The China Banking Regulatory Commission publicly solicited opinions on the "Administrative Measures for the Disclosure of Personal Insurance Product Information (Draft for Soliciting Opinions)"

In order to regulate the information disclosure of personal insurance products, protect the legitimate rights and interests of the insured, the insured, and the beneficiary, and promote the healthy and sustainable development of the industry, according to the laws and documents such as the "Insurance Law of the People's Republic of China", the China Banking Regulatory Commission drafted the "personal insurance Product information disclosure management measures (draft for comments) "(hereinafter referred to as" Measures "), now publicly solicited opinions from the society:

"Measures" have 6 chapters and 32 articles. The first chapter "General Principles" clarify the legislative purpose, scope, and principles of the method. Chapter 2 "Information Disclosure and Discovery Method" clarifies the main body of the insurance company's disclosure of product information. The object of information disclosure includes the insured, the insured, the beneficiary, and the public. At the same time, it is clear that the China Insurance Industry Association, China Banking Insurance Credit and other institutions are industry public platforms for the disclosure of insurance product information, and provide authoritative information query channels for the public and insurance consumers. Chapter III "Information Discovery Content and Discovery Time" clarifies the product material information that insurance companies should disclose, including information on product terms, rates, cash value sheets, etc. closely related to consumer rights. Clarify the content of information disclosure of insurance products in the process of pre -sales, mid -sales, and after -sales, as well as information disclosure requirements for special population. Chapter 4 "Information Disclosure Management" clarifies that insurance companies should improve the management mechanism of internal product information disclosure, and the disclosure of materials shall be managed by the insurance company's head office. Essence At the same time, it is clear that the privacy management and information security management of insurance companies are clarified. Chapter 5 "Legal Responsibility" clarifies the responsibilities of relevant management personnel of insurance institutions in product information disclosure management, materials formulation, and use. At the same time, the supervision measures of insurance institutions and relevant responsible persons violated the measures. Chapter 6 "Affiliated" clarifies the implementation time of the method and the application of applicable rules.

The "Measures" is based on maintaining the fair competition order of the market, strengthening external supervision, and protecting the legitimate rights and interests of consumers as the starting point, and strengthen the authenticity, accuracy, integrity and timelyness of information disclosure. The "Measures" is based on improving the quality of information disclosure, optimizing information disclosure, and adapting to the trend of Internet technology application, so that insurance consumers can quickly obtain product key effective information. The "Measures" is guided by comprehensive and strict supervision in accordance with the law, strengthening the obligations of the information disclosure obligations of insurance institutions, and increasing the supervision and accountability of various types of information disclosure.

In the next step, the CBRC will further revise and improve the "Measures" in accordance with the feedback from all walks of life, and release the implementation in a timely manner.

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