Foreign Business Lobbies Ask China To Revise Cyber Insurance Draft Rules

[Ron Burgundy]

By Matthew Miller BEIJING (Reuters) - Foreign business lobbies have asked China to substantially revise proposed cyber security regulations for the insurance industry, signaling a dispute that started with the publication of similar bank technology rules earlier this year may widen. The draft regulations, announced by the China Insurance Regulatory Commission (CIRC) last month, state that insurance companies, along with their holding companies and asset managers, should prioritize the purchase of "secure and controllable" products, including domestic encryption technologies and local hardware and software. More than 20 foreign business lobbies, including the American Chamber of Commerce, the American Council of Life Insurers, and Japan Electronics and Information Technology Industries Association (JEITA), stated that such provisions would run counter to global information security standards, in a joint letter to CIRC which they delivered at the end of last month.

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