Because of the flaw in the process of selling epidemic prevention insurance, the FSC fined six property insurance companies 1.8 million yuan, totaling 10.8 million yuan.

(Photo by reporter Wang Menglun)

[Reporter Wang Menglun/Taipei Report] The Financial Supervisory Commission passed the latest penalty case!

Including: Xin'an Tokyo products, Cathay Century products, Fubon products, CITIC products, Zhaofeng products and Hetai products, etc., due to the lack of sales of epidemic prevention insurance policies, such as risk control, etc., but comprehensively considering that the industry has completed improvements, And play the function of stabilizing society, therefore, each fined 1.8 million yuan, totaling 10.8 million yuan.

The financial inspection results of the "epidemic prevention insurance chaos" came out. Shi Qionghua, director of the Insurance Bureau of the Financial Supervisory Commission, said that the deficiencies of the targets of this punishment include the failure to fully identify the risk characteristics of statutory infectious diseases before the sale of epidemic prevention insurance products, and reasonably evaluate the sales limit and order. The early warning value has not been determined, and the underwriting assessment for individual underwriting objects has not been implemented. In addition, the rate determination of some companies only refers to the loss experience that has not been fully developed, and the risk control mechanism has not been properly established and implemented; the sales are not timely. In response to changes in the external situation, re-evaluate the retained risks of the risk management plan and take measures.

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In addition, the meeting of the insurance product review group and the management group failed to fully perform the function of assessing and controlling risks. This is inconsistent with the pre-sale procedures for insurance products and should be reviewed and punished in accordance with Article 171, Item 1 of the Insurance Law.

Therefore, the targets of punishment: Xin'an Tokyo products, Cathay Pacific Century products, Fubon products, CITIC products, Zhaofeng products and Hetai products; Shi Qionghua said that considering that Shanghai Development Company has proposed specific internal control improvement measures and actively implemented them , and continued to perform insurance obligations in accordance with the agreement, safeguard the rights and interests of policyholders, and gradually increase capital in response to financial impacts, and play a role in stabilizing society.

Shi Qionghua emphasized that insurance companies should implement the management of insurance products, establish a risk control mechanism for insurance products before sales, conduct regular inspections after sales, and implement management of sales channels.

She said that the actuarial, underwriting, claims and risk management personnel and departments of insurance companies should play their respective professional functions to implement risk control before, during and after the sale of insurance products, and regularly submit relevant evaluation reports to the board of directors. The FSC will also review relevant laws and regulations and urge companies to implement risk management and accountability mechanisms.

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