The heads of the company and several departments were fined, and the then chairman was ordered to expel customers. The heavy penalties imposed by the China Insurance Regulatory Commission on Qianhai Life Insurance yesterday all reflect the main theme of current insurance supervision, and the deterrent effect is self-evident.
Authoritative experts in the industry said in an interview with the Shanghai Securities Journal that the market should not link the case with the normal equity investment and capital use of insurance funds, and believe that equity investment will be gradually restricted. In fact, the capital market has always advocated the cultivation of institutional investors. Insurance institutions are very mature investors in the capital market, with large amount of funds and long term, and the marketization direction of equity investment of insurance funds remains unchanged.
Qianhai Life Insurance was exposed to six crimes.
June 5438+February last year, a news that the China Insurance Regulatory Commission sent a special inspection team to settle in Qianhai Life Insurance spread like wildfire, and a stone stirred up a thousand waves. The purpose of the inspection team's visit is to thoroughly investigate the corporate governance standardization, financial authenticity, insurance product compliance, business and capital utilization of Qianhai Life Insurance.
After a lapse of two and a half months, the CIRC responded and displayed the inspection results. Yesterday, the China Insurance Regulatory Commission announced the administrative punishment decision on Qianhai Life Insurance in official website, exposing six charges of Qianhai Life Insurance. One of them is the act of fabricating and providing false information, and the other five are all about the illegal use of insurance funds.
The first charge: compiling and providing false information. In the reports on capital increase activities submitted in June, 20 15, 1 1, Qianhai Life stated that the nature of shareholders' capital increase is their own. Upon investigation, the relevant capital increase is inconsistent with the report.
The second crime: investing in non-blue chips after the proportion of equity investment exceeds 30% of total assets. On 20 15 and 20 16, Qianhai Life Insurance invested in a number of non-blue chips after the proportion of equity assets investment exceeded 30% of total assets.
According to the relevant policies, according to the temporary rescue policy issued by the China Insurance Regulatory Commission at that time, insurance companies can relax the upper limit to 40% after the investment ratio of equity assets exceeds 30% of total assets, but only if they further increase their holdings of blue chips after exceeding 30%.
The third crime: handling T+0 structured deposit business. From 20 14 to 20 16, Qianhai Life Insurance handled T+0 structured deposit business in a bank.
The fourth crime: the qualification of equity investment fund manager does not meet the regulatory requirements. From 20 15 to 20 16, Qianhai Life Insurance subscribed for several fund shares such as an industrial fund enterprise (limited partnership) in Shenzhen by indirect equity investment. The managers of the above-mentioned funds did not meet the qualification requirements of the China Insurance Regulatory Commission for equity investment fund managers in terms of registered capital and asset management.
The fifth crime: failing to disclose the qualifications of fund managers as required. From 20 15 to 20 16, the project material reports of relevant industrial funds and equity investment funds submitted by Qianhai Life Insurance to the China Insurance Regulatory Commission failed to disclose the qualifications of fund managers as required.
The sixth crime: some project companies failed to provide guarantee for their loans. For a cultural and financial center project and a resort hotel project invested by Qianhai Life Insurance, the project company borrowed money from shareholders of Qianhai Life Insurance and failed to provide guarantee as required.
Yao Zhenhua refuses to accept? Supervision has irrefutable evidence!
For the above six charges, the heads of relevant departments of Qianhai Life Insurance, including Li Ming, You Hai, Cheng Jinggang, Huang Hao, Li Jiwei and Sun Lei, were all accused of being directly responsible for the above illegal acts.
Therefore, the China Insurance Regulatory Commission stated in the administrative penalty decision that according to the relevant provisions of the Insurance Law, Qianhai Life Insurance was fined 500,000 yuan and 300,000 yuan respectively; Li Ming was warned and fined 80,000 yuan, he was warned and fined 80,000 yuan for swimming in the sea, Cheng Jinggang was warned and fined 654.38+million yuan, Li Jiwei was warned and fined 654.38+million yuan, Huang Hao was warned and fined 654.38+million yuan, and Sun Lei was warned and fined 654.38+million yuan.
As the helm of Qianhai Life Insurance, Yao Zhenhua was given a penalty of 10 year by the CIRC according to Articles 171 and 177 of the Insurance Law.
As can be seen from the administrative punishment decision, Yao Zhenhua refused to accept the punishment at first and thought that the act of submitting relevant information to the CIRC was only a "major omission". Although he is responsible for the behavior as the chairman of the board, he is not directly responsible, and the behavior is not serious.
Therefore, Yao Zhenhua asked for a mitigated punishment, arguing that the combination of revocation of post qualification and industry prohibition belongs to repeated punishment. At the same time, Cheng Jinggang, Li Jiwei, Huang Hao and Sun Lei also proposed to the CIRC that there was no intention to violate the law subjectively, requesting exemption from punishment.
However, the CIRC produced irrefutable evidence: the above-mentioned illegal acts are proved by relevant facts, company reports, bank running records, investigation records of relevant personnel and employment documents, which is enough to be identified. Moreover, after examination, the CIRC believes that the act of providing false information by Qianhai Life Insurance has clear facts and serious circumstances and should be punished according to law. Yao Zhenhua, the person directly responsible, was given the punishment of revoking his post qualification and being banned from the industry, which was in line with the provisions of the Insurance Law, and the relevant responsible persons were not given a lighter, mitigated or exempted punishment according to law. In the end, the CIRC rejected the statements and defenses of Qianhai Life Insurance, Yao Zhenhua, Cheng Jinggang, Li Jiwei, Huang Hao and Sun Lei.
The word "strict" is the main theme of insurance supervision this year.
In recent years, with the rapid development of the insurance market, new cross-industry and cross-field problems and situations such as radical investment, centralized placard, and concerted action mergers and acquisitions have begun to appear. In this regard, the CIRC timely improved and perfected the regulatory system, decisively adopted a series of regulatory measures for relevant companies, such as suspending new business, suspending the declaration of new products, suspending stock investment, and interviewing relevant responsible persons, and sent special inspection teams to companies such as Qianhai Life Insurance to conduct on-site inspections.
The word "strict" is the main theme of insurance supervision this year. In this regard, Wang Guojun, a professor at university of international business and economics Insurance College, said in an interview with this reporter: "This is the top punishment." He said that the China Insurance Regulatory Commission had punished illegal insurance companies and their related responsible persons many times before, but the incident of 20 16 Qianhai Life Insurance and its controlling shareholder holding Vanke became a social hot spot, which aroused widespread concern in society.
Zhu, a professor at the Financial Research Institute of the State Council Development Research Center, also said that the risks behind the relatively radical placard behavior of Qianhai Life Insurance and concerted parties can not be ignored, that is, the universal insurance with high debt cost gathers funds, and the mismatch between assets and liabilities causes liquidity risk. The CIRC emphasizes "protecting the surname of the supervisor", so risk prevention is the most important thing, which embodies the word "strictness" in supervision.
However, Wang Guojun stressed: "The punishment imposed by the regulatory authorities on Qianhai Life Insurance this time does not mean that insurance funds cannot make equity investment in the future. Because the regulations of the China Insurance Regulatory Commission on insurance companies' participation in equity investment of listed companies are classified supervision, control, strategy and finance, placards are not completely prohibited for listed companies, but placards will be more standardized in the future. Insurance companies should report to the CIRC first, and then put up a placard after approval, and it should be a placard under friendly negotiation between listed companies and insurance companies. "
Zhu also said that the market should not link this case with the normal equity investment and capital use of insurance funds, thinking that equity investment will be gradually restricted. In fact, the capital market has always advocated the cultivation of institutional investors. Insurance institutions are very mature investors in the capital market, with large amount of funds and long term, and the marketization direction of equity investment of insurance funds remains unchanged.
However, the warning and deterrent effect of this top penalty on the industry is self-evident. Zhu's point of view is that in addition to being cautious and compliant in the use of insurance funds and equity investment, insurance institutions need to insist on making major adjustments to their debt structure. "Behind the penalty of Qianhai Life Insurance is the alienation of universal insurance. Universal insurance, a product with both security and financial management functions, has been alienated by some insurance companies into a gold-absorbing weapon with short term and low security cost, and risks have followed. Therefore, it is recommended that insurance companies follow the policy requirements and actively adjust on the debt side to highlight the essence of insurance protection. "
Decision of China Insurance Regulatory Commission on Administrative Punishment (No.13 [2065438])
Party: Qianhai Life Insurance Co., Ltd. (hereinafter referred to as Qianhai Life Insurance)
Address: Room 909-9 18, 9th Floor, China Merchants Shipping Center, No.59 Linhai Road, Nanshan District, Shenzhen, Guangdong.
Legal Representative: Yao Zhenhua.
Party: Yao Zhenhua.
Id number: 44052419700215xxxxx.
Position: then Chairman of Qianhai Life Insurance
Address: Fulian Garden, Futian District, Shenzhen, Guangdong Province
Party: Li Ming
Id number:12010319720130xxxxx.
Position: Deputy General Manager and Chief Financial Officer of Qianhai Life Insurance.
Address: Dagu South Road, Hexi District, Tianjin
Party: You Hai
Id number: 5101021970114xxxxx.
Position: Director of Qian Hai Life Insurance Asset Management Center.
Address: Xiangmulin Road, chenghua district, Chengdu, Sichuan.
Party: Cheng Jinggang.
Id number: 41032419810916xxxxx.
Position: General Manager of Risk Management Department of Qianhai Life Insurance Asset Management Center.
Address: Wanghai Road, Shekou, Nanshan District, Shenzhen, Guangdong
Party: Li Jiwei
Id number: 3421291974115xxxxx.
Position: Deputy General Manager of Fixed Income Department of Qianhai Life Insurance Asset Management Center.
Address: Yitian Road, Futian District, Shenzhen, Guangdong Province
Party: Huang Hao.
Id number: 51340119820922xxxxx.
Position: Deputy General Manager of Equity Investment Department of Qianhai Life Insurance Asset Management Center.
Address: Zizhuqi Road, Futian District, Shenzhen, Guangdong Province
Party: Sun Lei.
Id number: 21072419800426xxxxx.
Position: Deputy Director of Qian Hai Life Insurance Asset Management Center.
Address: No.9 Antuoshan Road, Futian District, Shenzhen, Guangdong Province
According to the relevant provisions of the Insurance Law of People's Republic of China (PRC) (hereinafter referred to as "Insurance Law"), we investigated and tried the case of Qianhai Life Insurance, and informed the parties of the facts, reasons, basis and rights they enjoyed according to law. The parties Qianhai Life Insurance, Yao Zhenhua, Cheng Jinggang, Li Jiwei, Huang Hao and Sun Lei put forward statements and arguments, and I will review the statements and arguments. The case has now been closed.
After investigation, Qianhai Life Insurance has the following illegal acts, and the illegal facts are as follows:
I. Compiling the acts of providing false information
In the reports on capital increase activities submitted in June, 20 15, 1 1, Qianhai Life stated that the nature of shareholders' capital increase is their own. Upon investigation, the relevant capital increase is inconsistent with the report.
Yao Zhenhua, the then chairman, was directly responsible for the above-mentioned illegal acts.
2. Illegal use of insurance funds.
First, after the proportion of equity investment exceeds 30% of total assets, invest in non-blue chip stocks. On 20 15 and 20 16, Qianhai Life Insurance invested in a number of non-blue chips after the proportion of equity assets investment exceeded 30% of total assets.
Li Ming, then deputy general manager and financial controller, You Hai, then director of asset management center, Cheng Jinggang, then general manager of risk management department of asset management center, and Huang Hao, then deputy general manager of equity investment department of asset management center, were directly responsible for the above illegal acts.
The second is to handle the T+0 structured deposit business. From 20 14 to 20 16, Qianhai Life Insurance handled T+0 structured deposit business in a bank.
Li Ming, then deputy general manager and chief financial officer, You Hai, then director of asset management center, Cheng Jinggang, then general manager of risk management department of asset management center, and Li Jiwei, then deputy general manager of fixed income department of asset management center, were directly responsible for the above illegal acts.
Third, the qualification of equity investment fund managers does not meet the regulatory requirements. From 20 15 to 20 16, Qianhai Life Insurance subscribed for several fund shares such as an industrial fund enterprise (limited partnership) in Shenzhen by indirect equity investment. The managers of the above funds did not meet the qualification requirements of China Securities Investment Fund Managers Association in terms of registered capital and asset management.
Li Ming, then deputy general manager and chief financial officer, You Hai, then director of asset management center, Cheng Jinggang, then general manager of risk management department of asset management center, and Sun Lei, then deputy director of asset management center, were directly responsible for the above illegal acts.
Fourth, the qualifications of fund managers were not disclosed as required. From 20 15 to 20 16, the project material reports of relevant industrial funds and equity investment funds submitted by Qianhai Life Insurance to our Association failed to disclose the qualifications of fund managers as required.
Li Ming, then deputy general manager and chief financial officer, You Hai, then director of asset management center, Cheng Jinggang, then general manager of risk management department of asset management center, and Sun Lei, then deputy director of asset management center, were directly responsible for the above illegal acts.
Fifth, some project companies did not provide guarantees for their loans. For a cultural and financial center project and a resort hotel project invested by Qianhai Life Insurance, the project company borrowed money from shareholders of Qianhai Life Insurance and failed to provide guarantee as required.
Li Ming, then deputy general manager and chief financial officer, You Hai, then director of asset management center, Cheng Jinggang, then general manager of risk management department of asset management center, and Sun Lei, then deputy director of asset management center, were directly responsible for the above illegal acts.
The above-mentioned illegal acts are proved by relevant facts, company reports, bank run records, relevant personnel investigation records, employment documents, etc., which are enough to be identified.
Qianhai Life Insurance, Yao Zhenhua, Cheng Jinggang, Li Jiwei, Huang Hao and Sun Lei made statements and arguments. Qianhai Life Insurance and Yao Zhenhua proposed that the act of submitting relevant materials to our Association was a "major omission", and Yao Zhenhua was responsible for the act, but not directly responsible. If the behavior is not serious, it is a repeated punishment to request a mitigated punishment, revoke the post qualification and use the industry. Cheng Jinggang, Li Jiwei, Huang Hao and Sun Lei all proposed that there was no intention to violate the law subjectively, and requested to be exempted from punishment.
After examination, I believe that the act of providing false information by Qianhai Life Insurance is clear and serious, and should be punished according to law. Yao Zhenhua, the person directly responsible, was given the punishment of revoking his post qualification and being prohibited from entering the industry, which was in line with the provisions of Articles 171 and 177 of the Insurance Law, and the relevant responsible person did not be given a lighter, mitigated or exempted punishment according to law.
In summary, the statements and defenses of Qianhai Life Insurance, Yao Zhenhua, Cheng Jinggang, Li Jiwei, Huang Hao and Sun Lei were rejected, and the following penalties were decided:
1. Qianhai Life Insurance provided false information to our association, which violated Article 86 of the Insurance Law. According to Article 170 of the Law, Qianhai Life Insurance was fined 500,000 yuan; According to Articles 171 and 177 of the Law, Yao Zhenhua was given the punishment of revoking his post qualification and being banned from entering the insurance industry for 10 years.
2. Qianhai Life's illegal use of insurance funds violated Article 106 of the Insurance Law and the Interim Measures for the Administration of the Use of Insurance Funds. According to Article 164 of the Insurance Law, Qianhai Life was fined 300,000 yuan; According to Article 171 of the Insurance Law, Li Ming was warned and fined 80,000 yuan, while swimming in the sea was warned and fined 80,000 yuan, Cheng Jinggang was warned and fined 654.38 million yuan, Li Jiwei was warned and fined 654.38 million yuan, Huang Hao was warned and fined 654.38 million yuan.
The parties concerned shall, within/0/5 days from the date of receiving this penalty decision, take the payment code to any correspondent bank designated by the Ministry of Finance for peer payment. If it is overdue, a fine of 3% will be charged every day (the payment code will be notified when the penalty decision is delivered).
If a party refuses to accept this punishment decision, he may apply for administrative reconsideration to the China Insurance Regulatory Commission within 60 days from the date of receiving this punishment decision, or bring an administrative lawsuit directly to the people's court with jurisdiction within 6 months from the date of receiving this punishment decision. During the period of reconsideration and litigation, the above decision shall not be suspended.
China Insurance Regulatory Commission
2065438+February 24, 2007