Notice of the Sanming Banking and Insurance Regulatory Bureau on Strengthening the Management of Self-Insurance and Mutual Insurance Parts of Personal Insurance Sales Personnel in the jurisdiction, Ming Banking and Insurance Regulatory Regulations [2022] No. 5 of each life insura

Notice of Sanming Banking and Insurance Regulatory Bureau on Strengthening the Management of Self-Insurance and Mutual Insurance Companies for Personal Insurance Sales Personnel in the jurisdiction

Ming Banking and Insurance Regulatory Regulations [2022] No. 5

Municipal Branches of each personal insurance company and various insurance professional intermediary agencies that operate personal insurance business:

In order to further strengthen personal health in the jurisdiction The behavior control of insurance sales personnel, safeguard the legitimate rights and interests of sales personnel, and promote the healthy development of the industry. According to the "Insurance Law of the People's Republic of China", "Insurance Agent Supervision Regulations" and other laws and regulatory provisions, the following notice is hereby issued on strengthening the management of self-insurance and mutual insurance items of life insurance sales personnel in the jurisdiction:

1. The self-insurance referred to in this notice refers to the insurance contract of the sales personnel or their spouse, parents, children and other immediate relatives as the insured, insured or beneficiary.

The mutual insurance item referred to in this notice refers to an insurance contract sold by a salesperson, and the policyholder, insured or beneficiary is another salesperson of the same insurance institution in the jurisdiction or his or her spouse, parents, children and other immediate relatives.

2. The insurance institution referred to in this notice refers to the personal insurance company in Sanming that operates insurance business in accordance with the law and the insurance professional insurance agency engaged in personal insurance business.

The sales personnel referred to in this notice refer to the personnel engaged in personal insurance sales activities in the insurance institution.

3. Insurance institutions shall establish and improve self-insurance and mutualinsurance management systems, including but not limited to relevant insurance policy rights and obligations, insurance approval procedures, performance appraisal, risk monitoring, dispute handling, accountability and other aspects.

4. Insurance institutions shall not use the purchase of insurance products as a condition for sales personnel to join the company, become a regular or be promoted.

5. Insurance institutions shall not include self-insurance and mutualinsurance in any form of performance assessment and business incentives and competition plans at all levels; the direct commission level of self-insurance and mutualinsurance shall not be better than other customer insurance policies.

6. Insurance institutions should strengthen the construction of business systems, improve the management and control process, enhance the ability to identify self-insured and mutually insured parts, and record sales information truthfully and completely in the insurance policy and core business systems.

7. Insurance institutions shall strictly control the self-insurance and mutual insurance underwriting process, and conduct necessary audits of sales personnel's financial status, payment ability, etc. to ensure that sales personnel purchase self-insurance and mutual insurance according to actual insurance needs and economic capabilities.

8. Insurance institutions should improve the risk monitoring mechanism for indicators such as self-insurance and mutual insurance, set relevant monitoring indicators, and promptly deal with indicators with abnormal movements to prevent abnormal behaviors such as sales personnel from rushing for performance and setting incentives.

9. Sales personnel who purchase insurance products enjoy the relevant rights of the insured and the insured in accordance with the law, including the right to know, the right to withdraw the order within the hesitation period, the change or the term of the insurance contract, etc., to ensure that the normal insurance protection needs of sales personnel are not affected.

11. Insurance institutions should strengthen traceable management of sales behaviors of self-insurance and mutual insurance. If sales personnel purchase personal insurance products for more than one year of insurance (including personal insurance products that do not exceed one year of insurance but guarantee renewal), the insurance institution should record key links of the sales process through on-site synchronous recording and video recording after obtaining the consent of the purchaser. The recorded content should comply with the relevant requirements of the "Interim Measures for the Traceable Management of Insurance Sales Behavior".

Insurance institutions should strengthen the management of sales behavior of the purchase of insurance by the immediate relatives of sales personnel. If the immediate relatives of sales personnel purchase personal insurance products for more than one year of insurance (including personal insurance products that have no more than one year of insurance but guarantee renewal) face-to-face, they should refer to the traceable management requirements of the first item of this article.

1. Insurance institutions should improve the complaint and reporting mechanism for self-insurance and mutual insurance, take effective measures to prevent and resolve related risks, avoid public opinion risks and mass incidents, and transfer organized insurance frauds found during the processing to relevant departments for handling, so as to maintain the normal operating order of the insurance industry and the legitimate rights and interests of consumers.

12. Insurance institutions should strengthen the control of the authenticity of premium data and strictly prohibit all kinds of data fraud; they shall not inflate premiums through insurance and refund, buy and borrow, and revolving insurance.

13. Insurance institutions should strengthen the quality management of insurance policies. If they find that sales personnel violate this notice in their self-insurance and mutualinsurance business, they should enter the insurance sales practitioner management system in accordance with relevant regulations. Insurance institutions should carefully sign contracts and hire people with poor employment records, and shall not hire people with situations prohibited by laws and regulations.

4. Our branch will strengthen supervision and supervision of insurance institutions with abnormal continuity index, many complaints about self-insurance and mutual insurance. For insurance institutions and sales personnel who violate the requirements of this notice, they will strictly follow the provisions of the Insurance Law of the People's Republic of China and other provisions and take regulatory measures in accordance with the law.

15. This notice will be officially implemented from on October 1, 2022. If the laws, administrative regulations and the China Banking and Insurance Regulatory Commission stipulate separately for self-insurance and mutualinsurance, the provisions shall prevail.

Sanming Supervision Branch of China Banking and Insurance Regulatory Commission

May 10, 2022

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