CBIRC Intends to Further Regulate the Development of Internet Property Insurance Business...
China Banking and Insurance Regulatory Commission Intends to Further Regulate the Development of Internet Property Insurance Business and Promote the Transformation of the Property Insurance Industry Online.
The CBIRC intends to further regulate the development of Internet property insurance business and promote the online transformation of the property insurance industry, clearly requiring surety company to meet six major requirements to carry out Internet property insurance business. Those who meet the conditions surety company may not set affiliated agency to carry out Internet property insurance business other than motor vehicle insurance and agricultural insurance nationwide.
The six conditions include: (1) compliance with relevant regulations the Insurance Law, the Regulation of Internet Insurance Business and other laws and regulations; (2) a comprehensive solvency margin of not less than 120% and a core solvency margin of not less than 75% for four consecutive quarters; (3) a risk comprehensive evaluation of B or higher for four consecutive quarters; (4) no major administrative penalties for Internet insurance business within one year; and (5) no significant (5) no serious infringement of insurance consumers' rights and interests in the operation of Internet property insurance business within one year; (6) other conditions stipulated by the China Banking Regulatory Commission.
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