CBIRC Seeks Public Comments on the Decision on Revising the Administrative Measures for Information Disclosure for New-type Personal Insurance Products
The China Banking and Insurance Regulatory Commission ("CBIRC") has recently drafted and issued the Decision on Revising the Administrative Measures for Information Disclosure for New-type Personal Insurance Products (Draft for Comment) (the "Draft for Comment") for public consultation by June 24, 2019.
The Draft for Comment proposes that Article 10 of the Administrative Measures for Information Disclosure for New-type Personal Insurance Products is revised to read: "Insurance companies shall complete their follow-up surveys of new-type personal insurance products among insurance applicants within the cooling-off period. The follow-up surveys shall be conducted via phone calls or in an electronic manner first; if follow-up surveys conducted by these means fail, insurance companies may use correspondence or face-to-face meetings for this purpose, but must obtain receipts with the signatures of insurance applicants. However, if follow-up surveys carried out by all aforesaid means are unsuccessful, insurance companies shall record in detail the attempted follow-up surveys, reasons why follow-up surveys conducted by all these means are unsuccessful, and other relevant particulars. The follow-up surveys carried out in an electronic manner, as stated in the preceding paragraph, refer to the surveys in which such technologies as mobile internet are deployed to verify the truthfulness of client information with the insurance applicants and confirm that the insurance applicants know well the contents of insurance contracts, the cooling-off period and other rights. Insurance companies shall safekeep voice records of their phone calls, electronic data and other supporting materials, in relation to their follow-up surveys, for a period of at least a decade that starts from the date when insurance contracts expire."