Silver circ: letter with material life insurance products should be by the insurance company is responsible for the management

All types of personal insurance products will usher in unified information disclosure management measures.

On August 2, the China Banking and Insurance Regulatory Commission issued the "Administrative Measures for Personal Insurance Product Information Disclosure (Draft for Comment)" (hereinafter referred to as the "Measures") to solicit public opinions.The Measures apply to the information disclosure requirements of personal life insurance products.The "Measures" are not applicable to the information disclosure of group personal insurance products, and the CBIRC will stipulate otherwise.

According to the "Measures", the so-called life insurance products are classified by insurance types, including life insurance, annuity insurance, health insurance, accident insurance, etc.;type, dividend type, universal type, investment-linked type, etc.Divided by insurance period, including life insurance with a term of more than one year and life insurance with a term of one year or less.

The Measures require that product information disclosure should follow the principles of authenticity, accuracy, completeness and timeliness.Insurance companies and their insurance sales personnel, insurance intermediaries and their practitioners shall accurately describe the information related to the products, without major omissions, and shall not conceal or deceive the policyholders, insureds, beneficiaries and the general public.

"Measures" clarifies that insurance companies are the subject of product information disclosure, and the objects of information disclosure include policyholders, insureds, beneficiaries and the general public.At the same time, it is clarified that the China Insurance Association, China Bank Insurance Corporation and other institutions are the industry public platforms for insurance product information disclosure, and provide authoritative information inquiry channels for the public and insurance consumers.

In terms of the content and time of disclosure, the "Measures" require that insurance companies should disclose product material information, including product terms, rates, cash value tables, etc., which are closely related to consumers' rights and interestsRelated information.An insurance company that sells life insurance products with a term of more than one year shall provide the policyholders with product instructions in paper or electronic form during the sales process.After the insurance company underwrites the policy, it shall provide the policyholder with policy inquiry services by telephone, Internet, etc., and establish an effective policy inquiry channel.If life insurance products are sold in the form of product combinations, the product manual corresponding to each life insurance product with a term of more than one year shall be provided separately.

For insurance products that decide to stop selling, the insurance company shall, within 10 working days after making the decision to stop selling, disclose the name of the product to stop selling, the time when it stops selling, and the time when it stops selling.The reason, and follow-up service measures and other related information.

The "Measures" also specifically mentioned that insurance companies should provide persons over 60 years old, as well as persons with disabilities and other special groups of people with disclosure methods that meet the characteristics of this group, and actively provide convenient insurance channelsand other customer services to ensure that consumers are fully aware of the content and main features of the insurance products they purchase.

In terms of information disclosure management, the "Measures" clearly stipulate that the information disclosure materials of insurance products shall be managed by the insurance company head office in a unified manner.The head office of an insurance company may authorize a provincial branch to design or modify the information disclosure materials of insurance products, but it shall be reported to its head office for approval.Except for the provincial branches of insurance companies, other branches of insurance companies at all levels shall not design and modify the information disclosure materials of insurance products.

At the same time, insurance companies shall not authorize or entrust insurance sales personnel, insurance intermediaries and their practitioners to modify the information disclosure materials of insurance products by themselves.Insurance salespersons, insurance intermediaries and their practitioners shall not revise the information disclosure materials of insurance products sold by agents.

In supervision and management, insurance companies shall assume primary responsibility for the authenticity, accuracy, completeness and timeliness of product information disclosure.An insurance company shall designate senior management personnel of the company to be responsible for the management of product information disclosure.

If any product information is not disclosed in accordance with the provisions of these Measures and is not corrected within the time limit, or if false information is compiled or provided, or if it refuses or hinders legal supervision and inspection, the CBIRC and itsThe agency will be punished.