People’s Insurance Company of China was fined 3.38 million yuan by China Banking and Insurance Regulatory Commission for many illegal acts, such as cheating policyholders in the electricity sales business and cheating policyholders in the online sales business. PICC Life Insurance was fined a total of 3.38 million yuan by China Banking and Insurance Regulatory Commission for four illegal acts, namely, cheating the policyholders through telemarketing business, cheating the policyholders through online marketing business, failing to use the recorded insurance premium rate as required, and providing and compiling false reports, documents and materials. Among them, the institution was fined 2.15 million yuan and the relevant responsible person was fined 1.23 million yuan.
China Banking and Insurance Regulatory Commission website published the above information on administrative punishment on March 18th.
First, the telemarketing business deceives the insured.
China Banking and Insurance Regulatory Commission found out that during the period from January, 2017 to June, 2018, some policies sold by PICC Life Insurance Hebei Telemarketing Center, Chengdu Telemarketing Center, Zhengzhou Telemarketing Center, Chongqing Telemarketing Center, Shenzhen Telemarketing Center and Guangdong Telemarketing Center cheated the policyholders, such as propaganda inconsistent with the facts.
At that time, Zhang Zhiting, vice president of PICC Life Insurance Corporation, was directly responsible for the above-mentioned illegal acts. Cong Wang, then general manager of the e-commerce department of PICC Life Insurance Corporation, was directly responsible for the above illegal acts.
Second, the online sales business deceives the insured.
The product of "One Million Self-driving Two All Risks" sold by PICC Life Insurance through Alipay platform has the problem of false publicity. Part of the description of the insurance liability of "accidental death/total disability" in the sales page of "1 million self-driving two-insurance products" is not stipulated in the contract terms, but the insurance liability of "accidental hospitalization allowance subsidy" is only described unilaterally, which is inconsistent with the contract terms, and the return at maturity is described as "premium paid +5% interest".
At that time, Zhang Zhiting, vice president of PICC Life Insurance Corporation, was directly responsible for the above-mentioned illegal acts. Cong Wang, then general manager of the e-commerce department of PICC Life Insurance Corporation, was directly responsible for the above illegal acts.
Three, not according to the provisions of the use of the recorded insurance rates.
The "Mama Le Hospitalization Insurance for Children’s Diseases" sold by PICC Life Insurance on Alipay platform consists of three additional risks, namely, PICC Students’ Ping An Accident Insurance (main insurance), students’ Ping An Term Life Insurance (A), students’ Ping An Accident Medical Insurance (A) and students’ Ping An Disease Hospitalization Insurance (A). The total premium is 200 yuan, and the insurance period is one year. Among them, the additional insurance of student’s accidental injury medical insurance (A) is quoted in 68 yuan. Compared with the terms and rates of this kind of insurance reported to the original CIRC, the filing premiums that should be implemented are 5.3 yuan (with social security) and 5.88 yuan (without social security), and the rates are all more than 10.5 times higher.
Cong Wang, then general manager of the e-commerce department of PICC Life Insurance Corporation, was directly responsible for the above illegal acts.
Four, providing and compiling false reports, documents and materials
Moreover, PICC Life Insurance has the problem of providing and compiling false reports, documents and materials. First, the customer information data is untrue, and there are some problems such as the inconsistency between the contact telephone number of the insured in the core business system and the final return telephone number of the customer return visit system, and the registered contact telephone number of the insured is not my own telephone number. Second, some businesses involving retrospective management are false, and the business represented by banks has the problem of retrospective video recording by the sales staff of PICC Life Insurance, and all the above business companies have paid the bank a handling fee. Third, the personal medical claims data submitted in 2017 is untrue, and there are problems such as missing case data and field extraction not meeting the requirements in relevant notices.
China Banking and Insurance Regulatory Commission believes that the above-mentioned illegal problems are not a single case. The inspection team randomly checked a number of subordinate institutions of PICC Life Insurance in Guangdong, Shanxi, Heilongjiang, Henan and Guizhou, and all of them verified the existence of the above-mentioned situation, indicating that the problem is universal and persistent, and it is not just "some institutions are not in place". The root cause is that the head office does not pay attention to the implementation and implementation of the system of the subordinate institutions, and fails to effectively perform its guidance and supervision duties to the subordinate institutions, and should bear direct responsibility for the above-mentioned illegal facts.
The above-mentioned act of cheating the insured by telemarketing violates the provisions of Article 116 of the Insurance Law. According to Article 161 of the Insurance Law, I will decide to impose a fine of 300,000 yuan on PICC Life Insurance Corporation, 200,000 yuan on Hebei Telemarketing Center, 150,000 yuan on Chengdu Telemarketing Center, 150,000 yuan on Zhengzhou Telemarketing Center, 100,000 yuan on Chongqing Telemarketing Center and 100,000 yuan on Shenzhen Telemarketing Center. According to Article 171 of the Insurance Law, Zheng Zhilin was given a warning and fined 70,000 yuan, Deng Lingchuan and Liu Hailiang were given a warning and fined 50,000 yuan, and Xiao Min, Jiang Benchuan and Huang Weijun were given a warning and fined 20,000 yuan respectively.
The above-mentioned online sales cheat the insured, which violates the provisions of Article 116 of the Insurance Law. According to Article 161 of the Insurance Law, I will decide to impose a fine of 300,000 yuan on PICC Life Insurance Corporation.
The above-mentioned telemarketing and online selling cheat the insured, which violates the provisions of Article 116 of the Insurance Law. According to Article 171 of the Insurance Law, I will decide to give Zhang Zhiting and Cong Wang a warning and a fine of 100,000 yuan respectively.
The above-mentioned failure to use the recorded insurance premium rate in accordance with the provisions violates the provisions of Article 135 of the Insurance Law. According to Article 170 of the Insurance Law, I will decide to impose a fine of 250,000 yuan on PICC Life Insurance Corporation, and according to Article 171 of the Insurance Law, I will decide to give a warning to Cong Wang and impose a fine of 50,000 yuan.
The above-mentioned acts of providing and compiling false reports, documents and materials violate the provisions of Article 86 of the Insurance Law. According to Article 170 of the Insurance Law, I will decide to impose a fine of 500,000 yuan on PICC Life Insurance Corporation. According to Article 171 of the Insurance Law, I will decide to give warnings to Wang Wen, Liao Dingjin, Zhang Zhiting, Li Xuebin, Zhao Zhongliang, Si Cong and Yuan Jun respectively and impose a fine of 10.
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