The China Insurance Regulatory Commission (CIRC) has issued bans on the issuance of new products for three life insurance firms, the Bank of Communications Life Insurance, Greatwall Life Insurance and ABC Life Insurance for violation of regulatory provisions. This came amid the country's efforts to intensify financial regulation and supervision to contain financial risks. According to a statement released by CIRC in Beijing, the ban was imposed because these companies had not provided adequate information about their policies or procedures regarding the use of artificial intelligence (AI) technology. The CIRC plans to strengthen its supervision and be more stringent against financial risks.
The China Insurance Regulatory Commission (CIRC) has issued bans on the issuance of new products for three life insurance firms, the Bank of Communications Life Insurance, Greatwall Life Insurance and ABC Life Insurance for violation of regulatory provisions. According to a statement released by CIRC in Beijing, the ban was imposed because these companies had not provided adequate information about their policies or procedures regarding the use of artificial intelligence (AI) technology. The CIRC plans to strengthen its supervision and be more stringent against financial risks.