China Insurance Consumer Protection Issues Reviewed by China's Economy & Policy-Gateway International Group18 Jul 2012 • by Natalie Aster
The Insurance Consumer Protection Agency was established by the China Insurance Regulatory Commission at the end of October 2011 to put the issue of protecting the rights and interests of consumers in a more prominent position. The establishment of the Insurance Consumer Protection Agency is in line with the new trend in international insurance regulation. Nevertheless, China’s insurance industry continues to face many challenges in protecting the interests of consumers and there are still many unresolved problems. This article provides an analysis of this issue.
Insurance consumers are people who enjoy the right to claim against the insurer in accordance with the insurance contract; they include policyholders, insurants, beneficiaries, and third party liability insurance claimants. The specific rights of insurance consumers are set out by law.
The new report "Insurance Consumer Protection Issues in China" by China's Economy & Policy-Gateway International Group states that the concept of an insurance or financial consumer is based on an informal definition which is used in the field of economics or in government financial policies. There is no strict definition of its meaning, let alone a legislative definition. Although the concept of an insurance consumer has not been defined in legislation, it does not affect the protection attached to the legitimate rights of policyholders, insurants, beneficiaries, and third party claimants involved in insurance transactions. After the international financial crisis, the insurance industries in developed countries strengthened their protection for the parties involved in insurance transactions in terms of financial regulation policies by introducing laws to protect the rights of financial consumers.
Insurance Consumer Protection Issues in China
Published: May, 2012
Price: US$ 200,00
The rights and interests of insurance consumers include both the common rights enjoyed by all consumers and the unique rights and interests of consumers who purchase products from the insurance industry. According to the laws, regulations, and policies set out in the Law of the People’s Republic of China on the Protection of the Rights and Interests of Consumers, the Insurance Law, and other legal documents, insurance consumers enjoy the following rights and interests: the right to security, the right to be informed, the right to choose, the right to fair trade, the right to make a claim, the right to education, the right to privacy, and the right to supervise.
More information can be found in the report “Insurance Consumer Protection Issues in China” by China's Economy & Policy-Gateway International Group.
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