On November 9, red star capital bureau noted that the official website of the Banking and Insurance Regulatory Commission issued an administrative penalty decision.
The CBRC pointed out that it has conducted a case investigation and trial of the suspected illegal case of Waterdrop Insurance Brokerage Co., Ltd. (hereinafter referred to as "Waterdrop Insurance"). The case is now closed.
After investigation, Waterdrop Insurance has violated the law of not using the approved or filed insurance terms and insurance rates in accordance with the regulations:
The first is the sale of violations of laws and regulations in the insurance products of Anxin Property insurance Co., Ltd. (hereinafter referred to as "Anxin Property insurance").
From June 2018 to June 2019, Waterdrop Insurance sold Safe Property Insurance products through the WeChat platform public account and the "Waterdrop Insurance Mall" app, involving four products of personal hospitalization comprehensive medical insurance, comprehensive medical insurance for the elderly, personal accident insurance, and hospitalization comprehensive medical insurance in the 2017 edition of b.
According to the premium calculation formula of The Anxin Property Insurance Individual Hospital Comprehensive Medical Insurance and the Comprehensive Medical Insurance for the Elderly in the Clause Rate Table filed with the China Banking and Insurance Regulatory Commission, the premium paid in each period should be the same. When Waterdrop Insurance is actually sold, the first premium is charged at "0 yuan in the first month" and "3 yuan in the first month", which is lower than the remaining installment premiums.
In the clause rate table filed with the Banking and Insurance Regulatory Commission, the 2017 edition of Anxin Property Insurance Personal Accident Insurance and Hospital Comprehensive Medical Insurance can be paid in installments, and only "short-term premium calculation method: short-term premium = insurance period / 365× premium". Waterdrop Insurance collects annual premiums in monthly installments, and the initial premium at the time of actual sale is charged at "$3 in the first month", which is lower than the installment premiums of the remaining equivalent periods.
The second is the sale of illegal acts in the insurance products of Taiping Property & Casualty Insurance Co., Ltd. (hereinafter referred to as "Taiping Property & Casualty Insurance"). From March 2019 to June 2019, Waterdrop Insurance sold Taiping Comprehensive Medical Insurance underwritten by Taiping Property & Casualty Insurance through the WeChat platform public account and the "Waterdrop Insurance Mall" app. The terms and rate tables of the product filed with the China Banking and Insurance Regulatory Commission are only described as "monthly payment (0 yuan in the first month of insurance, and the rest is paid in 11 installments)", and the first premium of the droplet broker is charged at "3 yuan in the first month" when it is actually sold.
According to the administrative penalty decision, the above-mentioned waterdrop brokers did not use the approved or filed insurance terms and insurance rates in the sale of Anxin property insurance products and Taiping property insurance products in accordance with the regulations, which violated the provisions of Article 170 of the Insurance Law, and according to Article 170 of the Insurance Law, a total fine of 1 million yuan was imposed on Waterdrop Insurance.
In addition, Yang Guang, then general manager of Waterdrop Brokerage, had direct management responsibility for the above behavior. Zhang Qiang, then head of the actuarial department of Waterdrop Brokerage, was directly responsible for the above acts. Yang Guang and Zhang Qiang were warned and fined 100,000 yuan respectively.
Red Star News reporter Yu Yao Deng Lingyao
Responsible editor Ren Zhijiang Editor Yang Cheng
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