The rules also limited what products could be sold online, including to accident cover, health insurance, term life insurance and a few others.
Companies have until the end of this year to comply with the regulations, or else they must stop selling insurance products online by Jan. 1.
According to the CBIRC, several companies had engaged in “improper innovation” and “disorderly competition” to the detriment of consumers’ rights. The regulator also noted an increase in complaints filed by customers against online insurance sellers, Bloomberg reported.
The move is part of Beijing’s efforts to clean up the technology sector, which has