The General Office of the China Insurance Regulatory Commission ("CIRC") has recently distributed the Circular on Strengthening the Reporting of Data and Management of Data Quality on the Insurance Policy Registration Management Information Platform for the Insurance Sector of China (the "Circular").
The Circular points out that all insurance companies must connect their own systems with the insurance policy registration platform in advance, as long as they do relevant business, and report and submit data in strict accordance with requirements on "T+1" transactions. The Circular makes it clear that insurance companies, while submitting information about insurance products, shall use the same full names of such products as those submitted to the CIRC for approval or record-filing, and may not use abbreviated products names. In addition, insurance companies shall neither suspend the submission of data with the excuse of transforming or upgrading relevant systems or facing with crashing systems or without any other unjustified reasons, nor clean the data in an artificial manner, assign values in a uniform manner or falsify the information intentionally; they are also banned to submit production-related data during any processes other than the production process. All issues sourced from the Chinese Insurance Information Technology Management Co., Ltd. ("CIITC") shall be settled within five working days. Furthermore, the Circular provides that any insurance companies newly approved shall apply to the CIITC promptly for the connection with the insurance policy registration platform, and complete such connection in strict accordance with applicable standards concerning the insurance policy registration platform.