Regulator Targets Hidden Risks in Online Insurance Marketing and Claims

Deep News
08/21

The National Financial Regulatory Administration's General Office has issued a comprehensive action plan to tackle irregularities within the non-auto insurance sector.

The new directive specifically focuses on cleaning up insurance operations conducted through internet platforms. A key priority is mitigating potential risks across several critical stages of the online insurance process, including promotional activities, channel partnerships, and the policy application and claims settlement phases.

Furthermore, the action plan aims to prohibit internet platforms from leveraging their market dominance to impose unreasonable fees on insurers. It also calls for strict enforcement against platforms found to be offering benefits not specified in the policy contract to policyholders, as well as those engaging in forced bundling of products, tied selling, or misleading sales practices.

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