The Insurance Association of China has drafted an industry self-discipline convention on property and casualty insurance products, Shanghai Securities News reported July 26.
The draft guidance asks P&C insurers to be compliant to industry regulations when developing products and to participate in improving industry standardization levels.
They also include minimizing the use of irregular products while promoting information sharing mechanisms and product innovation.
Insurers that violate the convention may face inquiries or penalties including warnings and suspension of membership rights.
The association is currently seeking feedback for the planned rules.