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28 July 2021
18:47 hour

China: Supervision on life insurance is tightened

Reddit Stock Market

22/07/2021 - 03:40

Judging from the fines issued by China Banking and Insurance Regulatory Commission(CBIRC) from January 1 to June 30 2021, it can be seen that its supervision of the insurance industry in 2021 has become increasingly strict. According to data, in the first half of 2021, CBIRC issued 1,074 fines for insurance business, punishing institutions 679 times, and 789 responsible person and agents. The total fines amounted to 132 million, an increase of 9.6% over the same period last year. From the perspective of insurance types, CBIRC has significantly tightened the management and control of life insurance. The data shows that although property insurance is still the main focus for supervision, the number and amount of fines received by life insurance in the first half of 2021 have increased significantly. CBIRC issued a total of 312 life insurance fine tickets, accounting for 29% of the total, an increase of 6% year-on-year; the total amount of the fines was 31.5 million yuan, an increase of 18% year-on-year. From the perspective of punishment causes, material fraud and misleading sales are still the biggest problems in the insurance industry. According to statistics, in the first half of 2021, there were a total of 719 fines of insurance agency companies due to involving the preparation or provision of false materials, obstruction of supervision, and failure to use approved insurance clauses and expenses. At the same time, of the 15 insurance fines received by banks, there were a total of 8 related to misleading and deceiving policyholders and failing to perform the duty of notification. Source: https://www.caijing.com.cn/   submitted by   /u/InsurViewChina [link]   [comments]


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    Even in a low interest rate scenario, life insurance products offer benefits that no other financial product does including life cover, additional riders, guaranteed returns, safety net, and tax benefits.
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  45. Is it mandatory to buy a life insurance policy with a home loan? (25/03/2021 - Financial Express)
    Opt for a life insurance plan and link it to your loan - It will cover the home loan liability while ensuring that the burden does not fall on the family
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  46. Soon, keep Life, Health, Car, Term and all other insurance policies in Digilocker (10/02/2021 - Financial Express)
    Insurance via Digilocker: The regulator has said that the insurance companies should inform retail policyholders about the Digilocker facility and how to use it.
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  47. Smart tips for buying a comprehensive health insurance plan amid pandemic (15/06/2021 - Financial Express)
    Purchasing an insurance plan is always advisable. While old age is not a barrier, it is always better to buy an insurance plan early in life for it can prove to be of great help in old age.
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  48. Buying new life, health or motor insurance policy? Know if physical certificate is mandatory or not in 2021 (18/03/2021 - Financial Express)
    Certificate of Insurance rules in India 2021: The physical version of the electronic insurance policies need not be issued when electronic insurance policies are issued through the platform of registered Insurance Repositories.
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  49. China Imports of Life Scientific Technology (20/03/2021 - Trading Economics)
    Imports of Life Scientific Technology in China decreased to 2996.20 USD Million in February from 3900.22 USD Million in January of 2021. Imports of Life Scientific Technology in China averaged 1413.63 USD Million from 2000 until 2021, reaching an all time high of 5363.97 USD Million in February of 2020 and a record low of 101.62 USD Million in February of 2000. This page includes a chart with historical data for China Imports of Life Scientific Technology.
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