Recently, a report entitled “more than 8 million yuan to buy 29 The Pacific Securities Co.Ltd(601099) insurance! Shanghai uncle emptied his savings and borrowed 3.7 million yuan” spread on social media.
According to media reports, Mr. Zhang, a retired citizen of Shanghai, bought 29 The Pacific Securities Co.Ltd(601099) life insurance in more than nine years, paying a total premium of more than 8 million yuan, including a loan of 3.7 million yuan. Mr. Zhang said that the salesman of the insurance company induced loans, leading to huge debts.
On March 19, China Pacific Insurance (Group) Co.Ltd(601601) life insurance responded to the reporter of China Securities Journal that the company had set up a special working group for the first time to conduct in-depth investigation on Mr. Zhang’s insurance coverage, types of risks involved, return visit records, claim settlement records, policy loan records, etc.
China Pacific Insurance (Group) Co.Ltd(601601) Life Insurance Shanghai branch also issued a statement saying that Mr. Zhang knew and recognized each policy, and the loan business of the policy involved was handled at the counter with relevant valid certificates. At present, both parties have entered the mediation stage in the Bank Of Shanghai Co.Ltd(601229) insurance dispute mediation center.
A senior person in the insurance industry told the China Securities Journal that similar problems occurred last year. In order to prevent salesmen from blindly promoting insurance in order to offset performance, regardless of the actual needs and payment ability of customers, the regulatory authorities are soliciting opinions on the forthcoming measures for the administration of life insurance sales. The measures mainly put forward product classification and sales personnel classification, and authorize products according to the sales personnel classification; For the evaluation of customer demand and payment ability, the payment level shall not exceed 30% of annual income in principle.
purchase 29 insurances in 9 years
cost over 8 million yuan
From 2011 to 2019, Mr. Zhang spent more than 8 million yuan to buy 29 insurances. The same person handled these policies and “guided” loans, named Zhou moumei. It is understood that this person left the life insurance company in 2020.
According to the above news reports, Mr. Zhang’s feedback mainly focused on the following aspects:
first, the salesman involved induced the loan
Mr. Zhang said that from 2011 to 2013, no loans were handled during this period. Since 2014, he has embarked on the road of loan insurance, and now there are more than 20 insurance policies involving loans. He recalled that Zhou moumei, a salesman at that time, introduced that he could use loans to pay premiums and buy new insurance, “pay 1.5 million in three years and get more than 2 million in five years” and “buy this insurance and stay in the Taibao pension community free of charge in the future”.
second, the salesman involved was suspected of forging the signature of the “Insured”
According to Mr. Zhang’s wife, Ms. Cao, in addition to the induced loan, The Pacific Securities Co.Ltd(601099) life insurance salesman Zhou moumei is also suspected of forging the signature of the “Insured”. Ms. Cao said that in some insurance policies, the “Insured” is Ms. Cao or their daughter, but the mother and daughter are unaware of all this.
third, the salesman involved may fabricate a false “father son” relationship
It is reported that there are two special insurance policies. Mr. Zhang, as the policyholder, defines the “Insured” as a male of Cao. The insurance policy shows that Mr. Zhang and Cao are father son relationship, but the actual situation is that Cao, who was born in 2002, is Ms. Cao’s nephew.
According to media reports, Mr. Zhang and his wife had complained to CPIC Shanghai Branch. The two sides had great differences and did not reach an agreement on the demands of refunding premiums and stopping loans. As for the “proxy signature”, CPIC Life Insurance Shanghai Branch said that it had conducted relevant investigations earlier, but the conclusion was that “there was no proxy signature”. At present, the company has officially applied to the CBRC for intervention in the investigation.
has entered the mediation stage
In response to this matter, China Pacific Insurance (Group) Co.Ltd(601601) life insurance responded that the company attaches great importance to it and has set up a special working group for the first time to conduct an in-depth investigation on Mr. Zhang’s insurance coverage, types of insurance involved, return visit records, claim settlement records, policy loan records, etc., and will take facts as the basis to safeguard the legitimate rights and interests of consumers in accordance with laws and regulations, fairness and justice.
At the same time, China Pacific Insurance (Group) Co.Ltd(601601) Life Insurance Shanghai branch also issued a briefing, saying that Mr. Zhang knew and recognized each policy, and the loan business of the policy involved was handled at the counter with relevant valid certificates. At present, both parties have entered the mediation stage in the Bank Of Shanghai Co.Ltd(601229) insurance dispute mediation center.
The details are as follows:
I. Mr. Zhang’s policy purchase. From 2010 to 2019, Mr. Zhang insured a total of 29 insurance policies for him or his family in Life Insurance Shanghai Branch (I am 44 years old for the first time). The types of insurance include life insurance, accident insurance, annuity insurance, health insurance, etc. at present, 16 of them have expired.
2. Mr. Zhang knows and recognizes each insurance policy. According to the return visit records, during the return visit, Mr. Zhang said that he knew and recognized the insurance process, insurance liability, payment period, payment amount and other information.
III. insurance policy income and claim settlement of Mr. Zhang. Some insurance policies under Mr. Zhang’s name have successively handled services such as insurance policy dividend and survival fund collection. In 2016, he applied to the company for hospitalization for his daughter’s illness and obtained the seal for settlement of his daughter’s illness. During this period, Mr. Zhang did not raise any objection to the company.
IV. Mr. Zhang’s handling of policy loan business. Policy loan is an interest enjoyed by the applicant according to the insurance contract. Mr. Zhang has applied for some policy loans from the company since 2014. The loan business of the policy involved is handled at the counter with relevant valid certificates.
V. current communication and disposal progress. For Mr. Zhang’s complaints and surrender demands, Life Insurance Shanghai Branch has conducted interviews with customers four times. Since March 12, the two sides have entered the mediation stage in the Bank Of Shanghai Co.Ltd(601229) insurance dispute mediation center (hereinafter referred to as “bancassurance mediation center”), and offline mediation has been suspended due to the requirements of recent epidemic prevention and control.
China Pacific Insurance (Group) Co.Ltd(601601) Life Insurance Shanghai Branch said that under the guidance of the work of Bancassurance adjustment center, based on facts and from the perspective of safeguarding consumers’ rights and interests, it would actively and patiently listen to customers’ demands and properly handle the incident in accordance with laws and regulations, fairness and justice.
both parties have factual conflict
Comparing the statements of both parties, it is not difficult to find that there are differences between the applicant and CPIC. Li Hua (a pseudonym), a senior insurance law lawyer, told reporters that from the response of CPIC, it seems to conflict with some facts in the news reports. “First, whether there is proxy signature on some insurance policies. If so, the contract is invalid.
If both parties hold one word on this, they need to make judicial appraisal on the signature. If the agent does have the problem of policy proxy signature, the agent may constitute an illegal and criminal act of insurance fraud. “
In addition, according to media reports, on many loan forms of Mr. Zhang, the purpose of the loan is “company operation” and “decoration”, not “insurance”. Li Hua said, “the customer himself writes about the purpose of the loan rather than the policy loan. Whether it is his own meaning or the agent’s meaning may need to be found out. Taibao said that the loan business of the policy involved is handled by me at the counter with relevant valid certificates, but from the media reports, there is the possibility of proxy signature, and Taibao needs to show relevant evidence.”
In Li Hua’s view, from the whole report, the agent has a great possibility of misleading publicity, “especially when using loans to insure, whether this behavior has the problem of exaggerated publicity and whether there are relevant risk tips needs to be verified by the insurance company. Finally, how to bear the responsibilities of both parties needs the supervision to investigate the facts clearly before making a further clear judgment.”
In the view of insiders, the event also reflects that the reform of the agent team must be continuously and deeply promoted. According to the data released by the CBRC, as of December 31, 2021, there were 6.419 million salespeople registered in the insurance intermediary supervision information system of insurance companies across the country. Compared with the number of registered agents at the end of 2020, the number decreased by 2.52 million, a year-on-year decrease of 29.9%. Under the reform, constantly clearing and building a high-quality and high-quality agent team will become the development tone of the industry.
On the “March 15” consumer rights and interests day just passed, the CBRC specially held a special press conference on “deepening the promotion of financial consumer protection in the banking and insurance industry”. Guo Wuping, director of the Consumer Protection Bureau of the China Banking and Insurance Regulatory Commission, said at the meeting that to protect the rights and interests of financial consumers, from the supply side, we should compact the responsibilities of financial institutions and realize “sellers’ due diligence”. From the demand side, it is necessary to strengthen consumer publicity and education, improve financial literacy, and strive to achieve “buyer conceit”.
