Insurance Company Compliance Inspection Notice

Notice of the China Banking Regulatory Commission on Further Strengthening the Compliance Sales and Risk Management of Commercial Banks’ Insurance Agency Business

Yinjianfa [2010] No. 90

All banking regulatory agencies Bureau, state-owned commercial banks, joint-stock commercial banks, and Postal Savings Bank of China:

In order to further regulate the agency insurance business of commercial banks, protect the legitimate rights and interests of customers, and promote the standardized, healthy and orderly development of the agency insurance business, the relevant The requirements are notified as follows:

1. Commercial banks shall strictly abide by the "Law of the People's Republic of China on Commercial Banks" and the "Law of the People's Republic of China on Banking Industry Supervision" when conducting insurance agency business. , "Insurance Law of the People's Republic of China" and other relevant laws, administrative regulations and rules, improve and strictly implement the corresponding risk management system and Part C operating procedures.

2. When conducting insurance agency business, commercial banks shall follow the principles of openness, fairness and impartiality and fully protect the interests of customers.

Product sales activities shall fully disclose the characteristics, attributes and risks of insurance products to customers, and shall not mislead customers.

3. Commercial banks shall abide by the following regulations when conducting insurance agency business:

(1) Insurance products shall not be confused with savings deposits, funds, bank financial products and other products for sale. , The income of insurance products shall not be simply compared with the above-mentioned products, and the income of insurance products shall not be exaggerated.

(2) Explain to customers that the operating entity of insurance products is the insurance company, and truthfully remind customers of the characteristics and risks of insurance products.

(3) Truthfully inform customers of important matters such as the coverage period, insurance liability, telephone home visits, expense deductions, and surrender charges of insurance products.

(4) It is not allowed to conduct misleading sales through winning prizes, draws, kickbacks, or giving away physical goods or insurance.

(5) Other matters stipulated by laws, regulations and regulatory agencies.

4. Commercial banks should fully understand customers’ risk preferences, risk perceptions and tolerances, and establish customer risk assessment and suitability assessment systems for customers who purchase complex insurance products such as investment-linked insurance. Prevent mis-selling.

Commercial banks should evaluate customers in exclusive areas such as financial service areas, financial offices or financial counters at business outlets, raise sales thresholds based on product risk levels, sell appropriate products to appropriate customers, and properly Keep relevant information for customer evaluation.

5. For customers who have passed the risk assessment and shown that they are suitable for purchasing complex insurance products such as investment-linked insurance, commercial banks should provide them with complete insurance terms, product instructions and insurance tips, and remind them to read them carefully. Afterwards, the customer should personally copy the following statement and sign for confirmation: "I have read the insurance terms, product instructions and insurance tips, and understand the characteristics of this product and the uncertainty of insurance benefits."

For customers who have not undergone risk assessment or whose risk assessment results show that they are not suitable for purchasing complex insurance products such as investment-linked insurance, commercial banks should advise the customers not to purchase them and shall not actively conduct subsequent product promotion and marketing for them.

6. When commercial bank sales personnel recommend and market complex insurance products such as investment-linked insurance to customers, they should issue insurance reminders to them and require customers to read and understand them carefully. The insurance reminder should at least include the following content:

(1) The customer is purchasing an insurance product.

(2) Remind customers to read the insurance terms and product instructions in detail, especially the insurance liability, hesitation period and surrender matters, benefit demonstration, expense deduction, etc.

(3) Reminders to customers should be copied and signed by the policy holder in person.

(4) Customer consultation and complaint channels for commercial banks and insurance companies.

(5) Other relevant provisions of regulatory agencies.

7. When commercial banks carry out insurance agency business, they shall abide by the regulations of the regulatory agencies on insurance tips, prohibition of copying on behalf of customers, prohibition of signing and confirming on behalf of customers, etc., and guide customers to truthfully and correctly fill out the insurance policy. , shall not copy statements or signatures on behalf of clients.

Commercial banks should require insurance companies to provide customer information such as customer maturity benefits and regular payment renewals, and provide follow-up services to customers.

8. Commercial banks should prudently choose insurance products sold on an agency basis, and insurance products sold on an agency basis should comply with the relevant requirements of regulatory agencies.

Commercial banks should proactively stop selling insurance products with many customer complaints and defective designs, and properly handle relevant matters with insurance companies.

9. Commercial banks should clearly inform customers of the definition of the legal responsibilities of commercial banks and insurance companies in the insurance agency business. In particular, they should inform customers that when problems arise in the insurance business, they should communicate with insurance companies and provide risk warnings and Investor education.

10. Promotional materials placed in commercial bank outlets must be uniformly printed by the insurance company's head office or its authorized branches. It is strictly prohibited for each business outlet to print documentary materials or change the content of promotional materials without authorization.

All types of insurance documents and promotional materials are not allowed to use Chinese and English words with the name of the bank or the image logo of the bank, and the words "deposit", "savings", "launched together with the bank***" are not allowed. ” and other words shall not violate the relevant regulations of the regulatory agency.

11. Commercial banks should conduct prudent due diligence on insurance companies that intend to establish or have established agency partnerships, and carefully select partners. The investigation contents include but are not limited to: the corporate governance status, financial status, solvency adequacy status of the insurance company, the soundness and effectiveness of the internal control system, the penalties imposed by regulatory agencies in the past two years, and the handling of customer complaints. Insurance companies with unqualified investigation results or violations shall not cooperate with them in insurance agency business.

Commercial banks should continue to pay attention to and evaluate the cooperation status of insurance companies, conduct regular evaluations of insurance companies’ compliance operations, after-sales services, product promotion, training, and complaint handling, and conduct regular evaluations of insurance companies that have violations of regulations and major risks. Insurance companies should cease cooperation in agency insurance business.

The head office of a commercial bank shall formulate unified regulations on access, exit and continued cooperation, and conduct unified management and authorization of cooperation entities, methods and content.

12. Those who sell insurance products directly to customers through commercial bank outlets must be bank sales personnel holding an insurance agent qualification certificate; commercial banks shall not allow insurance company personnel to be stationed at bank outlets.

13. In principle, each branch of a commercial bank can only cooperate with no more than three insurance companies and sell insurance products of the cooperative companies. If there are more than three companies, they should adhere to prudent operations and report to the local branch of the China Banking Regulatory Commission.

14. Commercial banks should, in accordance with the requirements of regulatory agencies, consider the complexity of agency insurance products to determine the types of products sold at different levels of business outlets; complex insurance products such as investment-linked insurance should be strictly limited to financial service areas, It can be sold in exclusive areas such as financial offices or financial counters.

15. Commercial banks should try their best to achieve system order issuance and system control to reduce operational risks; if sales management cannot be achieved through information systems, commercial banks should speed up the development of information systems and meet relevant regulatory requirements as soon as possible.

16. When a commercial bank sells insurance products over the phone, the salesperson should be a bank employee with the qualification of an insurance agent practitioner. The sales behavior should be carried out in accordance with unified normative terms, customer information should be properly kept, and corresponding regulations should be fulfilled. obligations of confidentiality.

When a commercial bank sells insurance products to customers over the phone, it must first obtain the customer's consent and clearly inform the customer that what is being sold is an insurance product. It must not mislead the customer. The entire sales process must be recorded and properly preserved.

17. Commercial banks should collect handling fees strictly in accordance with the provisions of the agreement with the insurance company, and record the full amount in their accounts, and shall not charge other fees other than those stipulated in the agreement.

18. Commercial banks should urge insurance companies to conduct customer telephone follow-up visits to new personal insurance policies sold by agents with an insurance period of more than one year during the insurance contract hesitation period in accordance with regulatory provisions, and require insurance companies to The company shall properly keep the recording of the telephone return visit; depending on the actual situation, the insurance company may be required to conduct a face-to-face interview with the customer and make detailed records of the return visit.

19. Commercial banks should establish an effective complaint handling mechanism, divide and coordinate with insurance companies, formulate unified and standardized complaint handling procedures, and clearly indicate the complaint hotline to customers. When signing an agency agreement with an insurance company, they should Actively negotiate with insurance companies to establish emergency risk response plans to ensure that complaints and disputes can be properly handled.

20. When emergencies, major complaints or other major risk events occur, commercial banks and insurance companies should cooperate closely, deal with them immediately and properly, effectively resolve relevant risks and report them to the China Banking Regulatory Commission and the China Insurance Regulatory Commission in a timely manner. Report.

21. Commercial banks should establish and improve the internal control and risk management system for agency insurance business, and continue to require insurance companies to provide annual reports on corporate governance status, financial status, solvency adequacy status, and the soundness and effectiveness of the internal control system. nature, penalties received by regulatory agencies in the past two years, and customer complaint handling and other related information.

22. Commercial banks shall submit reports on agency insurance business to the China Banking Regulatory Commission and its dispatched offices within 30 working days after the end of each quarter. The report shall at least include the following contents:

(1) The status of the insurance agency business.

(2) Relevant circumstances of complaints and their handling.

(3) Cooperation with insurance companies.

(4) Changes in internal control and risk management.

(5) Other situations that need to be reported.

23. The China Banking Regulatory Commission shall formulate relevant regulations and prudent operating rules for the insurance agency business of commercial banks in accordance with the law, and conduct on-site inspections and off-site supervision.

The China Banking Regulatory Commission and the China Insurance Regulatory Commission can conduct joint on-site inspections of the insurance agency business of commercial banks, take regulatory measures against violations in accordance with the law, investigate corresponding responsibilities, and impose corresponding penalties.

In accordance with the "Administrative Punishment Law of the People's Republic of China" and other relevant regulations, regulatory agencies shall not impose repeated penalties on commercial banks for the same illegal act in their insurance agency business.

24. Bank insurance agency business before the issuance of this notice should be rectified and standardized in accordance with the requirements of this notice, and relevant information should be reported to the local branch of the China Banking Regulatory Commission.

25. Other banking financial institutions that provide agency insurance business shall refer to the above regulations.

All banking regulatory offices are requested to forward this notice to the banking regulatory branches and relevant banking financial institutions within their jurisdiction.

China Banking Regulatory Commission

November 1, 2010

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