CIRC: suspension of China life insurance business in the Internet life of Soochow

ZA.

zhongguobaojianhuiwang· 2016-12-28 19:58:52

recently, the China Insurance Regulatory Commission on the universal insurance business rectification is not in place of the Chinese life, Soochow life and other 2 companies to suspend the Internet insurance business, prohibited within three month reporting product regulatory measures. At the same time, the CIRC will be submitted to all 9 universal insurance rectification report of the company, the inspection team stationed on-site verification, according to the verification to take further regulatory measures. Since

2016, in order to regulate the universal insurance business development, the implementation of the "insurance insurance name" policy ideas, the CIRC issued a specification of short duration products, perfect life insurance actuarial system, strengthen the supervision of personal insurance products and other provisions of the universal insurance scale, account management, security level, settlement rates were perfect and standard. From May 2016 to August, China Insurance Regulatory Commission of Qianhai life insurance, life insurance, China Life Insurance, Hengda Soochow life and other 9 companies to carry out special inspections of universal insurance, and the problems found on the company issued a regulatory letter, and ordered the company to carry out rectification. For the existence of universal insurance products in the field of Internet insurance products misleading sales, settlement rates vicious competition and other issues, the China Insurance Regulatory Commission has halted the Qianhai life, Hengda life insurance companies, such as 6 internet. December 5th, the China Insurance Regulatory Commission for universal life insurance account management in Qianhai rectification is not in place, to take a stop to carry out universal insurance new business regulatory measures.

recently, the 9 companies have reported a rectification report. The Chinese life, Soochow life and other 2 companies to check found that the Internet insurance business customer information is not real problem rectification in place, the CIRC has suspended Internet insurance business, declare new products prohibited within three months of regulatory measures taken for its (China life has been suspended due to the early Internet insurance business, no longer issued repeated). At the same time, the company reported 9 rectification report, the CIRC will be stationed inspection team, on-site verification of the rectification, according to the verification to take further regulatory measures.

the next step, the CIRC will study and improve the regulatory system, the implementation of the policy has been done, and strengthen the monitoring window on the focus of the company's guidance, strict supervision to take decisive measures against violations of the company, regulate market order. At the same time, in accordance with the "insurance name Paul" requirements, give full play to the advantages of flexible and transparent universal insurance, universal insurance insurance products to enhance the level of protection, optimization of universal insurance products maturity structure, prevent relative risks, promote the healthy and orderly development of universal insurance business norms.

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