The photo taken on November 7, 2013 shows the office site of ZhongAn Online P&C Insurance Co., Ltd., the first internet insurance company in China, situated in Shanghai, east China. (Xinhua/Guo Changyao)
BEIJING, Sept. 29 (Xinhua) -- China Banking and Insurance Regulatory Commission (CBIRC) invited public comments for the internet insurance rules from Monday, reported financialnews.com.cn Tuesday.
CBIRC mapped out the draft rules to strengthen sector supervision as the rapidly expanding internet insurance in China brings about some problems and risks, in particular when the epidemic this year drives up internet insurance sector and its market share.
The draft rules provide that internet insurance business shall be carried out by legally-established insurance institutions, which refer to insurance firms and insurance intermediaries.
Insurance intermediaries here include insurance brokers, insurance assessors and insurance agents, to which professional insurance agencies, bank insurance agents and internet companies having obtained insurance agent business certifications belong.
Compared with the version for internal comments, the for-public-comments version debuted Monday reinforced requirements on license holding by related institutions and certificates holding by relevant staff to crack down inappropriate marketing activities, the newspaper reported. (Edited by Duan Jing with Xinhua Silk Road, duanjing@xinhua.org)
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