Daily Insurance Industry News
 
 
Daily Insurance Industry News
Friday 19th of January 2018
September 29, 2009

China sets new standards for personal accident market

by Gill Montia

Story link: China sets new standards for personal accident market

The China Insurance Regulatory Commission (CIRC) has set new standards for the country’s personal accident insurance sector.

Firms are being told to restrain their branches and agents from illegal activities and introduce uniform coding mechanisms on personal accident policies.

Insurers will also have to establish connections among policy providing systems, policy management systems and core business systems.

At the same time, they will be expected to improve their financial management techniques.

The CIRC will also be holding insurer to account over sales and pricing, the sector currently being riddled with incidents of random pricing, unauthentic and incomplete data, out of control distribution networks and fraudulent policy documents.

 

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