China Insurance Regulatory Commission, Circular on Issues Relevant to Regulating the Engagement in Online Insurance by Personal Insurance Companies (Draft for Comments)
中国保险监督管理委员会关于规范人身保险公司经营互联网保险有关问题的通知 (征求意见稿)
April 28, 2014 | BY
clpstaff &clp articles &Issued: April 15 2014Main contents: For the purposes of the Circular, the term “online insurance” means matters relating to the formation of insurance…
Issued: April 15 2014
Main contents: For the purposes of the Circular, the term “online insurance” means matters relating to the formation of insurance contracts and the provision of insurance services by way of internet technology or mobile telecommunications technology. A personal insurance company that engages in online insurance is required to maintain solvency of Type II sufficiency while engaging in such business; its operating and business management systems are required to support operating functions such as online application, policyholder services, surrender and claims. as well as service functions such as transaction information storage, real-time document consultation, after-sale services and complaint handling; and it is required to secure a permit issued by, or record filing by, the competent online industry department for its operating website.
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