Entry into force of the law regulating online insurance

A new law governing the online insurance business will enter into force in China, on October 1st, 2015. The regulations will apply for a three-year periodto mobile or internet operators distributing insurance products.

Under this law entitled "Interim supervisory measures on internet insurance business", the Chinese regulator (CIRC) aims at encouraging the insurance market actors, companies and intermediaries to break new ground in this new distribution channel while ensuring the proper management of transactions. Measures are to be expected in IT, payment terms as well as disclosure requirements on insurance products available online.