Measures to regulate Net insurance
The China Banking and Insurance Regulatory Commission unveiled measures yesterday for the supervision of Internet insurance businesses to ensure their sustainable development.
Due to the growing importance of digital technology in the insurance industry, government supervision is necessary to oversee its development, according to the watchdog.
In order to standardize the industry, mitigate risks, protect the rights and interests of policyholders, and improve the role of the insurance industry in the real economy, the CBIRC issued several important measures.
It will clarify the nature of the business, strengthen the principle of licensed operation and standardize marketing behavior and after-sales services.
鈥淭he measures will lay a solid foundation for accelerating the digitalization and online transformation of the industry,鈥 said Wang Min, executive deputy general manager of ZhongAn Online P&C Insurance鈥檚 board of directors.
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