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China Goes After Online Insurance in Widening Crackdown

  • Insurance watchdog told companies to curb improper practices
  • Online insurance sector was expected to grow to $385 billion
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China Regulators Widen Crackdown
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China’s banking and insurance watchdog is stepping up scrutiny of the nation’s insurance technology platforms, widening a regulatory dragnet that has roiled global investors.

The regulator has ordered companies and local agencies to curb improper marketing and pricing practices, and step up user privacy protection, according to a notice seen by Bloomberg News. It encouraged companies to address these issues voluntarily and said those that failed to comply would face “severe punishment.”