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Notice of the China Insurance Regulatory Commission and the China Banking Regulatory Commission on Further Regulating the Sales Behavior of Commercial Banks’ Agency Insurance Business

Insurance Regulatory Commission [2014] No. 3

All Insurance Regulatory Bureaus , all banking regulatory offices, all insurance companies, state-owned commercial banks, joint-stock commercial banks, and Postal Savings Bank:

In order to regulate the sales behavior of commercial banks’ agency insurance business, protect the legitimate rights and interests of insurance consumers, and promote commercial bank agency The insurance business continues to develop healthily, and the relevant requirements are hereby notified as follows:

1. Commercial banks should conduct demand analysis and risk tolerance assessment of policyholders, recommend insurance products based on the assessment results, and sell appropriate products to Customers with needs and affordability.

(1) If the policyholder has the following circumstances, the insurance product sold to him or her shall in principle be an insurance product with determined policy benefits, and the insurance contract shall not be automatically underwritten by the system and issued on-site, and the policy shall be The materials are transferred to the insurance company, and after underwriting by the underwriting personnel, the insurance company will issue the bill:

1. The annual income filled in by the policy holder is lower than the per capita urban residents in the most recent year published by the local provincial statistics department Disposable income or per capita net income of rural residents;

2. The insured is over 65 years old or the insured for regular products is over 60 years old.

When underwriting, insurance companies should review the suitability of the insured product, insurance information, signatures, etc. If it is found that the product is unsuitable, the information is untrue, or the customer has no intention to continue to insure, it shall not underwrite the product.

(2) Selling insurance products with uncertain policy benefits, including participating, universal, investment-linked, variable and other personal insurance products and non-predetermined income investment insurance products of property insurance companies, etc. Under the following circumstances, coverage should be obtained only after obtaining an insurance statement signed and confirmed by the policy holder:

1. The single premium exceeds 4 times the annual family income of the policy holder;

2. The annual premium exceeds 20% of the policyholder's annual family income, or the monthly premium exceeds 20% of the policyholder's monthly family income;

3. The sum of premium payment years and the policyholder's age reaches or exceeds 60;

4. The premium amount is greater than or equal to 150 of the policyholder’s premium budget.

In the insurance declaration, the policy holder should indicate that he understood the product conditions when applying for insurance and voluntarily assumed the risk of uncertain policy benefits.

2. Insurance companies and commercial banks should increase their efforts to develop risk protection and long-term savings insurance products. All commercial banks sell accident insurance, health insurance, term life insurance, whole life insurance, annuity insurance with an insurance period of not less than 10 years, endowment insurance with an insurance period of not less than 10 years, and property insurance (excluding investments by property insurance companies). The sum of premium income from type insurance), guarantee insurance and credit insurance shall not be less than 20% of the total premium income from agency insurance business.

The head office of a commercial bank and its first-level branches shall report to the China Banking Regulatory Commission and the local banking regulatory bureau the proportion of agency premium income for each insurance category in the previous quarter within 10 working days after the end of each quarter.

For commercial bank head offices and their first-level branches whose business proportion does not meet the above requirements, regulatory agencies have the right to take regulatory measures such as rectification within a time limit.

Insurance products that are paid in installments are encouraged to adopt premium payment methods that are in line with consumer spending habits, such as monthly payment. Insurance companies and commercial banks are not allowed to induce consumers to terminate insurance contracts early through means such as misleading propaganda or reducing the surrender charges stipulated in the contract.

3. If the insurance period of the insurance product sold by a commercial bank exceeds one year, a hesitation period of 15 natural days should be agreed in the contract, and the rights of the policy holder during the hesitation period should be stated in the contract. . The hesitation period is calculated from the date the policy holder receives the insurance policy and signs it in writing.

IV. Insurance companies should reasonably design the style of the insurance policy. The insurance policy envelope and inner pages should be the size of A4 paper after binding. The color, style, material, etc. of the insurance policy envelope should be consistent with those of bank documents. There are obvious differences in the evidence materials.

5. The insurance company shall indicate "Insurance Contract" in a font of no less than 72 point on the cover of the insurance policy, and the name of the insurance company in a font of no less than 2 point.

Insurance companies should display risk warnings and hesitation period warnings on the cover of the insurance policy in a font size of no less than three points.

Risk reminder for participating insurance: "You are insured for participating insurance, and the dividend distribution is uncertain."

Risk reminder for universal insurance: "You are insured for universal insurance. Investment returns above the minimum guaranteed interest rate are uncertain. "Products with initial charges should also include: "The insurance premium you pay will be credited to the policy account after deducting the initial charge."

Investment link. Insurance risk reminder: "You are purchasing investment-linked insurance, and the investment return is uncertain." Products with initial fees should also include: "The insurance premium you pay will be credited to the investment account after deducting the initial fee."

Risk warnings for other product types are determined by the company itself.

Hesitation period reminder: "You have the right to cancel the policy in full (deducting a cost of not more than 10 yuan) within 15 natural days after receiving the insurance contract. If you cancel the policy more than 15 natural days, you will have the right to cancel the policy. Loss."

6. Commercial banks and their sales staff are not allowed to design, print, or write brochures, promotional brochures, promotional display boards, or other sales aids for related insurance products.

7. Commercial banks should manage insurance policies issued by insurance companies as important documents, establish and improve relevant management systems and cancel them in a timely manner.

8. When selecting partners of insurance companies, commercial banks should consider the 13-month policy continuation rate of the insurance company's bank and mail agency business, the structure of the bank and mail agency business, and the functions of the bank and mail agency products.

Insurance companies shall fully explain the characteristics, attributes and risks of insurance products to commercial banks.

9. Each branch of a commercial bank shall not cooperate with more than 3 insurance companies (with separate legal entities as the calculation unit) in the same fiscal year.

10. Commercial banks should strengthen the management of their sales personnel. Outlet sales personnel should sell insurance products in accordance with the authorization of commercial banks and are not allowed to sell unauthorized insurance products or sell insurance products privately.

Each outlet of a commercial bank shall publish a list of agency insurance products in paper or electronic form, including the name of the agency insurance company and product types and other information.

11. Sales staff at commercial bank outlets should ask the policy holder to fill in the application form in person. In the following circumstances, the salesperson can fill it out on your behalf:

(1) The policy holder has difficulty filling in the form and has given written authorization;

(2) The policy holder has difficulty filling in the form, and Written authorization was not possible, verbal authorization was given in the case of audio or video recording.

During the filling process, the sales staff should check the filled-in content item by item with the policy holder and fill in the application form according to the policy holder’s description. After filling in the form, the policy holder confirms that the filled-in content in the application form is his/her true expression of intention and then signs or seals it.

Written authorization documents, audio recordings, video recordings and other materials shall be handed over by commercial banks to insurance companies for archiving and management.

12. Commercial banks and their sales staff are not allowed to tamper with customer insurance information, and are not allowed to use bank branch phone numbers, sales and related personnel phone numbers to impersonate customer contact numbers. If confirmation from the policy holder or the insured is required, make sure that you sign or seal it in person.

13. Commercial banks and their sales staff shall not withhold customer insurance information and shall provide complete and true customer insurance information to insurance companies.

Insurance companies should provide commercial banks with complete and true information on customer surrenders and maturity benefits.

14. Commercial banks should completely and truly record the names of commercial bank outlets and the names or job numbers of outlet sales personnel in insurance policies, business systems and insurance agency business accounts.

15. Commercial banks should have technical support systems and back-end support capabilities suitable for managing and controlling insurance product sales risks, establish a complete sales information management system, and achieve the following functions:

(1) Connect with the insurance company’s business system;

(2) Realize the management of insurance sales personnel;

(3) Be able to provide electronic contract materials, including insurance reminders, Documents such as application form, insurance policy, insurance clauses, product instructions, cash price (1300.00, -3.50, -0.27) value table;

(4) Record the information required for each underwriting item, and compare each item Proofread the logical relationship and authenticity of the information;

(5) Save and transmit electronic documents of scanned copies of original insurance documents;

(6) A system with on-site order issuance function, Product parameters should be set reasonably to be compatible with different insurance rates for insured persons of different ages.

16. Commercial banks should provide complete contract materials to policyholders, including insurance reminders, application forms, insurance policies, insurance clauses, product instructions, cash value statements, etc. Contract materials may not be deleted or intercepted.

17. If a commercial bank collects premiums through bank deductions at the time of sales, it shall reach an agreement with the policy holder on the account, amount, time, etc. of the deductions, and shall have an agreement independent of other documents such as the insurance policy. Bank automatic transfer authorization letter with certificate and information. The authorization letter should include information such as transfer account, transfer amount in each period, transfer period, transfer frequency and other information. When transferring funds, a premium invoice or premium deduction receipt should be issued to the policy holder.

18. Insurance companies should establish an insurance policy information review system. If it is found that the customer information is untrue or signed by other personnel, the insurance shall not be insured if it has not yet been insured; if it has been insured, the commercial bank shall be required to make corrections within a time limit. At the same time, insurance companies should contact customers in a timely manner to explain the policy situation and complete signature replacement and other procedures.

19. The insurance company shall send a reminder to the mobile phone of the policy holder in the name of the insurance company within 24 hours of deducting the first premium, or within 24 hours of underwriting if the first premium has not been deducted. Short message. Reminder text messages should be popular and concise, making it easy for policyholders to read and understand.

The reminder text message should at least include: the name of the insurance company, the name of the insurance product, the insurance period, the start and end time of the hesitation period (except for off-site issuance), regular premium and frequency, the company’s unified customer service phone number, and please apply for insurance People read the terms of insurance contracts carefully.

If the policy holder does not have mobile phone contact information, he should be reminded by email, paper letter, etc.

Insurance companies should use mobile phone text messages, emails or paper letters to promptly remind policyholders when premiums are renewed and insurance contracts expire.

20. Commercial banks and insurance companies should actively handle complaints, surrenders, etc. as soon as possible, and should not pass the buck to each other, and should take timely measures to properly resolve them.

If the customer is compensated for losses during the complaint handling process, after the complaint is handled, the commercial bank and the insurance company shall clarify the responsibilities of both parties and bear the losses based on the agreement between the parties and the actual situation.

21. Insurance companies and their first-level branches shall report to the China Insurance Regulatory Commission and the local Insurance Regulatory Bureau within 10 working days after the end of each quarter the hesitation period of all cooperative commercial banks in the previous quarter. The number of insured cases, the number of return visits with problems, and the ratio to the number of insured cases in the same period.

22. The China Insurance Regulatory Commission and all local insurance regulatory bureaus have established an information sharing system with the China Banking Regulatory Commission and all banking regulatory bureaus to handle cases where there are more policy surrenders, more return visits, and more business issues during the hesitation period. Insurance companies, commercial banks and their first-level branches with problematic proportions and violations of laws and regulations will take corresponding supervisory measures.

23. All insurance regulatory bureaus and all banking regulatory bureaus should strengthen supervision and inspection. If insurance companies, commercial banks or their employees are found to have violated relevant regulations, they shall, in accordance with laws, administrative regulations, rules and other provisions, impose penalties.

24. This notice will be implemented from April 1, 2014.

Other banking financial institutions and postal companies that provide insurance agency services shall refer to this notice.

If the regulatory documents promulgated by the China Insurance Regulatory Commission and the China Banking Regulatory Commission before the issuance of this Notice are inconsistent with this Notice, this Notice shall prevail.

China Insurance Regulatory Commission China Banking Regulatory Commission

January 8, 2014