Business

Yirendai Joins PICC Property and Casualty To Launch Surety Insurance Program

China-based Yirendai Ltd, a fin-tech company in China connecting investors and individual borrowers, is partnering with PICC Property and Casualty Company Limited, a property and casualty insurance company in Mainland China, to launch a surety insurance program.

Under the terms of the Agreement, PICC P&C will provide surety insurance for loans, with  maximum term of 12 months and maximum contract amount of RMB 200,000 ( USD 31,000 approximately) which are facilitated through Yirendai's online marketplace. PICC P&C will charge borrowers an insurance premium and will reimburse lenders their principal and expected interest in the event of loan defaults within the agreed scope of the Agreement.