CBIRC: The scope of “Double Recording” requirement in insurance is extended to life insurance, new car insurance, financing credit insurance, and so on
China Banking and Insurance Regulatory Commission recently issued the "Management Measures for Traceable Behaviors in Insurance Sales(Draft for Solicitation of Opinions)" (hereinafter referred to as the "Measures"). Compared with the current 2017 version, the main change is that the scope of "double recording(video and audio recording)" is expanded. Except for ultra-short-term travel products, ordinary term life insurance, whole life insurance, and endowment insurance, all other life insurances are included in the “double recording” list. Meanwhile, new car insurance, financing credit insurance and guarantee insurance are also added. In addition, the "Measures" has more detailed requirements for double recording behavior.
Ma Xiao, chief researcher of Huize Singularity Research Institute, said in an interview that refining offline double recording regulations can further protect the rights of consumers and reduce misleading sales. Meanwhile, the complication of offline double recording will facilitate the online transformation and informatization of insurance application process. The new double-recording regulations will benefit those insurance service institutions with relatively mature online operations.
Source: [http://www.nbd.com.cn/](http://www.nbd.com.cn/)
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