Rules to Regulate Online Insurance to Take Effect in February

The China Banking and Insurance Regulatory Commission recently issued Rules on Internet Insurance Business (Order No. 13 [2020]), which stipulate that internet insurance business must be carried out by licensed insurance institutions. If an institution is involved in insurance sales or insurance intermediary business both online and offline, its online and offline operations will be subject to separate sets of regulations. The measures set out the conditions and “special business rules” that internet-based insurers must meet. The measures will take effect on 1 February.

Source: China Banking and Insurance Regulatory Commission