Ji Dong, a journalist
Recently, a number of readers reported to Jimu News through the 86777777 of the newspaper hotline that they said that after applying for a loan, they found that the repayment of each period contained "unknown" insurance costs. After investigating and understanding, Jimu news reporters found that this phenomenon is by no means unique. Although the local banking and insurance regulatory departments have repeatedly issued orders and strictly prohibited financial institutions from forcibly tying up insurance in the process of consumer lending, in practice, consumers are still repeatedly prohibited from bundling insurance products when lending.
Repayments of more than 3,000 of which 1,000 are premiums
On March 11, Mr. Li called jimu news reporters to report that his loan had suffered a "forced tying".
"In May 2020, affected by the epidemic, I needed capital turnover, so I applied for a loan on the Jiufu online loan platform, and the principal amount borrowed was about 4,000 yuan, and the contract given by the platform at that time was very long, and there was no special additional fee." Because of the urgency of using money, Mr. Li hurriedly nodded to confirm and handled this loan business.
After half a year, Mr. Li opened the APP of PICC Property & Casualty Insurance to inquire about his car insurance, and found that in addition to car insurance, there was another unknown insurance, called "Personal Loan Guarantee Insurance", he quickly called customer service telephone consultation, and was told that this insurance was effective when the contract was signed with the Jiufu platform.
Subsequently, Mr. Li inquired about the repayment record, the loan principal of 4,000 yuan, repaid in 12 installments, the annual interest of nearly 60%, calculated, his total repayment interest of more than 3,000 yuan, of which 1300 yuan is charged in the name of "premium", accounting for more than 30% of the total repayment amount.
Mr. Li said angrily, "After this insurance takes effect, PICC does not have any SMS reminders, which is forced to buy and sell." At that time, Mr. Li proposed to surrender the insurance, and the customer service told him that if he surrendered the insurance, he could only take a few dozen yuan. He did not approve of PICC Property & Casualty's tying behavior and suspended repayment. "I didn't even see the policy, I was sold a product, inexplicably paid for so long, this fee should not be paid by me." 」
However, after stopping the repayment, he received a series of violent collection calls and text messages. "These are the third-party platforms that PICC is looking for, only the phone is left on the text message, I called and said that it was to help PICC collect, and the account that let me make payments is also the public account of PICC."
Personal Loan Guarantee Insurance has been repeatedly complained about
Why does Mr. Li's loan appear "premium"? What type of loan exactly is this?
Jimu News reporters found on a number of complaint platforms such as Black Cat that a number of consumers complained on the online platform that when borrowing from Jiufu Wanka, they were forced to collect insurance premiums and service fees without knowing it, and the amount of premiums was as high as thousands of yuan, and the application for surrender was rejected by the platform.
According to a complaint platform, Ms. Chen initiated a complaint against Chinese min Insurance Group, saying that "Jiufu Wanka and PICC bought insurance in bundles without my knowledge, and I did not sign it and did not know." Request Surrender". In the personal loan guarantee insurance policy provided by Ms. Chen, the principal amount of the loan was only 14,500 yuan, but the insurance paid was as high as 3696 yuan.
It is understood that the model of the guarantee insurance is that Jiufu obtains customers as a recommendation, and when the borrower is overdue, the insurance company pays according to the agreement. As a loan assistance platform, Jiufu provides credit enhancement and loan assistance business for the funder in the form of insurance, while the cost of funds for purchasing insurance is borne by the borrower.
The reporter learned through combing that Jiufu and PICC Property & Casualty Insurance have cooperated in the guarantee insurance business of the online loan business since March 2018. However, "the boat of friendship will turn over", and the two major financial institutions will go to court in 2020.
It is understood that behind the "service fee" dispute between the two sides is a major problem in the "performance insurance" contract cooperated by the two parties. Jiufu said that in 2019, under the "Jiufu Direct Loan" project, PICC Property & Casualty insurance was obliged to pay the service fee agreed in the cooperation agreement to Jiufu Digital According to the contract. Under the cooperation agreement, PICC P&C has paid part of the service fee, but the remaining service fee of about RMB2.2 billion has not yet been paid. PICC said it was not obligated to pay the service fee and filed a lawsuit with Jiufu. It is reported that the funds disputed by the two sides account for only 1.3% of piccal net assets, which has little impact on large insurance companies, but it is vital to jiufu, a financial technology company based on "loan assistance business".
PICC Property & Casualty received a fine of RMB500,000 from the Banking and Insurance Regulatory Commission
The reporter noted that this matter has also attracted the attention of the regulatory authorities.
On August 30, 2021, the Banking and Insurance Regulatory Commission issued a fine to People's Insurance Property & Casualty Insurance. According to the disclosed fines, PICC Property & Casualty was fined 500,000 yuan for not using the approved or filed insurance terms and insurance rates in accordance with the regulations; Wu Jianlin, then deputy general manager, and Ni Hong, general manager of the credit guarantee insurance division, warned and fined 100,000 yuan respectively.
Judging from the fines, PICC Property & Casualty Insurance was fined this time in connection with its credit guarantee insurance business. Prior to this, PICC Property & Casualty insurance had attracted much attention due to the dispute over the guarantee insurance business of cooperation with Jiufu. This fine also mentions that "PICC Property & Casualty Insurance is cooperating with a certain group", and it can be seen from the time, business, etc. that a certain group is Jiufu.
The fine also shows that PICC Property & Casualty has not strictly implemented the insurance rates approved or filed by the China Banking and Insurance Regulatory Commission. In addition, PICC Property & Casualty insurance also has the problem of not strictly implementing the insurance terms approved or filed with the China Banking and Insurance Regulatory Commission. In the filing clauses of PICC Property & Casualty Insurance's Contract Performance Guarantee Insurance, Personal Loan Guarantee Insurance and Personal Loan Guarantee Insurance (Multi-Year Period), the insurer shall issue an insurance policy or other insurance certificate to the applicant in a timely manner after the formation of this insurance contract. In cooperation with a group, PICC P&C insurance requires external (including the insured) to initiate a trigger (inquiry, download, etc.) action according to the functional settings of PICC P&C insurance business system, according to the functional settings of PICC P&C insurance business system, and the electronic policy is not triggered and generated. PICC P&C Insurance simply returns the download link of the electronic policy to the group after the borrower has successfully applied for insurance, and since September 2019, after the borrower has successfully applied for insurance, he can view the premium amount, electronic policy and other information in an APP "Loan Details". In its business cooperation with PICC Property & Casualty, the Group only serves as an Internet financial information platform to provide business recommendation services, not as an agent for the insured. PICC Property & Casualty insurance failed to issue insurance policies or other certificates of insurance to the insured in a timely manner.
The information of the ticket also further confirms the situation previously described by Mr. Li. What is even more unexpected is that after the Banking and Insurance Regulatory Commission announced that the operation of the online lending platform in the country was completely zeroed out, Jiufu announced its withdrawal, and the platform was revealed that there were no relevant financial approval documents, and its business scope did not meet the standard of "online lending intermediary services". Mr. Li also questioned: "Does PICC know that jiufu platform does not have lending qualifications?" If you know, is PICC a state-owned enterprise a law-aware of the law? If you don't know, is PICC's policy valid?" Mr. Li believes that PICC P&C needs to give these people a reasonable explanation.
Polar News will pursue the matter further. During the 315 period, if you have other financial consumer rights protection, please call the Jimu News Hotline at 027-86777777 to reflect.
For more exciting information, please download the "Jimu News" client in the application market, please do not reprint it without authorization, welcome to provide news clues, and pay as soon as you adopt it. 24-hour reporting hotline 027-86777777.