the bancassurance market.

According to Wang Lianwen, the new regulation sets higher standards for insurers' fee control, compliance operations, and professional service capabilities. In the first half of 2026, NCI, with a long-term perspective, established the positioning of personal insurance and the bancassurance channel as its "dual core drivers." Previously, in 2025, the bancassurance channel had been elevated to a strategic level, and in 2026 it was further strengthened as a core channel. The company has held multiple strategic seminars on the development of the bank agency channel and the implementation of the new regulation, and in May it established a bancassurance strategic development leadership group, with corresponding bodies set up at the branch level to unify thinking and form a cohesive force.

In terms of specific measures, NCI has continued to deepen empowerment through technology, operations, and services, leveraging its ten major service systems—including healthcare, elderly care, finance, taxation, and legal services—to cover customers' full life cycles and diversified insurance protection needs. The company has strengthened its assessment orientation for the bancassurance business, progressively reinforcing the primary operational responsibilities of branches and grassroots institutions, promoting the "foundation-strengthening project" to serve lower-tier markets, and ensuring strategic implementation through business reviews and process supervision. In addition, the company plans to leverage its investment-side advantages, deepen strategic cooperation with banks, and accelerate the layout of high-net-worth client branch business to achieve coordinated improvement in product, service, and sales capabilities.

NCI will rely on the "insurance + service + investment" three-pronged synergy model to expand space for higher-quality development of the bancassurance channel. The company will continue to adhere to the direction of "stabilizing scale, optimizing structure, enhancing value, and strengthening compliance," further consolidating the growth momentum of its bancassurance business.