China to Tighten Supervision of Country’s Booming On-line Insurance policies Organization | Investing Information

BEIJING (Reuters) – China’s banking and insurance coverage regulator issued draft policies on Monday to rein in threats gathered in country’s booming on the net insurance plan sector.

The regulations, on which the regulator is trying to find community suggestions until Oct. 28, will ban unlicensed establishments and individuals from taking part the on-line insurance policies firms, together with offering and offering consultancy expert services of insurance policies solutions, in accordance to a assertion released by the China Banking and Insurance policies Regulatory Commission (CBIRC).

The regulations will also involve World wide web firms to get insurance policy licenses just before involving in the business, in accordance to the draft.”The speedy enhancement in the on line insurance plan sector has uncovered certain complications,” the CBIRC stated, “The procedures are to successfully defuse the dangers and secure the desire of individuals.”

The CBIRC mentioned in a Sept. 3 post that thriving on line mutual-support platforms advertising health care insurance policy have to have to be brought below certain regulations.

Xianghubao, operated by fintech big Ant Team, and Shuidihuzhu of Tencent Holdings are the dominant on line mutual-assist platforms advertising health care coverage.

(Reporting by Cheng Leng, Zhang Yan and Ryan Woo Enhancing by Toby Chopra)

Copyright 2020 Thomson Reuters.

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