Watchdog Vows to Rein In Online Quasi-Insurance Firms

(Beijing) — China’s insurance regulators have vowed to continue to monitor the growing number of unregistered online providers offering insurance-style products, an action they said will protect consumers.

The China Insurance Regulatory Commission (CIRC) recently met with executives of several “mutual assistance platforms,” most launched by internet startups that sell insurance-style plans through applications on cellphones, according to a statement posted on the insurance watchdog’s website on Thursday.