When the elimination of insurance agents is going on: in the first quarter, 13 insurance practitioners or agents of listed insurance companies banned for life “cleared up” more than one million

2022-05-28 0 By

The trend of strict regulation of the insurance industry continued in the first quarter of 2022.At the same time, with the reform of the life insurance industry, the agent team of insurance companies was “clear and empty”, and a group of agents with insufficient professional ability and illegal sales were gradually eliminated, and even received “top” punishment.According to incomplete statistics of Beiqing Financial, many insurance institutions and related personnel have been warned and fined for the illegal behaviors of insurance practitioners, such as cheating the insured and the insured and illegal sales. Among them, 2 insurance practitioners have been banned for life and 11 are to be banned for life.A lifetime ban from industry regulation into grey areas Severely violate compasses operation on February 11, five silver protects inspect bureau to continuous disclosure is of chongqing, the announcement of the administrative penalty in advance notice to 11 insurance from personnel of course of publicity to the society of chongqing ShengYun moody’s issued “ShengYun dashan” product, help ShengYun moody’s to sell funds, illegal fund-raising,Convicted of illegally taking public deposits, proposed life ban from the insurance industry.Among them, China Life Chongqing branch 1, PICC Chongqing branch 1, Taikang Chongqing Branch 1, New China Life Chongqing branch 6, Fulde Life Chongqing Branch 2.On April 1, Shanxi Banking and Insurance Regulatory Bureau and Shanxi Luliang Banking and Insurance regulatory sub-bureau disclosed administrative penalty decision respectively, respectively for the illegal behavior of two insurance employees in Taiyuan Central branch of PICC health, picC life insurance LAN county branch company to prohibit lifelong entry into the insurance industry.According to regulatory punishment information, the two practitioners are mainly involved in cheating policyholders, insured or beneficiaries, misappropriation of insurance premiums and other violations.Among them, the penalty of life insurance LAN county branch company employee Li mou, April 2015 to July 2019, to intercept the application, special invoices stamped with false official seal, set of insurance contracts and other means, defrauding customers to insurance, embezzlement insurance premium 33 times, the total amount of 5,378,900 yuan.What is worth paying attention to is that the personnel involved in the incident is the internal staff of the insurance company.A number of insurance agents to be banned for life behind the industry, exposed the insurance agents illegal exhibition industry is widespread, even become the industry unwritten rules.It also shows the regulatory authorities’ attitude towards strengthening supervision of insurance agents.Overall, regulators paid more attention to the supervision and management of insurance agents in the first quarter of 2022, issuing more “top line” penalties than last year.In 2021, regulators imposed a lifetime ban on just one individual insurance agent.It is understood that over the years, the regulatory authorities on the management of insurance agents issued a number of laws and regulations and related management methods.According to Article 177 of the Insurance Law of the People’s Republic of China, “In case of serious violation of laws and administrative regulations, the insurance regulatory body under The State Council may prohibit relevant responsible personnel from entering the insurance industry for a certain period of time or even for life”.In November 2020, CBRC issued the Regulation on Insurance Agents.The Rules are applied uniformly, establishing relatively uniform basic regulatory standards and rules for all types of insurance agents in terms of business rules, market withdrawal and legal liability, and further safeguarding market fairness.In the view of the industry, the regulations effectively cover part-time and full-time, online and offline, institutions and individuals, eliminating gray areas that restrict the healthy development of the industry.At present, the loss of insurance agents exceeds one million.Look inside course of study, our country life insurance industry develops long term rely on channel of individual risk, reform of insurance agent team is not easy, but below the circumstance that in supervisory management and insurance enterprise clear empty synchronously undertake, still can have a large number of insurance agent is eliminated.As of December 31, 2021, there were 6.419 million insurance companies registered with the insurance intermediary Regulatory Information System, according to a notice on the practice registration of insurance company sales personnel at the end of 2021 disclosed by the China Banking And Insurance Regulatory Commission on February 23.Among them, 5.907 million were insurance agents.Compared with 8.438 million in 2020, the number of insurance agents decreased by 2.521 million in a year, or 29.9 percent year-on-year.In addition, according to beiqing Financial statistics, by the end of 2021, five A-share listed insurance companies — Ping An of China, China Life Insurance, China Pacific Insurance, People’s Insurance Of China and Xinhua Insurance — have reduced their individual insurance sales staff by nearly 1.6 million people.As for the reduction of individual insurance sales manpower, a number of large insurance companies told Beiqing Finance that the sharp decrease in the number of insurance agents will indeed bring about a decline in the value of new business in the short term, but this is the only way for the insurance industry to “get rid of the bad and get the best”, and also an opportunity to gradually change the image of the insurance industry.At present, a number of insurance companies have focused on attracting more high-quality talents to join, the agent threshold has been raised, mainly for college degree or above, the age of 25 to 45.In addition to the reform of insurance enterprises, the supervision of insurance sales continue to governance.In June 2021, the Consumer Insurance Bureau of the China Banking Insurance Regulatory Commission (CBRC) solicited opinions from the industry on the Management Measures for The Traceability of Insurance Sales (Draft), marking the coming of the “double recording” era of the national version of insurance audio and video recording.”Draft” expand the scope of insurance sales recorded “double” again, not only cancel the applicant age limit, sales staff also specify insurance institutions in face-to-face sales related personal insurance products, need to be recorded in the “double”, the the pin, pin, new commercial insurance, financing business letter, etc all included in the “double” category.In addition, the draft limits the location of “double recording”, many sales activities are required to be carried out in the “double recording room” of insurance institutions, which means agents must bring customers to the workplace to complete sales.Look in course of study, “double record” the arrival of the era, or bring a wave of insurance agents out of the tide.By Fan Huili Ziman, reporter of Beijing Youth Daily