On 23 July 2015, the China Insurance Regulatory Commission
(CIRC) circulated the Interim Supervisory Measures on Internet
Insurance Business (the Measures), which are set to come into force
on 1 October 2015 and will remain effective for a period of three
years. With the implementation of the Measures, the former
Supervisory Measures on Internet Insurance Business of Insurance
Agencies and Brokers (Trial), which have been effective since 1
January 2012, will now be superseded on 1 October 2015.
Internet insurance business and requirements
The Measures apply to the direct business, whereby insurance
institutions conclude insurance contracts and provide insurance
services through self-operated or third-party operated online
platforms, using internet and mobile communication technologies
(Internet Insurance Business). The Measures also apply to sales of
insurance products through instant messaging tools, Apps and social
network platforms.
