CBIRC seeks public opinion

With a view to effectively prevent and resolve risks, protect consumers’ rights and interests, and promote the high-quality development of Internet insurance business, the CBIRC drafted the Regulations on Internet Insurance Business for Consultation and released it for public comments.

The Regulations on Internet Insurance Business (for Consultation) consists of 83 articles in five chapters, including general rules, basic business rules, special business rules, supervision and management, and supplementary rules. The key regulations include: clarifying the nature of Internet insurance business, as well as the applicable and relevant policies; putting forward operating requirements on Internet insurance business, strengthening the principle of licensed operation, defining the self-operated network platform of licensed institutions, stipulating the operating conditions of licensed institutions, and specifying the prohibited behaviors of non-licensed institutions; standardising insurance marketing conducts, stipulating the requirements on management and standards for business conducts; standardising after-sales service in the whole process to improve consumer experience; conducting classified supervision of business entities, and stipulating “special business rules” on the basis of “basic business rules” for Internet insurance companies, insurance companies, insurance intermediaries and Internet enterprises conducting insurance agency business; Innovating and improving regulatory policies and measures, and making transitional arrangements for policy implementation.

In the next step, the CBIRC will continue to closely follow and study new developments and issues in the Internet insurance sector, listen to opinions and suggestions from the general public, issue supporting policies in a timely manner, and gradually build an all-round Internet insurance regulatory system, so as to promote the sustained and healthy development of Internet insurance business.