China sets original standards for personal accident market

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

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

Insurers make also have to establish connections among policy providing systems, policy directorship systems and core business systems.

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

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