China Insurance Regulatory Commission (CIRC) recently shed light on the regulation of online insurance services, providing legal support for this rapidly developing sector.
CIRC’s Provisional Measures for the Regulation of the Internet Insurance Business, issued 22 July, will take effect from 1 October for a period of three years. They will apply to insurance institutions and their online service platforms, and third-party online services.
“Before the provisional measures were issued, there were already a number of insurance companies and intermediary firms expanding into online insurance”, Zhan Hao told China Business Law Journal.
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