Letter to CIRC on Supervision Rules on Insurance Institutions Adopting Digitalised Operations

2016-06-02 | All chapters

The letter addresses sensitive requirements, for example data localisation, cross-border data transfer and ownership of source codes. The Supervision Rules are in urgent need of substantial revisions and would, if enacted in their current form, negatively impact the competitiveness of foreign goods and services suppliers, and actually undermine rather than promote China’s security interests. The European Chamber has asked that their adoption date be postponed to allow further stakeholder input.