China to tighten supervision of country's online insurance business

By Reuters 2020-09-28T13:37:00

China’s banking and insurance regulator issued draft rules on Monday to rein in risks accumulated in country’s booming online insurance sector.

The rules, on which the regulator is seeking public feedback till Oct. 28, will ban unlicensed institutions and individuals from participating the online insurance businesses, including selling and offering consultancy services of insurance products, according to a statement released by the China Banking and Insurance Regulatory Commission (CBIRC).

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