China’s banking and insurance coverage watchdog is trying to stiffen its oversight of insurance coverage corporations to restrict monetary dangers and put out a draft guideline to attain that objective because the nation appears to recuperate from its COVID-19 pandemic-triggered financial struggles, in line with Reuters.
The China Banking and Insurance Regulatory Commission (CBIRC) is soliciting public enter on the draft rules, which might amend a 2010 coverage. Among the proposed adjustments are requiring insurance coverage group corporations to construct a transparent and clear shareholding construction and arrange mechanisms to alert potential contagious dangers, in line with a press release on CBIRC’s web site.
CBIRC’s suggestion additionally contains asking insurance coverage corporations to enhance the oversight of their non-insurance subsidiaries and make disclosures accordingly.
The new rules would implement a “thorough, continuous and penetrating supervision” over insurance coverage group corporations, the CBIRC assertion says.
China has 12 insurance coverage group corporations, together with Ping An Insurance Group Co and Dajia Insurance Group Co., previously Anbang Insurance Group.
Related: China Regulators Cracking Down on Peer-to-Peer Sharing Economy
Of course, insurance coverage isn’t the one space that has Chinese regulators on alert. China’s State Administration of Market Regulation (SAMR) mentioned on Monday (Aug. 30) that it plans to tighten its supervision over the nation’s peer-to-peer (P2P) sharing financial system, which may develop 10 % yearly for the following 5 years.
Bikes and cell phone chargers are among the many hottest shared merchandise in China. SAMR will regulate cellphone charger platforms and contemplate imposing fines on meals supply firm Meituan for its acquisition of the bike-sharing startup Mobike.
Didi Global additionally provides social ridesharing and bikesharing to greater than 550 million Chinese customers, and has its personal autonomous driving division.
China additionally introduced tighter rules that can restrict how lengthy minors can play video video games this week.
Also learn: China’s New Digital Double Standard Would Hobble Big Tech While Helping Itself To Data
A brand new information and shopper privateness legislation will take impact in China in November, probably making it harder than ever for Big Tech corporations (particularly U.S. corporations) to compete there.
The Personal Information Protection Law (PIPL) has some key variations from different rules that govern information assortment and transmission, such because the European General Data Protection Regulation (GDPR). China is reportedly nonetheless going to have a big attain into shoppers’ non-public data.
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