Regulatory commission to keep an eye on Internet insurance business

The China Banking and Insurance Regulatory Commission (CBIRC) unveiled measures on Monday for the supervision of Internet insurance businesses, intending to ensure the industry's sustainable development.

Due to the growing importance of digital technology in the insurance industry, government supervision is necessary to oversee its rapid development, according to the top industry watchdog.

In order to standardize the industry, mitigate risks, protect the rights and interests of policyholders, and improve the role of the insurance industry in the real economy, the CBIRC issued several important measures.

These measures will benefit consumers by clarifying the nature of the Internet insurance business, strengthen the principle of licensed operation and standardize insurance marketing behavior and after-sales services.

Regulatory authorities attach great importance to the development of digital technology in the insurance sector, said Wang Min, executive deputy general manager and secretary of ZhongAn Online P&C Insurance's board of directors.

“The promulgation of the measures will provide favorable conditions for the development of Internet insurance and lay a solid foundation for accelerating the digitalization and online transformation of the insurance industry,” Wang said.