These Regulations are adopted pursuant to paragraph 4 of Article 163 of the Insurance Act.

The term "independent agent" as used in these Regulations means a person who practices insurance agency business in his or her own name.
The term "agent company" as used in these Regulations means a company operating insurance agency business in the capacity of a corporate organization.
The term “bank” as used in these Regulations means a bank operating concurrently insurance agent business with approval of the competent authority.

Companies or banks that operate insurance agency business shall employ an agent and may assign the agent to perform insurance agency business, check, compliance, audit or other relevant operations.

An agent who has not obtained a practice license in accordance with these Regulations may not operate or practice.

Agents are classified into non-life insurance agents and personal insurance agents.
An agent who operates or practices business on behalf of more than one insurance enterprise shall forthwith inform those insurance enterprises.