Foreigners Seek Changes to China's Cyber Insurance Proposals

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.