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Amendments to the “Directions for Insurance Enterprises Engaging in Online Insurance Business”

In order to encourage insurance companies to promote FinTech and meet practical needs of their e-commerce activities, the FSC published the amendments to the aforementioned Directions on October 30, 2019. According to the amendments, the text of “insurance services approved by the competent authority” is added to the Paragraph 4 of Article 4 of the Directions, which defines the scope of online insurance services, to increase flexibility of the provision. Moreover, the text of “method(s) approved by the competent authority” is added to the Paragraph 1 of Article 8 and Paragraph 1 of Article 9 of the Directions, which specify identity verification methods, to make the provision flexible.
Visitor: 253   Update: 2019-12-12