Overview
On September 30, the Measures for the Administration of Online Marketing of Financial Products — jointly issued by eight ministries including the PBOC, MIIT, the market regulator, the financial watchdog, the securities regulator, the IP office, the cyberspace administration and the foreign-exchange authority — took effect. Marketing via official accounts, livestreams or short videos must occur on institutions’ own platforms or legally opened accounts, and marketers must be licensed employees with explicit authorization. Content may not exaggerate coverage or returns, nor equate insurance with deposits or asset-management products. Institutions must keep auditable records of audio, video and copy.
Background & Interpretation
1. Regulatory and Industry Context
While the internet became a key marketing channel, risks of false and misleading promotion persisted. This year alone, insurers have received 1,399 penalties for sales-conduct violations. The rule shifts supervision from occasional to regular checks, with rising penalties.
2. Core Drivers and Mechanisms
The rule rests on three pillars — qualification, authorization and record-keeping. Qualification screens out unlicensed influencers; authorization fixes institutional responsibility; record-keeping makes “who said what” verifiable, squeezing room for mis-selling. Equating insurance returns with deposits is explicitly prohibited.
3. Market Structure and Industrial Chain Effects
Licensed insurers and top brokers are upgrading compliance, often assigning dedicated roles to monitor agents’ online materials; celebrity appearances now require public license numbers. Near-term customer acquisition may slow, but industry credibility benefits long term.
Implications & Outlook
Online marketing enters an era of strict supervision and accountability. Compliance cost rises, yet compliance capability becomes a differentiator; livestream and private-domain models must shift from traffic- to trust-driven.
Takeaways for Industry Participants
Insurers should refine agent authorization and content review, and build channel-wide record systems. Agents must standardize scripts and disclose credentials. Platforms must enforce account access and content inspection.
This column compiles industry information and shares technical perspectives; it does not constitute investment advice.