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This is the company history introduction on the official website of AIA. Mr. Shidai, the founder of AIA, founded AIA in 1919, a predecessor of AIA, a insurance agency, . Later, he left mainland China for historical reasons, and later returned to Shanghai, China in 1992 to continue his insurance business.
First talk about the current situation of AIA. AIA's former name was " American AIA ". At that time, AIA's largest shareholder was the largest insurance group in the United States - AIG Group. Therefore, AIA's company was a US-funded insurance company and a purely foreign-funded insurance company. Later, in the 2008 financial crisis, AIG Group was on the verge of bankruptcy. This group can be said to be in charge of the lifeblood of the United States' insurance. How could it go bankrupt? So the US government invested in saving AIG Group. Later, in order to repay the debt, AIG sold AIA. From then on, AIA took the word "American" and it was called AIA Insurance. But now there are still people who think it is an American company, and it is no longer the case. Please note that it has no dime to do with the United States. AIA is currently headquartered in Hong Kong and is a listed company in Hong Kong. Moreover, AIA has always been in Asia, and there is no such company in the United States. This is also the slogan of AIA's introduction to the company: rooted in Asia and is a life insurance company in the pan-Asia-Pacific region. Look at the picture below. If you search for AIA on Baidu, it is still called AIA in the United States, but it has not changed.
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says the key point, old insurance policy incidents. In 1936, a gentleman named Zhang Jinde bought an insurance policy at the agency of AIA in Shanghai at that time. He paid the fee on time until 1942. Later, after 1942, AIA stopped all business without notifying the insured and disappeared. As a client, Mr. Zhang was looking for the whereabouts of AIA until 1980 when he finally contacted AIA, which moved to Hong Kong, but was told that the policy had expired due to failure to pay the premium on time. Later, AIA opened again in Shanghai in 1992 under the banner of returning to the mainland, and Mr. Zhang had passed away in 1983. So Mr. Zhang's son found AIA Shanghai Company with an insurance policy. He was told that the old AIA that owed debts no longer existed. Now it is a new AIA. We will not pay compensation. At most, it is a refund. You will be refunded. Later, Mr. Zhang's son found a lawyer to help solve the problem.
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There are two problems worth our attention:
1. The policyholder Mr. Zhang has been paying premiums on time since 1936. Until AIA stopped its business and evacuated from the mainland in 1942, without any notification to the customer. It is not the customer's responsibility to not pay the premiums that should be paid later. How can AIA pay it?
2. AIA withdrew from the mainland with the premium paid by the customer before and left with the customer's money without any explanation. Even if it was not publicly informed because of the war and other reasons at that time, then after the founding of the People's Republic of China, would this policy not count? It has nothing to do with our new AIA policy, so why do you claim to ask AIA to return to the mainland and Shanghai? Isn’t it just to recognize the inheritance relationship with AIA before liberation?
Finally, the case was tried by the court and sentenced to AIA to give Mr. Zhang’s beneficiary, Mr. Zhang’s son, 60,000 yuan.
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Through this AIA old insurance policy incident, it can be seen that AIA took all the premiums paid by the customers without any explanation at that time. No one would be willing to accept this when the customer changed it. Now you don’t have to worry, because the constraints and complete financial supervision of the " Insurance Law " will not be the story of life insurance companies disbanding and disappearing with funds. Everyone can rest assured. Moreover, due to considerations such as safety, the mainland is no longer allowed to open a wholly foreign-owned life insurance company. Only AIA, a wholly foreign-owned life insurance company, is an exception. This is due to the special historical reasons at that time. However, at present, it only allows opening 5 branches in the mainland and cannot open new branches, which also means that AIA's business scope will not expand and its business volume will not increase.
Let’s take a look at the relevant regulations "Implementation Rules for the Management Regulations of Foreign Insurance Companies of the People’s Republic of China"
Article 6: After the branch of a foreign insurance company is established, foreign insurance companies shall not withdraw working capital in any form. If this regulation was found before liberation, AIA would have been punished for disappearing with money.
In the future, as the laws and regulations of the Chinese legal system and the insurance law series continue to be improved in depth, the legal structure of the life insurance industry will be more solid!
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