China Banking Regulatory Commission: Risk Tips for Preventing Misleading Insurance Sales.

Recently, some consumers have reported that in order to improve sales performance, some insurance salesmen provide consumers with inconsistent or misleading information in the process of selling insurance products to induce consumers to buy insurance products, and there are problems such as routine marketing, induced consumption, and compulsory tying, which infringe on the legitimate rights and interests of consumers. Therefore, the Consumer Protection Bureau of China Banking Regulatory Commission issued the fifth risk warning in 2022 to remind consumers to prevent misleading insurance sales.

Misleading insurance sales means that insurance companies, insurance agencies and insurance salesmen, in violation of laws, regulations and relevant provisions, use deception, concealment or inducement to make misleading publicity or explanation of insurance products in insurance sales business activities.

Misleading sales behavior infringes on consumers' rights such as the right to know, the right to choose independently and the right to fair trade.

Performance 1: conceal and confuse product information to mislead consumers. Deliberately concealing the attributes of insurance products, confusing products with similar insurance liabilities, or confusing insurance products with other wealth management products, infringing consumers' right to know. For example, promote and sell insurance products in the name of other financial products such as bank wealth management products, bank deposits, and securities investment fund shares; Or simply comparing the dividend rate and settlement rate of insurance products with the yields of other financial products such as bank deposit rate and national debt rate will mislead consumers and easily lead to claims settlement disputes or surrender disputes.

Performance 2: Implicit tying misleads consumers. In the process of selling insurance products, individual salespeople mislead consumers to blindly insure high-insured products on the grounds of discounts, company regulations and underwriting policies in order to improve sales performance. There are also some web pages and APP operation pages, which are bound by default check and mandatory check, forcing consumers to buy unnecessary products or services, infringing on consumers' independent choice.

Performance 3: exaggerating insurance liability or promising to guarantee income mislead consumers. In the marketing process of insurance products, some salespeople take the insurance liability out of context, avoid the important, exaggerate the scope of insurance liability, weaken the exemption of insurance liability and other key information. For example, a verbal commitment to the insured? You can pay any fee. Deliberately misinterpreting the scope of protection, misleading consumers and laying hidden dangers for consumer claims; Or when selling new life insurance products such as dividend insurance, investment-linked insurance and universal insurance, do you only emphasize it? High yield? It is not a false propaganda behavior such as showing unfavorable information and promising to guarantee income.

In response to misleading insurance sales, China Banking Regulatory Commission and China have continuously improved their systems, strengthened supervision, linked relevant units, made concerted efforts, and severely cracked down on behaviors that break the moral bottom line and ignore the interests of the masses. At the same time, the Consumer Protection Bureau of China Banking Regulatory Commission reminds insurance consumers not to blindly follow suit, entrust at will or be credulous when purchasing insurance products? Agents surrender? Acting for rights protection? Beware of the risk of misleading sales.

First, don't blindly follow the trend, and then insure after confirming the contents of the insurance contract.

An insurance contract is an agreement between the applicant and the insurance company to stipulate the insurance rights and obligations. The scope of protection provided by insurance products shall be subject to the insurance liability in the contract terms. Consumers are advised to carefully understand the underwriting institution, coverage, exclusions, premiums, insurance compensation or compensation conditions of the insurance products to be purchased according to their own insurance needs, and choose the insurance products that are most suitable for their own needs, risk tolerance and economic strength. Pay attention to prevent risks such as confusion, ambiguity and exaggeration of insurance liability in the marketing process. In addition, when applying for insurance, whether offline or online, you must carefully check the scope of insurance before paying the fee and understand the important terms of the contract before applying for insurance.

Second, don't entrust it at will, and pay attention to protecting the safety of personal information.

When consumers choose and buy insurance products, they should not entrust others to insure at will, let alone sign and authorize at will. Pay attention to keeping personal information such as important certificates, account passwords, verification codes and face recognition. Online and offline insurance must be confirmed by yourself, and important links such as signing, authorization and payment should be treated with caution to ensure that you understand the contents of the signed or authorized agreement.

Third, not credulous? Agents surrender? Acting for rights protection? Choose legal and reasonable ways to safeguard rights.

If there are objections to insurance products or services, or disputes arise in the process of purchasing insurance, you should pay attention to retaining the corresponding evidence, complain to the insurance company in time, or apply to the industry mediation organization for mediation. If necessary, you can also apply for arbitration or bring a lawsuit to the court according to the contract. Defend your rights and interests with legal weapons through normal channels, do you believe it? Acting for rights protection? Agents surrender? Such as false promises, not participating in illegal acts that violate the contract, providing false information or fabricating facts, etc.