Notice of China Insurance Regulatory Commission and China Banking Regulatory Commission on Further Standardizing the Sales Behavior of Commercial Banks' Insurance Business in China No.3 Insurance Regulatory Bureaus, Banking Regulatory Bureaus, Insurance Companies, State-owned Commercial Banks, Joint-stock Commercial Banks and Postal Savings Bank: In order to standardize the sales behavior of commercial banks' insurance business in China, protect the legitimate rights and interests of insurance consumers and promote the sustained and healthy development of commercial banks' insurance business in China, The relevant requirements are hereby notified as follows: 1. Commercial banks should conduct demand analysis and risk tolerance assessment on the policyholders, recommend insurance products according to the assessment results, and sell appropriate products to customers with demand and tolerance. (1) In case of the following situations, the insurance products to be sold to the insured shall be those determined by the policy benefits in principle, and the insurance contract shall not be automatically underwritten on the spot by the system. The policy materials shall be transferred to the insurance company, and the insurance company will issue the bill after underwriting by the underwriting personnel: 1. The annual income filled in by the insured is lower than the per capita disposable income of urban residents or the per capita net income of rural residents in the latest year announced by the local provincial statistical department; 2. The insured person is over 5 years old or the insured person is over years old. When underwriting, the insurance company shall review the suitability, insurance information and signature of the insured products. If the products are found to be unsuitable, the information is untrue, and the customers have no intention to continue to insure, they shall not be underwritten. (2) Selling insurance products with uncertain policy benefits, including life insurance products such as dividend-sharing, universal, investment-linked and variable-amount, and non-scheduled income investment insurance products of property insurance companies, can only be underwritten after obtaining the insurance declaration signed and confirmed by the insured: 1. The wholesale premium exceeds four times the annual household income of the insured; 2. The annual premium payment exceeds 2% of the annual income of the insured family, or the monthly premium payment exceeds 2% of the monthly income of the insured family; 3. The sum of the premium payment period and the age figure of the insured reaches or exceeds 6; 4. The premium amount is greater than or equal to 5% of the insured's premium budget. In the insurance declaration, the applicant should show that he knows the product situation when he is insured, and voluntarily bear the risk of uncertain policy interests. Two, insurance companies and commercial banks should increase efforts to develop risk protection and long-term savings insurance products. The sum of premium income of accident insurance, health insurance, term life insurance, whole life insurance, annuity insurance with an insurance period of not less than 1 years, endowment assurance insurance with an insurance period of not less than 1 years, property insurance (excluding investment insurance of property insurance companies), guarantee insurance and credit insurance sold by commercial banks in China shall not be less than 2% of the total premium income of insurance business in China. The head office of a commercial bank and its tier-one branches shall, within 1 working days after the end of each quarter, report the proportion of premium income of various types of insurance in China in the last quarter to the China Banking Regulatory Commission and the local banking regulatory bureau. For the head office and its tier-one branches of commercial banks whose business proportion is less than the above requirements, the regulatory authorities have the right to take regulatory measures such as rectification within a time limit. For insurance products that are paid by installments, it is encouraged to pay premiums in line with consumers' consumption habits, such as monthly payment. Insurance companies and commercial banks shall not induce consumers to terminate insurance contracts in advance by misleading publicity or reducing the surrender fees agreed in the contract. Three, commercial banks in China sales of insurance products for more than one year, should be stipulated in the contract a five natural days of hesitation period, and in the contract stated the rights of the insured during the hesitation period. The hesitation period shall be counted from the date when the insured receives the insurance policy and signs it in writing. Four, the insurance company should reasonably design the style of the insurance policy book, the insurance policy book cover and the inside page should be a four paper size after binding, and the insurance policy book cover should be obviously different from the bank documents in terms of color, style and materials. Five, the insurance company shall indicate the "insurance contract" on the cover of the insurance policy book in a font not less than No.2, and indicate the name of the insurance company in a font not less than No.2. The insurance company shall indicate the risk warning words and the hesitation warning words on the cover of the insurance policy book in a font not less than No.3. Bonus insurance risk prompt: "You are insured by dividend insurance, and the dividend distribution is uncertain." Universal insurance risk prompt: "You are insured by universal insurance, and the investment income above the minimum guaranteed interest rate is uncertain." Products with an initial fee should also include: "The insurance premium you pay will be included in the policy account after deducting the initial fee." Investment-linked insurance risk warning: "You are insured by investment-linked insurance, and the return on investment is uncertain." Products with initial expenses should also include: "The insurance premium you pay will be included in the investment account after deducting the initial expenses." Risk warnings for other product types shall be determined by the company itself. Hint of hesitation period: "You have the right to surrender the insurance in full within one or five natural days after receiving the insurance contract (deducting the production cost of no more than one yuan). There is a loss in surrendering for more than one or five natural days. " Six, commercial banks and their sales staff shall not design, print, write brochures, publicity color pages, publicity panels or other sales AIDS related to insurance products. Seven, commercial banks should manage insurance policies issued by insurance companies as important documents, establish and improve the relevant management system and timely sell back. Eight, commercial banks to choose insurance companies to cooperate with, should consider the insurance company's China business policy continuation rate of one or three months, the business structure of China and the function of China products. An insurance company shall fully explain the characteristics, attributes and risks of insurance products to commercial banks. Nine, each China point of a commercial bank shall not engage in insurance business cooperation with more than three insurance companies (with a single legal entity as the calculation unit) in the same fiscal year. Ten, commercial banks should strengthen the management of their sales staff. Sales staff in China outlets shall sell insurance products according to the authorization of commercial banks, and shall not sell unauthorized insurance products or sell insurance products without authorization. Each China branch of a commercial bank shall publicize the list of insurance products in China in paper or electronic form, including the names and product types of insurance companies in China. Eleven, the sales staff of commercial banks in China should ask the insured to fill in the insurance policy. In any of the following circumstances, it can be filled in by the salesperson: (1) The applicant has difficulty in filling in and has made a written authorization; (2) The applicant has difficulty in filling in the form and is unable to authorize in writing, and has given oral authorization under the condition of audio or video recording. In the process of filling, the salesperson should check the contents with the insured item by item and fill in the application form according to the description of the insured. After filling in, the applicant confirms that the content of the application form is his true meaning and then signs or seals it. Written authorization documents, audio recordings, video recordings and other materials shall be submitted by commercial banks to insurance companies for filing management. Twelve, commercial banks and their sales staff shall not tamper with the insurance information of customers, and shall not contact China with the bank in China, China, sales and related personnel China as customers. If confirmation by the applicant or the insured is required, it shall be ensured that I personally sign or seal for confirmation. Thirteen, commercial banks and their sales staff shall not intercept customer insurance information, and shall provide complete and true customer insurance information to insurance companies. Insurance companies should provide information such as customer surrender and maturity payment to commercial banks completely and truly. Fourteen, commercial banks should be in the insurance policy, business system and insurance business books in China, a complete and true record of commercial banks in China point name and China point sales staff name or job number. 15. A commercial bank shall have the technical support system and backstage support ability suitable for controlling the sales risks of insurance products, establish a complete sales information management system, and realize the following functions: (1) Docking with the business systems of insurance companies; (two) to achieve the management of insurance sales personnel; (3) Being able to provide electronic contract materials, including insurance tips, insurance applications, insurance policies, insurance clauses, product specifications, cash price (13.,-35,-.2% paint) value tables and other documents; (four) record the information required for the underwriting, and proofread the logical relationship and authenticity of the information; (five) to save and transmit the electronic documents of the scanned original documents of insurance; (six) the system with the function of on-site billing should set the product parameters reasonably and be compatible with the different insurance rates of the insured at different ages. Sixteen, commercial banks should provide the applicant with complete contract materials, including insurance tips, insurance policies, insurance clauses, product specifications, cash value tables, etc. The contract materials shall not be deleted or intercepted. 17. When a commercial bank collects premiums through bank deduction during sales, it shall reach an agreement with the insured on the account, amount and time of deduction, and have a bank automatic transfer authorization independent of other documents and materials such as the insurance application. The authorization shall include information such as the transfer-out account, the amount of each transfer, the transfer period and the transfer frequency. A premium invoice or premium deduction receipt shall be issued to the insured when drawing money. Eighteen, the insurance company shall establish a policy information review system. If it is found that the customer information is untrue or signed by other personnel, it shall not be underwritten; If it has been underwritten, the commercial bank shall be required to make corrections within a time limit. At the same time, the insurance company should contact the customer in time to explain the policy situation and go through the formalities of supplementary signature. Nineteen, the insurance company shall, in the name of the insurance company, send a reminder message to the applicant's mobile phone within 24 hours of deducting the first premium, or within 24 hours of underwriting if the first premium is not deducted. Prompt SMS should be popular and concise, which is convenient for policyholders to read and understand. Prompt SMS should at least include: name of insurance company, name of insurance product, insurance period, start and end time of hesitation period (except for off-site billing), premium and frequency of future payment, and China, the company's unified customer service, and ask the insured to read the terms of the insurance contract carefully. If the applicant has no mobile phone contact information, it should be prompted by e-mail or paper letters. Insurance companies should promptly remind the insured by SMS, e-mail or paper letters when the payment is renewed and the insurance contract expires. Twenty, commercial banks and insurance companies should actively deal with complaints, surrender, etc. as soon as possible, and shall not pass the buck, and take timely measures to properly solve them. In the process of complaint handling, the commercial bank and the insurance company should make clear their responsibilities and bear the losses according to the agreement and actual situation. 21. Insurance companies and their tier-one branches shall report to the China Insurance Regulatory Commission and the local insurance regulatory bureau within 1 working days after the end of each quarter the number of surrender cases, the number of return visits and the ratio of the number of insured cases in the same period. 22. The China Insurance Regulatory Commission, the insurance regulatory bureaus, the China Banking Regulatory Commission and the banking regulatory bureaus shall establish an information sharing system, and take corresponding regulatory measures against insurance companies, commercial banks and their tier-one branches that have surrendered more insurance during the hesitation period, have more problems in return visits, have problems in business proportion and have illegal behaviors. Twenty-three, the insurance regulatory bureau, the banking regulatory bureau should strengthen supervision and inspection, found that insurance companies, commercial banks or their employees in violation of the relevant provisions, in accordance with laws, administrative regulations, rules and other provisions of punishment. Twenty-four, this notice shall come into force as of April 1st, 214. China insurance business of other banking financial institutions and postal companies shall be implemented with reference to this Notice. If the normative documents promulgated by China Insurance Regulatory Commission and China Banking Regulatory Commission before the issuance of this notice are inconsistent with this notice, this notice shall prevail. China Insurance Regulatory Commission, China Banking Regulatory Commission, January 214

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