SCIO briefing on reform and development of China's banking and insurance sectors in 2020
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E-mail China.org.cn, January 25, 2021
ThePaper.cn:
Recently, some online mutual-help platforms have developed rapidly but have the characteristics of commercial insurance companies by nature. However, there are currently no clear regulatory bodies or standards, leaving them unsupervised. The internet company Meituan recently announced the closure of its internet mutual-help platform. How will the supervision administration supervise internet mutual-help platforms and better regulate the insurance market? Thank you.
Xiao Yuanqi:
Thank you for your question. Meituan's mutual-help platform indeed announced at 5 o'clock on Jan. 15 that they would officially stop its service on Jan. 31. A few days ago, Baidu also stopped its internet mutual-help platform, which gave rise to great concerns. The main reason for Meituan to close its mutual-help platform is that they had deviated from their main business and adverse selection risks had been mounting in the company. Next, we will further focus on the mutual-help services of internet companies, learn their operational methods and risks, and take corresponding measures accordingly. Thank you.
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