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China Upgrades Accident Insurance Regulations

The insurers are being asked to check their branches and agents from illegal actions through uniform coding mechanisms on personal accident insurance policies

The China Insurance Regulatory Commission (CIRC) has introduced new standards in the country’s personal accident insurance sector, that has long been criticised by customers – reported China Daily.

The insurers are being asked to: check their branches and agents from illegal actions through uniform coding mechanisms on personal accident insurance policies; set up connections among policy providing systems, policy management systems and core business systems; as well as improve management on financial affairs.

CIRC stated that the insurance firms also have the responsibility to require their agents to sell valued polices of personal accident insurance in line with face premiums.

The Commission has detected various problems in this sector, such as random prices, irrelevant operating data, lack of control over distribution networks, incomplete information systems, and fake polices, quoted the Daily.