China Monthly Data Protection Update - January 2023

Legislation

CBIRC formulated and promulgated the Administrative Measures for the Protection of Consumers' Rights and Interests by Banking or Insurance Institutions

On December 30, 2022, in order to maintain a fair and equitable financial market environment, effectively protect the legitimate rights and interests of consumers in the banking and insurance industries, and promote the high-quality and healthy development of the industries, the China Banking and Insurance Regulatory Commission ("CBIRC") formulated and promulgated the Administrative Measures for the Protection of Consumers' Rights and Interests by Banking or Insurance Institutions, which requires to standardize personal information processing of banking and insurance institutions, so that the industries can effectively protect the personal information security of consumers while giving full play to the data value. ¹