China issues internet insurance law

The China Insurance Regulatory Commission (CIRC) recently circulated the Interim Supervisory Measures on Internet Insurance Business (the Measures), which will remain effective for a period of three years.

With the implementation of the Measures, the former Supervisory Measures on Internet Insurance Business of Insurance Agencies and Brokers (Trial), which have been effective since January 2012, will now be superseded.

The Measures apply to the direct business, whereby insurance institutions conclude insurance contracts and provide insurance services through self-operated or third-party operated online platforms, using internet and mobile communication technologies. The Measures also apply to sales of insurance products through instant messaging tools, Apps and social network platforms.