1 1Mar 13, the China Insurance Regulatory Commission and the China Banking Regulatory Commission jointly issued the Supervision Guidelines for Insurance Agency Business of Commercial Banks today (hereinafter referred to as the Supervision Guidelines), requiring insurance companies and commercial banks to establish a joint emergency response mechanism for major events to deal with group visits, group complaints, group surrenders and other events in the insurance agency business of commercial banks, and at the same time actively handle customers at the first time.

In recent years, the insurance agency business of commercial banks in China has developed rapidly, and the bank agency channel has gradually become an important pillar of life insurance sales. According to statistics, the premium income obtained through bank channels has accounted for nearly 50% of the total life insurance premiums. However, due to the blind pursuit of scale by some insurance companies and banks, insufficient training for sales staff, extensive management of sales processes and business quality, some sales staff are driven by interests and mislead consumers repeatedly. The incident of "certificates of deposit changing into insurance policies" has occurred from time to time, seriously damaging the rights and interests of consumers.

"Customers' complaints about misleading sales are concentrated and the society has a strong reaction. If it is not properly rectified, it will not only have a negative impact on the sustainable development of the bancassurance market, but also affect the reputation of the insurance industry and the banking industry. " The person in charge of the relevant departments of the China Insurance Regulatory Commission said that the goal of issuing the "Regulatory Guidelines" is to protect the legitimate rights and interests of insurance consumers, start with standardizing the order of the bancassurance market and accelerating the transformation of the development mode of bancassurance, and promote the healthy and sustainable development of bancassurance business.

According to the regulatory guidelines, insurance companies and commercial banks should carefully select their partners according to their own and each other's capital status, asset scale, management and control capabilities, and reasonably determine the scope and number of partners. The term of continuous cooperation between a single commercial bank's agent network and various insurance companies shall not be less than one year. In the case that the cooperation between the insurance company and the commercial bank outlets has been suspended, the commercial bank should cooperate with the insurance company to do a good job in policy follow-up services such as due payment, surrender and complaint handling.

In addition, the insurance products that insurance companies entrust commercial banks to sell should be the insurance products that have been approved or filed by the China Insurance Regulatory Commission in accordance with the relevant provisions of the Administrative Measures for the Approval and Filing of Insurance Products of the China Insurance Regulatory Commission. The text of the insurance policy must be printed with the words "insurance policy" or "insurance contract", and the name of the insurance company should be marked in bold font.

In view of the misleading and wrong sales behavior of sales personnel, the regulatory guidelines clearly stipulate that sales personnel shall not confuse insurance products with savings deposits and bank wealth management products, and shall not use improper terms such as "joint launch of bank and insurance", "launch of bank" and "new banking wealth management business", and shall not apply concepts such as "principal", "interest" and "deposit", and shall not confuse the income of insurance products with the income of bank deposits. Commercial bank outlets and their sales personnel shall not mislead or induce sales by winning prizes, drawing prizes, sending goods, sending insurance, stopping selling products, etc.

It is noteworthy that the regulatory guidelines require commercial banks to distinguish different sales areas according to the complexity of insurance products.

Among them, investment-linked insurance products will not be sold through the savings counters of commercial banks, nor will they be sold to customers who have not been assessed or whose risk assessment results show that they are not suitable.

For insurance products with long insurance policies and payment terms, high degree of protection, relatively complex product design and long explanation time, the regulatory guidelines stipulate that commercial banks must actively explore special sales areas such as wealth management service areas, wealth management counters, wealth centers and private banks, improve sales quality by controlling sales areas and sales teams, and sell appropriate products to appropriate customers through appropriate personnel.

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The Supervision Guidelines for Insurance Agency Business of Commercial Banks (hereinafter referred to as the Supervision Guidelines) requires insurance companies and commercial banks to establish a joint emergency mechanism for major events to deal with group visits, group complaints, group surrenders and other events in the insurance agency business of commercial banks. At the same time, actively handle customer complaints, surrender and other events at the first time, implement the responsibility system of first inquiry, and do not shirk each other, so as not to cause negative effects and expand the situation.

In recent years, the insurance agency business of commercial banks in China has developed rapidly, and the bank agency channel has gradually become an important pillar of life insurance sales. According to statistics, the premium income obtained through bank channels has accounted for nearly 50% of the total life insurance premiums. However, due to the blind pursuit of scale by some insurance companies and banks, insufficient training for sales staff, extensive management of sales processes and business quality, some sales staff are driven by interests and mislead consumers repeatedly. The incident of "certificates of deposit changing into insurance policies" has occurred from time to time, seriously damaging the rights and interests of consumers.

"Customers' complaints about misleading sales are concentrated and the society has a strong reaction. If it is not properly rectified, it will not only have a negative impact on the sustainable development of the bancassurance market, but also affect the reputation of the insurance industry and the banking industry. " The person in charge of the relevant departments of the China Insurance Regulatory Commission said that the goal of issuing the "Regulatory Guidelines" is to protect the legitimate rights and interests of insurance consumers, start with standardizing the order of the bancassurance market and accelerating the transformation of the development mode of bancassurance, and promote the healthy and sustainable development of bancassurance business.

According to the regulatory guidelines, insurance companies and commercial banks should carefully select partners according to their own and each other's capital status, asset scale, management and control capabilities, and reasonably determine the scope and number of partners. The term of continuous cooperation between a single commercial bank's agent network and various insurance companies shall not be less than one year. In the case that the cooperation between the insurance company and the commercial bank outlets has been suspended, the commercial bank should cooperate with the insurance company to do a good job in policy follow-up services such as due payment, surrender and complaint handling.

In addition, the insurance products that insurance companies entrust commercial banks to sell should be the insurance products that have been approved or filed by the China Insurance Regulatory Commission in accordance with the relevant provisions of the Administrative Measures for the Approval and Filing of Insurance Products of the China Insurance Regulatory Commission. The text of the insurance policy must be printed with the words "insurance policy" or "insurance contract", and the name of the insurance company should be marked in bold font.

In view of the misleading and wrong sales behavior of sales personnel, the regulatory guidelines clearly stipulate that sales personnel shall not confuse insurance products with savings deposits and bank wealth management products, and shall not use improper terms such as "joint launch of bank and insurance", "launch of bank" and "new banking wealth management business", and shall not apply concepts such as "principal", "interest" and "deposit", and shall not confuse the income of insurance products with the income of bank deposits. Commercial bank outlets and their sales personnel shall not mislead or induce sales by winning prizes, drawing prizes, sending goods, sending insurance, stopping selling products, etc.

It is noteworthy that the regulatory guidelines require commercial banks to distinguish different sales areas according to the complexity of insurance products.

Among them, investment-linked insurance products will not be sold through the savings counters of commercial banks, nor will they be sold to customers who have not been assessed or whose risk assessment results show that they are not suitable.

For insurance products with long insurance policies and payment terms, high degree of protection, relatively complex product design and long explanation time, the regulatory guidelines stipulate that commercial banks must actively explore special sales areas such as wealth management service areas, wealth management counters, wealth centers and private banks, improve sales quality by controlling sales areas and sales teams, and sell appropriate products to appropriate customers through appropriate personnel.

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