Misleading consumers, false underwriting, and false expenses … China Banking and Insurance Regulatory Commission will take measures to control the chaos in the life insurance market

　　China. com, April 9 (Xinhua) Recently, the Insurance Regulatory Commission of the Bank of China (hereinafter referred to as "China Banking and Insurance Regulatory Commission") issued a notice on the in-depth management of chaos in the life insurance market, and made it clear that the typical problems and key risks in the life insurance market, such as misleading sales and alienated products, will be specially managed around sales behavior, personnel management, data authenticity and internal control.

　　The notice made it clear that in terms of sales behavior, we will focus on misleading consumers, alienating products, mismanagement and other behaviors in the sales process; In terms of personnel management, we will focus on the management of personnel fraud, loose disorder and other behaviors, including false information, inflated manpower, untrustworthy personnel, loose management and so on; In the aspect of data authenticity, we should focus on the behaviors such as false underwriting, false listing of expenses, false hanging of business, false hanging of people’s heads to get funds, and secret payment of handling fees outside the account. In terms of internal control, it focuses on the problems existing in business control, financial control, performance of duties by senior executives, risk management and internal supervision.

　　This special work was carried out from April 2021 to November 2021, and it was divided into two stages: self-examination and self-correction of institutions and spot checks of supervision. In the stage of self-examination and self-correction, the head office of life insurance company organizes branches at all levels to carry out self-examination and self-correction one by one according to the key points of governance. In the spot check stage, the Banking Insurance Regulatory Bureau, in accordance with the requirements of China Banking and Insurance Regulatory Commission, China, selected no less than three branches at the provincial level and below to carry out on-site inspections based on daily supervision and self-examination and self-correction of branches, and handled them according to laws and regulations.

　　The notice stressed that the Banking Insurance Regulatory Bureau should scientifically arrange the entry time, pay close attention to the links and fields with high and frequent violations of laws and regulations, and conduct on-site inspections according to laws and regulations to ensure that the inspection facts are clear, the evidence is complete, the qualitative is accurate and the basis is appropriate. It is necessary to carry out the necessary extended inspection on the problems found in the inspection involving intermediary business, and investigate the institutions involved and the responsible personnel together. It is necessary to find and investigate violations of laws and regulations, seriously investigate the responsibilities of institutions and related responsible personnel, and give administrative penalties or take corresponding regulatory measures according to law; Anyone who meets the transfer criteria will be resolutely transferred to public security, judicial and supervisory organs.