CIRC hits at policies linked to World Cup
Print Edition
THE China Insurance Regulatory Commission is cracking down on the sales of insurance products related to gambling or betting amid the current World Cup.
The CIRC issued a notice yesterday to all insurance companies that they are strictly forbidden from selling insurance policies linked with gambling or betting.
The regulator plans to strengthen supervision and punish insurers who violate the notice, such as possibly preventing them from launching new policies temporarily.
The CIRC released the notice amid the ongoing World Cup held in Brazil, which saw some insurers to launch products linked to it.
Chongqing-based Ancheng Insurance on June 9 unveiled products through its online shops. “The World Cup Pity Policies” allow clients a life casualty claim of up to 10,000 yuan (US$1,606). They also allow them to claim if they bet the wrong team to win.
Others like Zhong’an Insurance sold products which insured drunk soccer fans or those staying up all night to watch games.
The regulator has criticized the policies as a joke to simply attract attention.
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