Notice of China Banking Regulatory Commission on Further Strengthening Compliance Sales and Risk Management of Commercial Banks in insurance agency business

Yin Jian Fa [21] No.9

Banking regulatory bureaus, commercial banks, joint-stock commercial banks and postal savings banks in various countries:

In order to further standardize the insurance agency business of commercial banks, protect the legitimate rights and interests of customers and promote the standardized, healthy and orderly development of insurance agency business, The relevant requirements are hereby notified as follows:

1. Commercial banks shall strictly abide by the provisions of the Commercial Banking Law of the People's Republic of China, the Banking Supervision Law of the People's Republic of China, the Insurance Law of the People's Republic of China and other relevant laws, administrative regulations and rules, and improve and strictly implement the corresponding risk management system and Part C operation procedures.

second, commercial banks should follow the principles of openness, fairness and justice to fully protect the interests of customers when developing insurance agency business.

product sales activities shall fully reveal the characteristics, attributes and risks of insurance products to customers, and shall not mislead customers.

III. When developing insurance agency business, commercial banks shall abide by the following provisions:

(1) Insurance products shall not be confused with savings deposits, funds, bank wealth management products and other products, and the income of insurance products shall not be simply compared with the above products, and the income of insurance products shall not be exaggerated.

(2) explain to customers that the main business entity of insurance products is insurance companies, and truthfully prompt the characteristics and risks of insurance products.

(3) Truthfully inform customers of important matters such as the insurance product's expiration date, insurance liability, telephone home visit, fee deduction, surrender fee, etc.

(4) it is not allowed to mislead sales by winning prizes, drawing prizes, kickbacks, giving goods or insurance.

(5) Other matters stipulated by laws, regulations and regulatory agencies.

iv. commercial banks should fully understand customers' risk preferences, risk awareness and tolerance, and establish customer risk assessment and suitability assessment systems for customers who purchase complex insurance products such as investment-linked insurance to prevent mis-sales.

commercial banks should evaluate customers in the exclusive areas such as the wealth management service area, wealth management office or wealth management counter of business outlets, raise the sales threshold according to the product risk level, sell suitable products to the right customers, and properly keep the relevant information of customer evaluation.

5. Commercial banks should provide complete insurance clauses, product manuals and insurance tips to customers who are suitable to buy complex insurance products such as investment-linked insurance through risk assessment, and remind them to read them carefully. After reading them, the customers should personally copy and sign the following statements: "I have read the insurance clauses, product manuals and insurance tips to understand the characteristics of this product and the uncertainty of insurance benefits".

commercial banks should advise customers not to buy complex insurance products such as investment-linked insurance, and should not take the initiative to promote and market their products.

6. When introducing and marketing complex insurance products such as investment-linked insurance to customers, the sales staff of commercial banks should issue insurance tips to them, requiring customers to read and understand them carefully. The insurance proposal shall at least include the following contents:

(1) The customer purchases insurance products.

(2) remind customers to read the insurance clauses and product specifications in detail, especially the insurance liability, hesitation period and surrender matters, benefit demonstration, expense deduction, etc.

(3) Prompting customers should be copied and signed by the applicant himself.

(4) channels for customers to consult and complain to commercial banks and insurance companies.

(5) other relevant regulations of the regulatory authorities.

VII. When conducting insurance agency business, commercial banks shall abide by the regulations of the regulatory authorities on insurance tips, prohibition of copying on behalf of customers, prohibition of signing for confirmation on behalf of customers, and guide customers to fill in insurance applications truthfully and correctly, and shall not copy statements and signatures on behalf of customers.

commercial banks should require insurance companies to provide customers' information such as due payment and renewal fee, so as to provide follow-up services to customers.

VIII. Commercial banks should carefully select insurance products for consignment, and consignment of insurance products should meet the relevant requirements of regulatory agencies.

commercial banks should take the initiative to stop selling problematic insurance products with many customer complaints and design defects, and properly handle related matters with insurance companies.

IX. Commercial banks should clearly inform customers about the definition of legal liabilities between commercial banks and insurance companies in insurance agency business, especially when there are problems in insurance business, they should communicate with insurance companies and do a good job in risk warning and investor education.

1. The publicity materials displayed at the outlets of commercial banks shall be uniformly printed by the head office of an insurance company or its authorized branches. It is strictly prohibited for all business outlets to print documentary materials or change the contents of publicity materials without authorization.

all kinds of insurance documents and publicity materials are not allowed to use the Chinese and English words with the name of the bank or the image logo of the bank, and the words "deposit", "savings" and "launched together with the bank" are not allowed to appear, and they are not allowed to violate the relevant regulations of the regulatory authorities.

Xi. Commercial banks should conduct prudent due diligence on insurance companies that intend to establish or have established agency cooperation relationships, and carefully select partners. The contents of the survey include, but are not limited to: corporate governance, financial status, solvency adequacy, soundness and effectiveness of internal control system, penalties imposed by regulatory authorities in recent two years, and handling of customer complaints. Insurance companies whose investigation results are unqualified or have irregularities may not cooperate with them to carry out insurance agency business.

commercial banks should continue to pay attention to and evaluate the cooperation status of insurance companies, regularly evaluate the compliance operation, after-sales service, product promotion, training and complaint handling of insurance companies, and stop the cooperation in insurance agency business with insurance companies with violations and major risks.

the head office of a commercial bank shall formulate unified regulations on entry, exit and continuous cooperation, and uniformly manage and authorize the subjects, methods and contents of cooperation.

12. The personnel who directly sell insurance products to customers through the outlets of commercial banks shall be bank salespersons who hold the qualification certificates of insurance agents; Commercial banks shall not allow insurance company personnel to be stationed in bank outlets.

XIII. In principle, each branch of a commercial bank can only cooperate with no more than three insurance companies to sell insurance products of cooperative companies. If there are more than three companies, they should adhere to prudent operation and report to the local CBRC agency.

XIV. Commercial banks shall, according to the requirements of regulatory agencies, consider the complexity of insurance products to determine the types of products to be sold by business outlets at different levels; Investment-linked insurance and other complex insurance products should be strictly limited to pre-sale in exclusive areas such as financial service areas, financial offices or financial counters.

XV. Commercial banks should try their best to realize system billing and system control to reduce operational risks; If sales management cannot be achieved through information systems, commercial banks should speed up the development of information systems and meet relevant regulatory requirements as soon as possible.

XVI. If a commercial bank sells insurance products by telephone, the sales personnel shall be bank personnel with the qualification of insurance agency practitioners, and the sales behavior shall be conducted in accordance with unified standard terms, and the customer information shall be properly kept and the corresponding confidentiality obligations shall be fulfilled.

when a commercial bank sells insurance products to customers by telephone, it should first obtain the consent of the customers, clearly inform them that they are selling insurance products, and must not mislead the sales. The whole sales process should be recorded and properly kept.

XVII. A commercial bank shall charge the handling fee in strict accordance with the provisions of the agreement with the insurance company, and record it in full, and shall not charge other fees beyond the provisions of the agreement.

XVIII. Commercial banks should urge insurance companies to pay a telephone call back to the new life insurance policies sold by agents with an insurance period of more than one year during the hesitation period of insurance contracts, and require insurance companies to properly keep the telephone call back recordings; Depending on the actual situation, you can ask the insurance company to conduct face-to-face visits to customers and make detailed records of return visits.

XIX. Commercial banks should establish an effective complaint handling mechanism, work with insurance companies, formulate unified and standardized complaint handling procedures, and clearly indicate the complaint telephone number to customers. When signing an agency agreement with insurance companies, they should actively negotiate with insurance companies to establish an emergency plan for risk handling to ensure that complaints and disputes can be properly handled.

2. When emergencies, major complaints or other major risk events occur, commercial banks and insurance companies should cooperate closely, handle them properly immediately, effectively resolve related risks and report to the China Banking Regulatory Commission and the China Insurance Regulatory Commission in time.

XXI. Commercial banks should establish and improve the internal control and risk management system in insurance agency business, and continuously require insurance companies to provide annual corporate governance, financial status, solvency adequacy, soundness and effectiveness of internal control system, penalties imposed by regulatory agencies in recent two years, and handling of customer complaints.

XXII. A commercial bank shall, within 3 working days after the end of each quarter, submit the report of insurance agency business to the China Banking Regulatory Commission and its dispatched offices. The report shall at least include the following contents:

(1) Development of insurance agency business.

(2) information about the occurrence and handling of complaints.

(3) Cooperation with insurance companies.

(iv) changes in internal control and risk management.

(5) Other circumstances that need to be submitted.

XXIII. China Banking Regulatory Commission has formulated relevant rules and prudent operating rules for commercial banks in insurance agency business according to law, and conducted on-site inspection and off-site supervision.

The China Banking Regulatory Commission and the China Insurance Regulatory Commission can conduct joint on-site inspections on insurance agency business, a commercial bank, and take regulatory measures against violations according to law, investigate corresponding responsibilities and give corresponding punishments.

according to the administrative punishment law of the people's Republic of China and other relevant regulations, the regulatory agency shall not impose repeated punishment on the same illegal act in the insurance agency business of a commercial bank.

XXIV. insurance agency business, a bank before the issuance of this notice, shall be rectified and standardized according to the requirements of this notice, and relevant information shall be submitted to the local CBRC agency.

twenty-five, other banking financial institutions in insurance agency business, with reference to the above provisions.

all banking regulatory bureaus are requested to forward this notice to the banking regulatory branches within their jurisdiction and relevant banking financial institutions.

China Banking Regulatory Commission

November 1, 21

Extended reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.