In order to maintain a fair and just financial market environment, effectively protect the legitimate rights and interests of consumers in the banking and insurance industry, and promote high-quality and healthy development of the industry, the China Banking and Insurance Regulatory Commission has formulated and issued the Administrative Measures for the Protection of the Rights and Interests of Consumers in Banking and Insurance Institutions (hereinafter referred to as the Administrative Measures), which will come into force as of March 1, 2023.

The Administrative Measures consists of 8 chapters and 57 articles, mainly including:

First, the provisions on the overall objectives, scope of the institution, responsibilities and obligations, regulatory subjects and working principles make it clear that bancassurance institutions bear the main responsibility to protect the legitimate rights and interests of consumers, and consumers have the obligation to be honest and trustworthy.

Second, regarding the consumer protection system and mechanism, the bank and insurance institutions are required to incorporate consumer protection into corporate governance, corporate culture construction and business development strategies, establish and improve consumer protection review, consumer appropriateness management, cooperative organization control, internal assessment and other working mechanisms, and guide the bank and insurance institutions to strengthen the construction of consumer protection system and mechanism, Build a comprehensive consumer protection system.

Third is to standardize the operation of bancassurance institutions and protect the eight basic rights of consumers. Including standardizing product design, information disclosure and sales, prohibiting misleading publicity, forced bundling and tying, unreasonable charges and other acts, and protecting consumers' right to know, right to independent choice and right to fair trade; We will standardize customer identification, business operation, underwriting and claims management, and protect consumers' right to property security and their right to claim compensation according to law; Strengthen consumer education and publicity, improve service quality, standardize marketing collection, and protect consumers' right to education and respect; Standardize the collection, use, transmission and external cooperation of personal information, and protect consumers' right to information security.

Fourth, strengthen the supervision and management of the industry, stipulate the responsibilities of the CBRC and its local offices, various banking and insurance industry associations, industry dispute mediation organizations, as well as relevant regulatory measures and penalties, strictly enforce the requirements for behavior supervision, specify the unified standards and discretion for similar businesses and subjects, and crack down on the disorder and acts that infringe on the rights and interests of consumers in accordance with the law.

Fifth is to clarify the scope of application, power of interpretation and implementation time.