China steps up crackdown on insurance technology companies

China’s banking and insurance watchdog is stepping up scrutiny of the nation’s insurance technology platforms, widening a regulatory dragnet that has roiled global investors.
 

The regulator has ordered companies and local agencies to curb improper marketing and pricing practices, and step up user privacy protection, according to a notice seen by Bloomberg News. It encouraged companies to address these issues voluntarily and said those that failed to comply would face “severe punishment.”

The sweeping order goes beyond the targeted action that’s hit a few listed online platforms including Waterdrop Inc. and operations backed by Ping An Insurance Group Co. in