Nandu News Reporter Lu Liang The insurance institution headquartered in Shenzhen has made a new face. On February 9, the China Banking and Insurance Regulatory Commission (CBIRC) issued an announcement showing that it approved the qualifications of the chairman of Yin Zhaojun Taiping Property & Casualty Insurance Co., Ltd. and the qualifications of the general manager of Zhujie Taiping Property & Casualty Insurance Co., Ltd.
According to the information of Tianyancha, Taiping Property & Casualty Insurance Co., Ltd. is headquartered in Shenzhen, a member company of China Taiping Insurance Group Corporation, and the main force of China Taiping's expansion of property insurance business in China, with a registered capital of 6170 million yuan. Public information also shows that as of June 2021, the total assets exceeded 37.4 billion yuan, including 33 provincial branches, more than 700 third- and fourth-level institutions, and a management and business team of more than 30,000 people.
Yin Zhaojun, who took charge of this time, graduated from Beijing University of Finance and Trade with a bachelor's degree in finance and accounting, a master's degree in public administration from China University of Political Science and Law, and an accountant. He is currently the Vice Chairman and General Manager of China Taiping Insurance Group Co., Ltd., China Taiping Insurance Group (Hong Kong) Limited and China Taiping Insurance Holdings Limited.
Nandu reporter noted that as a financier, Yin Zhaojun has a wealth of experience in the industry, once served as vice president of Chinese Life Insurance (Group) Company, concurrently served as vice chairman and president of Guangfa Bank, and chairman of China Life Investment Holding Co., Ltd. He was the President of The Shanxi Branch of the Bank of Communications (601328), the President of the Hebei Branch, the President of the Beijing Branch of the Bank of Communications and the Vice President of the Beijing Management Department (Group Customer Department).
Zhu Jie graduated from Nankai University, majoring in world economics, with a doctoral degree in economics. Prior to his appointment as General Manager of the new Taiping Property & Casualty Insurance Company, Zhu Jie was the Deputy General Manager of China Taiping Insurance Holdings Limited and the General Manager of the Human Resources Department of China Taiping Insurance Group.
However, due to the impact of the macro environment, the report card of this head property insurance company is not very good. According to the financial report data, in 2021, Taiping Property & Casualty Insurance premium income declined for the first time in nearly 6 years, and the original premium income was 27.521 billion yuan, down 2.13% year-on-year.
Last year, the insurance company also frequently received regulatory fines. Nandu reporter combed and noted that through the supplementary agreement to privately change the filing clause, the compensation liability of 168 million yuan became 3.483 million yuan, and Taiping Property Insurance was fined 500,000 yuan for infringing on the rights and interests of consumers. On September 13, 2021, the official website of the China Banking and Insurance Regulatory Commission (CBIRC) announced that Taiping Property & Casualty Insurance Co., Ltd. (hereinafter referred to as Taiping Property & Casualty Insurance) was administratively punished. According to the penalty decision, after investigation, Taiping Property & Casualty Insurance has violated the law of not using the approved or filed insurance terms and insurance rates in accordance with the regulations: through the signing of supplementary agreements, the problem of substantially changing the approved or filed insurance products. According to the cooperation agreement, the overall compensation liability of Taiping Property & Casualty Insurance was changed from the insurance amount of 168 million yuan to 110% of the paid premium of 3.1664 million yuan, that is, 3.483 million yuan, and the difference between the two was nearly 165 million yuan.
On October 12 last year, the Lvliang Supervision Branch of the China Banking and Insurance Regulatory Commission issued an administrative penalty announcement, in which Taiping Property and Casualty Insurance Branch was fined 250,000 yuan for falsely listing 396,000 yuan for vehicle security inspection service fees.
Chinese Bank of Shenzhen City Center Branch issued four consecutive fines in September last year, all of which also pointed to the company headquartered in Shenzhen. Among them, the Administrative Penalty Announcement Form of the Shenzhen Central Branch of the People's Bank of China (Shenzhen Renyin Penalty [2021] No. 20) shows that Taiping Property & Casualty Insurance Co., Ltd. was involved in two illegal acts: "failing to perform customer identification obligations in accordance with regulations" and "failing to submit large transaction reports or suspicious transaction reports as required", and was fined RMB1.45 million, and the total number of fines reached RMB1.6425 million.
In the view of industry insiders, how to stabilize the operating efficiency of Taiping Property & Casualty insurance in the future, strengthen risk control compliance and problem rectification, and become an important burden for the new leadership team.