Circular of the China Insurance Regulatory Commission on Strengthening the Administration of Guarantee Insurance Business on Internet Platforms
Circular of the China Insurance Regulatory Commission on Strengthening the Administration of Guarantee Insurance Business on Internet Platforms
Circular of the China Insurance Regulatory Commission on Strengthening the Administration of Guarantee Insurance Business on Internet Platforms
Bao Jian Chan Xian [2016] No.6
January 19, 2016
All property insurance companies,
In order to improve the administration of guarantee insurance business on internet credit platforms (hereinafter referred to as the "internet platforms") and boost the sustainable and healthy development thereof, the relevant matters are hereby notified as follows:
I. For the purpose of the Circular, the guarantee insurance business on internet platforms refers to the business of providing guarantee insurance services for both borrowers (applicants) and lenders (the insured) on internet credit platforms which serve as intermediaries. The insurance companies engaged in the guarantee insurance business on internet platforms shall aim at protecting the rights and interests of insurance consumers and follow the principles of fairness, equity, honesty and trustworthiness.
II. The insurance companies shall comply with the regulatory requirements on solvency for engagement in the guarantee insurance business on internet platforms. They shall, when operating the guarantee insurance business on internet platforms, fully consider the capital restrictions imposed on such business by the China Risk Oriented Solvency System, to ensure that the overall scale of such business matches their capital strength.
III.
......
Bao Jian Chan Xian [2016] No.6
January 19, 2016
All property insurance companies,
In order to improve the administration of guarantee insurance business on internet credit platforms (hereinafter referred to as the "internet platforms") and boost the sustainable and healthy development thereof, the relevant matters are hereby notified as follows:
I. For the purpose of the Circular, the guarantee insurance business on internet platforms refers to the business of providing guarantee insurance services for both borrowers (applicants) and lenders (the insured) on internet credit platforms which serve as intermediaries. The insurance companies engaged in the guarantee insurance business on internet platforms shall aim at protecting the rights and interests of insurance consumers and follow the principles of fairness, equity, honesty and trustworthiness.
II. The insurance companies shall comply with the regulatory requirements on solvency for engagement in the guarantee insurance business on internet platforms. They shall, when operating the guarantee insurance business on internet platforms, fully consider the capital restrictions imposed on such business by the China Risk Oriented Solvency System, to ensure that the overall scale of such business matches their capital strength.
III.
......