(Bloomberg) The Chinese banking and insurance regulators are tightening regulations on the insurance technology platforms, a move that has annoyed global investors.
The regulator has ordered firms and local agencies to control improper marketing and pricing as well as improving their privacy protection.
The online insurance sector was expected to grow to $385 billion in 10 years but is likely to be affected by the new directive.
Operations like the crowd-sourcing healthcare platforms by Waterdrop and Ant Group Company have since been disrupted.
Online consultant iResearch has estimated that investors have put in about 45 billion yuan in the insurance technology sector.
Towards the end of last year, over 140 Chinese insurance companies had launched online insurance businesses collecting 298 billion yuan in premiums.
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