Exaggerated income, false publicity, deception of policyholders, PICC, life insurance, and taibao companies receive fines

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The insurance industry is in a serious crisis of trust, with issues such as false publicity, the preparation of false documents, and the pursuit of improper profits frequently surfaced. This not only harms the interests of insurance consumers, but also tarnishes the reputation of the entire insurance industry. Recently, the Zhejiang Provincial Commission for Discipline Inspection and the Provincial Supervision Commission announced that four employees of the Zhejiang Branch of Chinese Life Property Insurance Co., Ltd. were investigated for serious violations of discipline and law, which once again aroused people's attention to the insurance industry.

Since the beginning of this year, insurance companies have frequently been fined and punished. From the perspective of the reasons for the fine, the issue of "falsehood" has become an important issue in the insurance industry, involving aspects such as exaggerated returns, fictitious intermediary fees, and false materials. However, different insurance companies have been fined differently, and the companies under Chinese Insurance have become the "hardest hit area" for fines. According to statistics, since May alone, Chinese Bao's branches and branches have received 27 fines, with a cumulative amount of more than 4 million yuan. Branches and branches of other well-known insurance companies such as Chinese Life, CPIC, Ping An and Xinhua Insurance have also been fined for false information.

These insurance companies are frequently punished, not only because of false problems, but also because of their frequent misleading consumers and defrauding policyholders in the sales process. For example, Chinese Insurance was accused of preparing false documents and seeking improper benefits, while Ping An Life and Ping An Property & Casualty were fined for deceiving policyholders and fictitious insurance intermediary business. These actions not only harm the rights and interests of customers, but also plunge the entire insurance industry into an ethical and legal crisis.

In order to control this chaos, the China Banking and Insurance Regulatory Commission issued a notice in April 2021 to launch a special work on the management of chaos in the life insurance market. The circular requires the investigation and punishment of violations of laws and regulations in accordance with laws and regulations, and an in-depth analysis of the deep-seated causes of problems and risks to enhance the image of the insurance industry. Among them, the focus is on misleading consumers, alienating products, improper management and other behaviors in the sales process, as well as fraud and loose disorder in personnel management. At the same time, the Insurance Association also issued the Guidelines for the Determination of Untrustworthy Conduct by Insurance Sales Practitioners, which clarifies a series of untrustworthy practices in practice to restrain the improper conduct of insurance salesmen.

In order to ensure legal and compliant operations, various insurance companies have also taken a series of measures. For example, Ping An said in its annual report that it has established a corresponding policy system and standardized it from all aspects of the product life cycle to avoid possible violations of laws and regulations. Xinhua Insurance also stressed the importance of comprehensively controlling sales misleading, and reduced the occurrence of sales misleading by improving the compliance assessment index system and strengthening the compliance review of publicity materials.

In summary, the false problems and misconduct of the insurance industry have seriously affected the reputation and trust of the entire industry. The strengthening of supervision by regulators and the self-discipline of insurance companies are important ways to manage this problem. It is hoped that with the joint efforts of all parties, the insurance industry can restore the public's trust in it and achieve high-quality development.

It is deeply regrettable to look back at the recent outbreak of false problems in the insurance industry. In this information age, disinformation spreads at an unimaginable rate, and once it is lost to consumers, it is difficult for companies to regain trust in the market. Scandals such as false publicity, improper sales practices and the preparation of false documents have resonated seriously in the insurance industry, not only to the detriment of policyholders, but also to the stability of the entire insurance market.

In particular, insurance companies represented by Chinese Insurance have frequently become the "hardest hit areas" of fines, which is enough to trigger the thinking of industry insiders. This may imply a deeper problem, not only a failure of internal morality and ethics, but also a comprehensive reflection of industry supervision, corporate governance, internal culture and other issues.

In response to this problem, regulators have taken a series of strong measures. The relevant notice issued by the China Banking and Insurance Regulatory Commission (CBIRC) clarifies the direction of cracking down on violations of laws and regulations, aiming to eradicate the problem of falsehood. At the same time, the guidelines of the Insurance Association also regulate the behavior of insurance salespeople to a certain extent, providing guidance for the establishment of a healthy ecology in the industry.

However, relying solely on external regulation and regulation is not enough. Self-discipline and culture building within insurers are also crucial. Enterprises not only need to strengthen internal moral education, but also ensure the authenticity and transparency of information and avoid false propaganda. In addition, strengthening the professional ethics of sales personnel and building a sound reward and punishment mechanism are also the only way for enterprises to build a trustworthy image.

However, in the long run, tackling the insurance industry's false problem will require fundamental changes to the industry's business model and culture. Excessive focus on the pursuit of profit and performance may lead some practitioners to use false publicity and other means in order to complete sales tasks. Therefore, insurance companies should pay more attention to the needs of customers and provide customers with truly valuable insurance products and services, so as to establish lasting and solid customer relationships and achieve sustainable development of enterprises.

It is embarrassing to recall the insurance industry scandal mentioned at the beginning of this article. As a financial commentator, I feel a great responsibility. By all indications, the root cause of the false problem is not only a single behavioral problem, but also a systemic challenge. The insurance industry needs the joint efforts of all parties, starting from multiple levels such as supervision, corporate governance and cultural construction, in order to restore the credibility of the industry and achieve more healthy and sustainable development.

In this process, I believe that only by treating every policyholder sincerely and taking integrity as the foundation of business can we win the recognition of the market and create a better insurance future. I believe that through unremitting efforts, we will be able to reshape the image of the insurance industry, so that every policyholder can feel the real value and protection brought to them by the insurance industry.

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