On July 23, the General Office of the China Banking Regulatory Commission issued the "Notice on the Situation of Off-site Inspection of the Articles of the Property Insurance Company's Filing Products" (hereinafter referred to as the "Notice").
"Circular" said that in order to further standardize the product development management behavior of property insurance companies, compact the company's product management main responsibility, improve the overall quality of industry products, and effectively protect the legitimate rights and interests of insurance consumers, on the basis of preliminary work, The Banking Regulatory Commission organized an off-site inspection of the second article of the property insurance company's filing product terms.
In response to the problems found in the inspection, the Bank of China Insurance Regulatory Commission issued a decision on administrative supervision measures to 20 property insurance companies, and ordered the company to immediately stop using the problem products, rectify within a time limit, and take 11 companies with serious circumstances. It is forbidden to declare new regulatory products for 3 to 6 months of regulatory measures.
The property insurance company's product inspection, adhere to the problem-oriented, focusing on the outstanding problems found in daily supervision, and 1550 family property insurance, liability insurance and short-term health insurance products of 20 property insurance companies. Comprehensive inspection.
Specifically, according to the decision of administrative supervision measures disclosed by the Banking Regulatory Commission, the above 20 companies include Libao Insurance, Ancheng Property Insurance, Dadi Property Insurance, Yingdatai Property Insurance, and Sumitomo Mitsui Marine Fire Insurance. (China), Taiping Property Insurance, Dinghe Property Insurance, Xinjiang Qianhai United Property Insurance, Ansheng Tianping Property Insurance, Huaan Property Insurance, Zhongan Online, China Coal Property Insurance, Bohai Property Insurance, Dubang Property Insurance, Jintai Property and Casualty, History and Property Insurance, Taishan Property Insurance, Taibao Property Insurance, China United Property Insurance, Fubon Property Insurance.
According to the "Notice", the property insurance company's problem products are highlighted in three aspects: insurance terms, insurance rates and product reports.
11 clauses of "insurance"
1. The name of the insurance clause is not standardized and does not comply with the naming rules of the "Guidelines for the Development of Insurance Products of Property Insurance Companies". If there are additional insurance clauses, the naming lacks the clear indication of "additional".
2. There is a gap between the insurance clause and the requirement of “clear structure, accurate text, rigorous expression and easy to understand”. If there are clauses that are unclear, unclear, broadly stated, liability exemption clauses, deductibles, deductibles, proportional claims, etc., exempt or reduce the liability of the insurer, do not use words or fonts sufficient to attract the attention of the insured. , symbol or otherObvious signs make a reminder.
3. The terms of the insurance clause are not rigorous and not standardized. If there are accident insurance or short-term health insurance clauses, there are cases where the insured or the insured deliberately creates insurance accidents, and some of the provisions are unreasonable.
4. Introduce the concept of long-term insurance in short-term health insurance. Long-term health insurance concepts such as “automatic renewal” or “lifetime limit” appear.
5. Short-term health insurance or liability insurance clauses refer to standards that have been revoked. If there are provisions in the article that have been abolished, the "Laborability Identification Workers' Injury and Occupational Disease Disability Level" (GB/Tl6180-2006) standard has been abolished.
6. The insurance clause does not regulate the reference to relevant standards. If the terms of the "Life Insurance Disability Assessment Standard" issued by the China Insurance Industry Association are cited in some articles, the full name, issuer, issue number and standard number of the industry standard are not quoted as required.
7. The fee-compensated medical insurance clause does not distinguish whether the insured has social health insurance or the like. If the inpatient medical insurance does not distinguish between the insured and the social security.
8. The insurance clause elements and related materials are incomplete and unreasonable. If the terms are expressed, it is not conducive to the protection of consumer rights; some of the feasibility reports are incomplete and lack of business models.
9. Product design does not adhere to the principle of contracted fortune, there is no uncertainty as to whether the risk of underwriting occurs and the size of the loss.
10. The product design does not adhere to the principle of compensation for loss, and the agreed matter is not the loss of the insured.
11. Other issues that are inconsistent with laws, regulations and related regulations. If some insurance clauses are not priced according to the extension of liability, they are classified as “zero premium” insurance products; some short-term health insurance insurances are set to be reasonable and insufficient in effectiveness; some additional risks are not separately filed separately.
Six insurance premium rates
1. If the insurance premium rate fluctuates, the conditions for the adjustment of the insurance premium rate are not clear, and it is impossible to judge the reason for the difference in the tariff rate and the rationality of the tariff adjustment. .
2. The insurance rate adjustment conditions are not clear and unclear. If there is no upper and lower limit for the rate adjustment, the rate setting is not strict.Not scientific.
3. The insurance rate table elements are incomplete. If the insurance rate table lacks the premium calculation formula or method.
4. The short-term rate setting is unreasonable. If some do not set a short-term rate schedule or short-term rate calculation instructions; some short-term rate settings lack rationality.
5. The basis for determining the rate is weak and the pricing is not scientific. If the actuarial report does not specify the source of the data determined by the rate; some are freely priced and lack data support.
6. The actuarial report is incomplete and unreasonable. If the actuarial report is not implemented in accordance with the requirements of the “Guidelines for the Determination of Product Rate of Property Insurance Companies”, there is no such content as pure risk loss rate and rate adjustment factor.
Products report four "illnesses"
1. Recording products contain vehicle liability. If there is a public liability insurance or driver training school liability insurance, the third party liability of the motor vehicle is included, which violates the relevant provisions on the scope of management of the registered products.
2. Improper classification of product attributes or improper attribution of insurance. If some people do not follow the insured as a natural person, correctly classify personal products and non-personal products, and classify personal products such as short-term health insurance and accident insurance into non-personal products.
3. The filing materials or information are incomplete, irregular or error-free. If the name of the clause is inconsistent with the name of the system entry information, some of the record actuary reviewers and legal examiners are inconsistent with the system entry; some of the record forms are not standardized or have errors.
4. There are written errors in insurance clauses, insurance rates or related filing materials, and the work is not rigorous and not serious.
Supervision emphasizes three-point work requirements
In this regard, the China Insurance Regulatory Commission has proposed three work requirements for various property insurance companies:
1. Attach great importance to product management and take responsibility The main responsibility of the product. All companies should attach great importance to the basic role of insurance products in the company's business management and control, earnestly assume the main responsibility of product management, standardize product development and use, strengthen product management and control, do product evaluation and revision, and establish and improve a long-term mechanism for product management. Treating both the symptoms and the root causes, and effectively improving the quality and level of the company's products.
2. Check the problems found, and take the initiative to clean up the product. Each company should take the first and second product inspections as a deedMachine, combined with the actual situation of the company, check the findings and notifications of the products, strictly follow the requirements of laws, regulations and regulatory requirements, comprehensively check all the insurance products in stock, clean up the products and "zombie" products in time, and make them comprehensive and meticulous. , do not leave a dead end.
3. Develop insurance products in compliance with laws and regulations, and strictly manage the use of products. The product development of each company must be legally compliant, does not violate the insurance principles, does not violate the public order and good customs, does not harm the public interest and the legitimate rights and interests of insurance consumers, and ensures that the insurance clauses are clear in structure, accurate in words, rigorous in expression, easy to understand, and insurance. The rates are scientific and reasonable and match the risks. At the same time, the company must strictly review product legal review, actuarial review, and compliance review. The main responsible person and relevant personnel of the company must take responsibility seriously, and grasp the first-level and level-level implementation to ensure that the problem products do not go out of the company or enter the market. .
In addition, the Banking Regulatory Commission also revealed that the next step will closely follow the monitoring and rectification of the company's products and strengthen the use of product inspection results; continue to carry out product inspections in an in-depth manner to achieve full coverage of product inspections of all property insurance companies; An effective product supervision measure urges property insurance companies to improve product development quality and overall level, better meet the people's insurance needs, and serve economic and social development.