China News Service, December 30th. The China Banking and Insurance Regulatory Commission issued the "Administrative Measures for the Protection of Consumer Rights and Interests of Banking and Insurance Institutions" on December 30th.

Among them, the red line of behavior is clearly delineated for the chaos and outstanding problems that strongly reflect the masses.

  What provisions does the new regulation make in terms of protecting the rights and interests of consumers?

Screenshot of the China Banking Regulatory Commission website

Do not exaggerate product benefits

  The "Measures" clarify that banking and insurance institutions should disclose to consumers in a prominent manner key information that may affect consumers' major decisions, such as the nature of products and services, interest, income, fees, rates, major risks, liability for breach of contract, and exemption clauses.

Loan products shall clearly indicate the annualized interest rate.

  In addition, banking and insurance institutions shall not conduct fraudulent, concealed or misleading publicity, and shall not make false or misleading publicity such as exaggerating product benefits or service rights, concealing product risks, etc.

It is not allowed to unilaterally activate fee-based services for consumers

  In response to problems such as "excessive fees", "overlord clauses" and "beheading interest", the "Measures" require that in the process of selling products or providing services, banking and insurance institutions should protect consumers' right to choose independently, and the following situations must not exist: (1) Mandatory bundling or tying of products or services; (2) unilaterally opening fee-paying services for consumers without the consent of consumers; (3) taking advantage of business convenience to forcefully designate third-party cooperative agencies to provide fee-paying services for consumers; (4) Using improper means to induce consumers to buy other products; (5) Other circumstances that infringe consumers' right to choose independently.

  At the same time, banking and insurance institutions shall protect consumers' right to fair transactions, and shall not have the following circumstances: (1) unreasonably aggravate consumer responsibilities, limit or exclude consumers' legitimate rights in standard contracts; (3) Deduct interest in advance from the loan principal; (4) Pay consulting fees to third parties in addition to the product and service charges agreed in the agreement (5) Restrict consumers from seeking legal remedies; (6) Other circumstances that infringe consumers' right to fair trade.

Claims shall not be delayed or refused without reason

  In response to the issue of "hollowing out underwriting and underwriting claims", the "Measures" stipulate that insurance companies should be diligent and responsible, and after receiving insurance requirements from policyholders, promptly and prudently review the subject of insurance provided by the policyholder or the relevant information of the insured .

An insurance company shall implement version management of the rules and standards for underwriting and claim settlement, and shall not re-examine the relevant conditions of the subject matter of insurance or the insured after the occurrence of an insured accident with standards different from those at the time of underwriting.

  In response to the problem of "difficulty in claim settlement", the "Measures" stipulate that after the insurance company receives the insured or the beneficiary's request for compensation or insurance payment, it shall deal with it in a timely manner in accordance with laws, regulations and contractual agreements, and shall not delay the claim settlement or refuse the claim without reason .

Respect the usage habits of the elderly and 

speed up the construction of online channel accessibility

  The "Measures" require that banking and insurance institutions should actively integrate into the construction of an age-friendly society, optimize the layout of outlets, respect the usage habits of the elderly, retain and improve manual services, and continuously enrich aging-friendly products and services.

  Banking and insurance institutions should fully guarantee the right of the disabled to obtain financial services fairly, accelerate the construction of barrier-free online channels, and provide more detailed and humanized services.

Qualified business outlets should provide barrier-free facilities and services to better meet the daily financial service needs of people with disabilities.

Consumers have the right to refuse or unsubscribe marketing information

  The "Measures" clarify that banking and insurance institutions should standardize marketing behaviors, and when sending marketing information to consumers through telephone calls, mass message sending, network push, etc., they should provide consumers with the choice of rejecting or unsubscribing.

If the consumer refuses to receive or unsubscribes, the marketing information shall not be sent again in the same way.

Violence and other improper means shall not be used to collect money

  Regarding the problems of improper collection and violent collection, the "Measures" emphasize that banking and insurance institutions should regulate collection behavior and urge debtors to pay off debts in accordance with laws and regulations.

Strengthen the management of collection outsourcing business, and notify the debtor in an appropriate way before entrusting an external agency to implement collection.

  Banking and insurance institutions shall not have the following circumstances in the collection process by themselves or by entrusting external agencies: fraudulently using the name of administrative organs, judicial organs, etc. to carry out collection; to use violence, intimidation, fraud and other improper means to carry out collection; to use other means that violate laws and regulations and violate public order and good customs Implement collections.

Obtain personal information authorization online

, and do not set the default consent option

  The "Measures" provide for the protection of consumers' right to information security.

Banking and insurance institutions shall inform consumers of the purpose, method and scope of collection and use of personal information when collecting consumers' personal information, and obtain the consent of consumers, unless otherwise stipulated by laws and regulations.

If consumers do not agree, banking and insurance institutions shall not refuse to provide financial products or services that do not rely on the information they refuse to authorize.

  Where a written form is used to solicit personal information processing consent, the banking and insurance institution shall state in a conspicuous manner and in clear and understandable language the content that has a significant stake in the consumer.

  In addition, if banking and insurance institutions use standard terms to obtain personal information authorization through online channels, they must not set the option of default consent.

  The "Measures" also propose that banking and insurance institutions process and use personal information business and information systems, follow the principle of corresponding rights and responsibilities, and set access and operation permissions according to the principle of minimum necessity, implement the authorization approval process, and realize effective monitoring and intervention of abnormal operation behaviors.

Banking and insurance institutions should strengthen the behavior management of employees, and prohibit illegal inquiries, downloads, copies, storage, and tampering of consumers' personal information.

Practitioners shall not illegally process and use personal information of consumers beyond their own responsibilities and authority.

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