CBIRC Releases Measures to Enhance Protection of Consumer’s Rights

On December 30, 2022, China Banking and Insurance Regulatory Commission (“CBIRC”) released the Measures for the Protection of Consumer’s Rights and Interests in Banking and Insurance Institutions (“Measures”), which will come into effect on March 1, 2023.

The Measures consists of 8 chapters and 57 articles. The Measures made provisions on the overall objectives, scope of institutions, responsibilities and obligations, institutions subject to the supervision and working principles. The Measures stressed efforts to improve the systems and mechanisms for the protection of consumer’s rights and interests, regulate the operations of banking and insurance institutions to protect the eight basic rights of consumers, and strengthen the supervision and administration of the industry. It also specified the duties of the CBIRC and its dispatched offices, the various banking and insurance industrial associations, and the industrial dispute mediation organizations, with provisions concerning the regulatory measures and penalties, the scope of application, the rights of interpretation, and the implementation period of the Measures.