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Regulatory level requires clearing and rectification involving 2,647 insurance professional intermediaries
International Finance News Luo Gemei
"Anti-risk, governance chaos" is still the main content of insurance intermediary supervision work in 2019.
On March 12, the China Banking Regulatory Commission issued the “Notice on Carrying out the Work of Clearing the Registration Data of the Practitioners of Insurance Professional Intermediaries” (hereinafter referred to as the “Notice”) for the Banking Insurance Regulatory Bureau and various insurance professional intermediaries. The organization conducts self-examination and rectification from the aspects of personnel demarcation, subordination, information completion, and strengthening maintenance.
The notice shows that the employees of the insurance professional intermediaries include the agent of the insurance professional agency, the brokerage employee of the insurance brokerage institution, and the public employee of the insurance assessment agency.
A senior executive of an insurance intermediary at the New Third Board told the International Finance News reporter that "the company has begun to promote self-examination and verification. After this rectification action, a large number of employees in the insurance intermediary industry will be brushed down."
It is worth mentioning that on February 26, two weeks ago, the China Banking Regulatory Commission also issued a notice stating that it is necessary to strengthen the management of insurance intermediary channels, requiring insurance companies to strengthen the management of the main channels of cooperative intermediary channels, and not to use intermediary channels. Carrying out illegal and illegal activities, etc., can be called the most specific, most complete and strict intermediary channel business rectification measures in the history of China's insurance.
Zhu Junsheng, deputy director of the Insurance Research Office of the Development Research Center of the State Council, said in an interview with the International Finance News that the regulatory authorities have successively introduced intermediary supervision policies, which shows that the intensity of anti-risk and chaos is as great as that of the entire insurance industry last year. The business situation is not ideal.
“The investment income dropped significantly last year, and the comprehensive cost ratio of the property insurance business exceeded 100% for the first time.” Zhu Junsheng said that the comprehensive cost of production and insurance has reached a new high. The very big reason behind this is the increase in the handling fee of auto insurance business. "In terms of auto insurance business, many companies still rely heavily on intermediary channels, which also leads to a long-term lack of voice in the intermediary. In this case, not only the insurance company's main responsibility to intermediaries, but also the insurance intermediary market should be regulated." .
The person in charge of the Insurance Intermediary Supervision Department of the China Banking Regulatory Commission recently revealed in an exclusive interview with the media. "As of the end of 2018, there were 5 insurance intermediary group companies, 240 national insurance agencies, 1550 regional insurance agencies, and 499 insurance brokers. Home, 353 insurance insurance company has been filed."
In this way, as of the end of 2018, there were 2,647 insurance professional intermediaries across the country.
The person in charge of the above-mentioned supervision department also said that as of the end of 2018, the insurance intermediary channel realized premium income of 3.37 trillion yuan, accounting for 87.4% of the national total premium income. Among them, insurance professional intermediary channels realized premium income of 0.49 trillion yuan.
In addition, according to the incomplete statistics of the reporter, from January to February 2019, the insurance industry issued a total of 167 fines, and the fine was over 26 million yuan. Among them, the insurance intermediary has become the hardest hit area, the number of fines and the amount of fines are the first, and the object of punishment has also sunk to the agent.
Clearing the work "two steps"
The notice pointed out that in recent years, the number of employees in insurance professional intermediaries has developed rapidly, but the practice of management has not been followed up in a timely manner. The information of employees is not completely inaccurate. The illegal practices of falsely reporting false and inflated personnel are more common. The distortion is more serious. To this end, the China Banking Regulatory Commission decided to carry out the work of clearing and rectifying the data on the practice registration of practitioners.
According to the notice, this clearing is divided into two stages: the self-inspection and rectification of the intermediary institution and the key inspection by the Yinbao Insurance Bureau.
In the self-inspection and rectification stage of the intermediary institution, the MCRC requires the intermediary institution to establish a two-level liquidation responsibility system for legal persons and branches, and an intermediary agency with multiple branches within the jurisdiction of the MCB should designate a responsible branch. Fully responsible for the clearing of the area.
The notice requires that intermediaries should accurately grasp the guidance of the work of clearing the nuclear work and strengthen the forward propaganda. They should not damage the legitimate rights and interests of their employees or deliberately mislead the employees by the name of the nuclear issue, causing confusion.
In the key inspection stage of the Yinbao Insurance Bureau, the notice clearly stated that the Yinbao Insurance Bureau should combine the daily supervision and the self-inspection of the intermediary agencies, and select more than five (including five) legal person institutions with a large number of employees in the jurisdiction to carry out key inspections. Investigate and deal with institutions that have gone through the field and are not seriously rectified. For the problems found in the inspection, the supervisory measures such as the supervision and talks of the intermediary agencies and the restrictions on the registration of the practitioners in the intermediary institutions shall be adopted according to law, and severe punishment shall be imposed according to the provisions of the Insurance Law of the People's Republic of China.
The notice also stressed that the regulatory authorities should continue to improve the intermediary system and practice management system, refine the rules for the practice of practitioners, conduct on-the-spot inspections of intermediaries' practice management from time to time, and seriously deal with intermediaries with less strict practice and resolutely crack down on them. Violation of illegal activities such as tax avoidance and cost collection.
In this regard, Zhu Junsheng said, "The introduction of market normative documents is of course necessary, but on this basis, the regulatory authorities should also have systematic reform measures to cooperate and reflect on some basic issues behind the market chaos."
Zhu Junsheng believes that the current chaos in the insurance intermediary market is frequent and has deeper reasons. For example, the car insurance phenomenon is because the fee reform has not fully realized the marketization. The important means of competition for car insurance at this stage is still the handling fee, and many arbitrage behaviors have been derived from it. "If this root cause is not resolved, it will be difficult to cut through the insurance intermediary market to solve this big problem."
Self-checking and clearing the "four key points"
According to the notice, the self-checking and clearing of the nuclear focus includes four aspects:
● Personnel are clear.
Correct the violations in the practice registration, and eliminate the illegal and vacant personnel, such as illegal tax avoidance and set-up expenses, and eliminate the false personnel in the intermediary system.
Correcting the improper practice of unified registration in the name of the legal person institution, strictly in accordance with the principle of the practice registration of the land (that is, the area in which the practitioners are exhibiting, it should be attributed to the branch of the region), clarify the subordinates of the employees, and effectively return to them. The branch office of the actual region.
● Information completion.
Display the project against the intermediary system, check the registration information of each practitioner item by item, correct the error information, supplement the missing information, and add personal photos (half body, crown-free, front, white background, color, jpg format, size 10-25k, Pixel 210*270 or the same width to height ratio).
● Strengthen maintenance.
In response to the problems found in the self-examination, improve the practice management operation mechanism, clarify the practitioners' registration standards, and establish a full-process practice management system from personnel to the company.
Time tight task
The notice requires the intermediary agency and the Yinbao Insurance Bureau to strictly grasp the time limit for clearing the work.
Before April 15, the legal person institution and the responsible branch respectively submitted to the Banking Insurance Regulatory Bureau a list of at least one docking person.
Before May 15, the agency completed 30% of the self-checking tasks. Before June 15, the agent completed 60% of the self-checking tasks. Before July 31, the intermediary agencies completed all self-examination and verification work.
Before August 15, the legal person institution submitted the self-examination report and the attached table data to the local bank's insurance regulatory bureau, and the responsible branch office submitted the Annex 1 data to the local bank's insurance regulatory bureau.
Among them, the self-examination report includes but is not limited to the following contents: (1) Self-inspection development, data differences and causes before and after self-examination; (2) Basic appearance of the workforce, including number of personnel, age and academic structure, and regional distribution , team characteristics, etc.; (3) the main problems and solutions to the practice registration management.
The Bank of China's Insurance Regulatory Bureau shall complete the key inspections by October 15th, implement the follow-up punishment work in a timely manner, and submit a report on the work of clearing the nuclear work to the China Banking Regulatory Commission before November 30.
The report on the work of clearing the nuclear power includes, but is not limited to, the following contents: (1) the implementation of the liquidation work organization; (2) the status, distribution and characteristics of the employees of the intermediary organizations within the jurisdiction; (3) the main problems found in the key inspections. And handling; (4) suggestions for further work.
A senior executive of an insurance intermediary at the New Third Board told the International Finance News that the company has begun to promote self-examination and verification. He also said that after the rectification action, a large number of employees in the insurance intermediary industry will be brushed down.
However, for the effect of clearing and rectifying the situation, a senior insurance intermediary in Shandong said bluntly, “The structure of the entire industry will inevitably be optimized, but the management costs related to taxation will also increase, and the work of clearing and rectifying will be more difficult to advance than imagined. It’s a long-term battle."
Editor in charge: Li Limeng RF13188
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