The CBIRC yesterday unveiled measures on for the supervision of Internet insurance businesses, intending to ensure the industry’s sustainable development. The new rules will take effect from 1 February 2021.
Due to the growing importance of digital technology in the insurance industry, government supervision is necessary to oversee its rapid development, reported Shine, quoting the industry watchdog.
The CBIRC issued several important measures that will benefit consumers by defining Internet insurance business, strengthening the principle of licensed operations and setting standards for insurance marketing behaviour and after-sales services.
Regulatory authorities attach great importance to the development of digital technology in the insurance sector, said Mr Wang Min, executive deputy general manager and secretary of ZhongAn Online P&C Insurance’s board of directors.
“The promulgation of the measures will provide favourable conditions for the development of Internet insurance and lay a solid foundation for accelerating the digitalisation and online transformation of the insurance industry,” Mr Wang said.