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China Issues Rules on Consumer Rights Protection of Banking and Insurance Institutions

Mon, 20 Feb 2023
Categories: China Legal Trends

On 26 Dec. 2022, China Banking and Insurance Regulatory Commission (CBIRC) released the “Measures for the Administration of Consumer Rights Protection of Banking and Insurance Institutions” (hereinafter the “Measures”, 银行保险机构消费者权益保护管理办法).

The Measures consists of a total of 57 articles, and requires banking and insurance institutions to:

  1. Fully assess the risks consumers may bear, and assess the risk levels of products when designing products;
  2. Disclose information on products and services in plain language and in a manner conducive to consumers’ reception and understanding;
  3. Disclose to consumers in a conspicuous manner the nature, interest, profits, and other key information on products and services;
  4. Avoid fraudulent, concealing, or misleading publicity;
  5. Avoid forced tie-in sale of products or services; and
  6. Avoid unfair pricing on consumers with the same trading conditions or risk profiles.

 

Cover Photo by Tzepang Ngaa on Unsplash

 

Contributors: CJO Staff Contributors Team

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