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Multiple Chinese Insurers to Suspend Online Insurance Operations

News Snapshot:

A number of leading Chinese insurers have announced the suspension of online insurance operations following the release of tighter requirements for the sector. Insurers including Fubon Property and Xintai Life Insurance have recently announced that they will suspend online insurance operations starting from 1 January 2022. On 22 October the China Banking and Insurance Regulatory Commission (CBIRC) issued the “Notice Concerning Matters in Relation to Further Standardising Insurance Organisation Online Life Insurance Operations” (???????????????????????????), which ratchet up the requirements for online insurance operations. The Notice requires that insurance companies that engage in online life insurance operations satisfy requirements including: -…

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