Can type trump substance? Not after it comes to the dealing of insurance, according to brand new regulations issued by the dishware Insurance Regulatory Commission (CIRC).
The Financial Times reports with the purpose of China’s insurance manager has banned “exotic” insurance products as part of a broader shove to put a ceiling on the trade of non-traditional products.
The brand new regulations cover products “where the insured event will not effect in every loss to the customer” and “products with veto real content, somewhere the tenacity of the creation is in place of creating marketing propaganda.”
Smog insurance, overtime insurance with the purpose of pays prevented if the insured is on the department behind 9pm, and so-called gourmets’ insurance with the purpose of provides cover contrary to indigestion are along with the non-traditional products at this time banned by China’s manager.
Insurers comprise occasionally used these exotic products as promotional tools, with attention-grabbing advertisements with the purpose of seek to attempt viral, the FT reports.
The brand new regulations move toward individual month behind the CIRC cracked down on insurers with the purpose of retail dumpy designate nest egg called universal insurance products, proceeds of which were used to bank acquisitions.
CIRC chairman Liu Shiyu warned insurers not to befall “barbarians” and “robbers” by destructively acquiring companies in leveraged buyouts.