Chinanews.com, December 31. According to the website of the China Banking and Insurance Regulatory Commission, the Life Insurance Supervision Department of the China Banking and Insurance Regulatory Commission recently issued a notice stating that in the next step, the Life Insurance Supervision Department of the China Banking Insurance Regulatory Commission will "make a good start" in the industry and implement new policies. The company’s product development, sales and other activities are continuously monitored, and insurance companies are resolutely cracked down on illegal development of insurance products, product speculation, misleading propaganda, etc., and will take regulatory measures or administrative penalties against the company in accordance with the law and strictly investigate the violations discovered. Responsibilities of relevant personnel.
The China Banking and Insurance Regulatory Commission will report the major problems found in the recent supervision of life insurance products and the review of the supervision report, as follows:
In terms of product design issues, one is long-term insurance and short-term issues.
For example, for a certain whole life insurance reported by Fosun Prudential, Tongfang Global Life, and Huatai Life, the product can be flexibly reduced, and there is no proportional limit, and there is a long-term and short-term risk.
For a certain whole life insurance reported by Sunshine Life, the product surrender rate in the first five years was too high, and there was a risk of long-term insurance and short-term insurance.
The second is the issue of universal insurance products.
For example, for a universal life insurance reported by China Life, its universal account is settled on a daily basis, but the filing materials do not indicate that it has the account management method and management ability of universal insurance on a daily basis, and there is a gimmick marketing risk.
Regarding product terms, the first is that the renewal agreement is unreasonable.
For example, for a certain medical insurance submitted by China Korea Life Insurance, Hotai Life Insurance, Fude Life Insurance and China Post Life Insurance, when the terms of the guarantee renewal period expires, if the company does not receive a non-renewal application, it will be deemed to have applied for renewal , Infringe on consumers' right to choose.
The renewal process of a certain accidental injury insurance submitted by Taiping Life is unreasonable and there is a risk of misleading.
Second, the renewal agreement is incomplete.
For example, the renewal application method and other contents of certain medical insurance submitted by Bank of Communications Health Union Life and China Life are missing.
Third, the medical prescription review agreement is unreasonable.
For example, in a medical insurance filed by Aixin Life, the insurance clause stipulates that the prescription review subject is a third-party service provider, not an insurance institution, and it does not clearly specify the review responsibility that the insurance company should bear.
Regarding the issue of product rate determination, firstly, there is a greater interest rate risk in product rate determination.
For example, in the two dual insurances submitted by Xintai Life Insurance and Evergrande Life Insurance, the profit test investment yield is too high, which is inconsistent with the company's investment ability and market interest rate trends.
Second, health insurance products are priced differently based on the results of genetic testing.
A certain disease insurance submitted by Hengqin Life Insurance stipulates that the rate level can be adjusted according to the results of genetic testing by designated institutions, which does not meet the requirements of the "Health Insurance Management Measures".
In terms of other problems, one is that the product submission materials are not standardized.
For example, the actuarial report of a certain medical insurance filed by Everyone Pension has not been signed by the chief actuary.
The second is that the qualifications of legally responsible persons are not in compliance.
For example, ICBC-AXA Life did not strictly comply with the relevant requirements of the "Management Measures for Insurance Clauses and Insurance Rates of Life Insurance Companies" (revised in 2015), appointing unqualified personnel as the company's legal liability.
In addition, the notification puts forward two requirements, as follows:
——Continuously strengthen product management.
All life insurance companies should earnestly implement the relevant product supervision policies and regulations, and product management personnel at all levels should earnestly check and review their product development and filing work.
The chief actuary shall implement the first responsibility of product review and check, find problems and deficiencies in product pricing and sales in a timely manner through product retrospective methods, and make timely corrections and improvements to effectively protect the legitimate rights and interests of consumers.
——Strictly implement regulatory requirements.
All life insurance companies should strictly follow the "Notice on Strengthening Standardized Management and Promoting the Stable Development of Life Insurance Companies' Annual Business" (Personal Insurance Department Han [2020] No. 577), and timely and comprehensively submit their business development plans for 2021. Make timely reports, and at the same time strengthen business management and sales behavior control, prevent misleading risks and radical business risks, and maintain stable operations and the legitimate rights and interests of consumers.
The notice pointed out that in the next step, the Life Insurance Regulatory Department of the China Banking and Insurance Regulatory Commission will continue to monitor the product development and sales of various companies at key points in the industry, such as the "good start" and implementation of new policies, and resolutely combat the illegal development of insurance products and product speculation by insurance companies. Stopping, misleading propaganda and other behaviors, and for the discovered violations of laws and regulations, the company will be subject to regulatory measures or administrative penalties in accordance with the law, and the relevant personnel will be held accountable.