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7 insurers were severely punished for "subsidy bank subsidies"

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According to a reporter from the Securities Daily, this year, a total of 7 insurance companies collected fees through methods such as false performance guarantees for bank guarantees, which were fined more than 2.4 million yuan for the daily maintenance and operation of bank outlets.

■ Xiang Su, our reporter

On August 10, three penalties issued by the Gansu Insurance Regulatory Bureau involved three life insurance companies stating expenses, which were used to "maintain bank channel expenditures, purchase customer gifts, and daily maintenance and operation of bank outlets." The two insurance companies and six related responsible persons were fined 624,000 yuan.

In fact, according to incomplete statistics from the reporter of the Securities Daily, since the beginning of this year, 7 insurance companies, including a large life insurance company in Qingyang City, have arbitrage fees through means such as falsely listing bank insurance performance awards and using them for bank outlets. More than 2.4 million yuan was fined for daily maintenance and operation. Among them, the insurance companies with the most fines amounted to 500,000 yuan.

What is the reason why insurance companies subsidize banks at the expense of heavy penalties? A relevant person in charge of the Banking and Insurance Department of a small and medium-sized insurance company told a reporter of the Securities Daily that many small and medium-sized life insurance companies are now intensifying their transformation efforts, significantly reducing short-term and medium-term insurance and promoting the development of long-term insurance business. . However, long-term insurance is more difficult to sell than short-term insurance. In addition to paying the bank's corresponding handling fees, daily bank branch maintenance and training costs are indispensable. Therefore, insurance companies are willing to take risks.

Numerous insurance companies inflated expenses to subsidize banks

According to a reporter from Securities Daily, since the beginning of this year, many insurance companies have arbitrarily collected fees through bankruptcy performance guarantee awards, bankruptcy office supplies fees, and hospitality fees, which are used for daily maintenance and operation of bank outlets and bank channels. Expenditures and purchases of customer gifts cause financial data to be untrue.

On August 10, the punishment letter issued by the Gansu Insurance Regulatory Bureau showed that a large life insurance company, Qingyang City Branch, had committed the act of compiling false financial information. It passed the conference fee account from May 2017 to March 2018. False expenses are used to pay employees for food subsidies; performance awards through False Bank Insurance are used for daily maintenance and operation of bank outlets, resulting in untrue financial data.

On the same day, the other two punishment letters issued by the Gansu Insurance Regulatory Bureau showed that another life insurance company, Gansu Branch and Silver Center Branch, also complied with the preparation of false financial information: in 2017, the insurance company ’s Gansu Branch ’s Banking and Insurance Department The office expenses and hospitality expenses were categorized through the business expenses and miscellaneous expenses account, which were used to maintain bank channel expenses and purchase customer gifts. During November 2017, the silver bank of the insurance company passed the business entertainment expenses, conference expenses and other subjects. Expenses for business promotion and rewards.

In addition to the two insurance companies mentioned above, at the beginning of July this year, the Jiangsu Insurance Regulatory Bureau found that an insurance company's Suzhou branch spent between 2016 and 2017 in the "business and management fees-employee compensation-performance bonus" account. After the deduction of related taxes and fees, the balance of RMB 14.357 million will be entered into the salary card of some employees of the Banking and Insurance Department.

According to the Jiangsu Insurance Regulatory Bureau, the relevant personnel of the Jiangsu branch of the insurance company shall, at the request of the parties, transfer the above-mentioned received money to the internal office of the bank's insurance department of the parties, which will be deployed and used by the department for actual use in network service and business. Support, compensation for customer surrender losses and team building are not in line with financial expenditures. Therefore, Jiangsu Insurance Regulatory Bureau fined 500,000 yuan for the insurance company. The insurer also became the most "ruthless" insurer punished for stating expenses in maintaining bank outlets during the year.

On the whole, according to incomplete statistics from the reporters of the Securities Daily, since this year, a total of 7 insurance companies have been punished for violating the falsely stated expenses “for maintaining bank channel expenditures and purchasing customer gifts, and daily maintenance and operation of bank outlets”. A total of 2.42 million yuan was fined.

It is worth noting that 6 of the above 7 life insurance companies currently have high premiums in the bancassurance channels in the current business channels. Individual insurance has not yet been fully established. The development speed and transformation effect of the bancassurance business are directly related to the company's success or failure. .

Difficult to sell long-term insurance causes insurance companies to take risks

From the interview with the Securities Daily reporter, after the business transformation, long-term insurance is more difficult to sell in the bancassurance channel, and more promotion and maintenance costs are needed. This is a common problem faced by many small and medium-sized insurance companies this year. At the same time, it is also the main reason for insurance companies to set fees.

The relevant person in charge of the Banking and Insurance Department stated that many small and medium-sized life insurance companies are now stepping up their transformation efforts, significantly reducing short-term and medium-term insurance, and promoting the development of long-term insurance business, which is good for insurance companies. However, long-term insurance is more difficult to sell than short-term insurance. In addition to paying the bank's corresponding handling fees, daily bank branch maintenance and training costs are essential. Therefore, insurance companies are willing to take risks.

In particular, "On the premise of meeting various regulatory requirements, the products launched by various small and medium-sized insurance companies in the bancassurance channel are more homogeneous, and the characteristics of each product are insufficient, and the recognition is not high. In one bank and dozens of In the case of insurance companies, it is also a way to promote long-term insurance sales by strengthening fee incentives, "the official said.

From the perspective of the operation of insurance companies, a large number of small and medium-sized insurance companies have to strengthen the promotion of long-term insurance in the bancassurance channel due to considerations such as cash flow and solvency, and they have tilted their funding.

"Securities Daily" reporter found that in order to ensure stable cash flow, many insurance companies relying on bancassurance channels also mentioned in the second quarter of this year's solvency report that they will increase the promotion of new businesses in the future to ensure the completion of established business goals. Improve the accuracy of premium forecasts. At the same time, strengthen the liquidity monitoring of the universal accounts promoted by the bancassurance channels, increase the allocation ratio of liquid assets, and prevent liquidity risks.

Among them, Ruitai Life's solvency report in the second quarter of 2018 clearly stated that in the cash flow forecast for the next three months in this stress scenario, the company's overall net cash flow showed a funding gap, mainly due to the transformation of the product structure and the universal insurance belt. Incoming cash inflows have declined, and the universal universal insurance policies have gradually passed the surrender deduction period, and the cash outflow from surrenders is still under pressure. At the same time, sales of guaranteed products have not yet formed a sales scale in the early stages of development. In order to cope with the possible funding gap in the future, the Asset Management Department will cooperate with the company's needs to carry out repurchase operations or sell liquid assets on time to meet the company's liquidity needs.

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