22 January 2019

CIRC prepares draft rules on online insurance sales, paper says

The China Insurance Regulatory Commission (CIRC) is said to be preparing to solicit public opinions on a draft policy on online insurance product sales, Shanghai Securities News reported Tuesday. Under the draft rules, online insurance business must be conducted under the name of the parent company, and sales must not be conducted outside the geographical areas the company is allowed to operate, the report said. The new policy allows insurance firms to offer gifts, free services or discounts on premiums to attract sales, but such complimentary offers should not exceed five percent of the total premium in value, the report said.

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