The Banking and Insurance Regulatory Commission notifies Yi'an property Insurance and Guangfa Bank of cases of infringement of consumers' Rights and interests

| gov.cn

Xinhua News Agency, Beijing, 6 Nov (Reporter Li Yanxia) the Consumer Rights Protection Bureau of the Silver and Insurance Regulatory Commission announced on the 6th the cases of infringement of consumers' rights and interests by Yi'an property Insurance Co., Ltd. and Guangfa Bank Co., Ltd.

The Circular on the cases of Yi'an property Insurance and Guangfa Bank infringing on consumers' Rights and interests points out that from June to August 2019, the Banking and Insurance Regulatory Commission accepted a total of 266 Internet insurance consumption complaints reflecting the alleged violations of laws and regulations by Yi'an property insurance. Accounted for 64.1% of the number of Internet insurance complaints accepted by the Banking and Insurance Regulatory Commission in the same period. The complaint mainly reflects the limitation of claims of Yi'an property Insurance, involving a total of 270 claims cases.

The circular said that after investigation, there was a problem of overdue time limit for the settlement of claims in 234 claims cases, which was specifically manifested in the fact that after consumers provided proof and information on the settlement of claims, Yi'an property Insurance did not approve the claim cases within 30 days, in violation of Article 23 of the Insurance Law.

According to the circular, in 2012, Guangfa Bank promoted private equity funds in the bank in accordance with its internal "private equity fund (PE) promotion partnership product program". The fund, which matured in August 2019, lost money on its books and was unable to recover the principal and earnings of its investments at maturity, sparking consumer complaints.

According to the circular, the Guangzhou Development Bank has violated the rights and interests of consumers in five aspects, including failing to assess the risk tolerance of customers in accordance with regulatory requirements, and failing to properly keep the documents and materials of the referral process in accordance with the regulatory requirements. In the relevant promotion and training materials for internal marketers, the risks that may be caused to the bank and investors by the fund products are not mentioned and analyzed, and the relevant requirements of the product program are not strictly implemented in the access process. In the introduction process, the relevant performance work has not been fully implemented in accordance with the formulated product plan.

The circular said that the actions of the two institutions have infringed upon consumers' basic rights, such as the right to know, the right to fair trading, and the right to claim compensation in accordance with the law, and have harmed the legitimate rights and interests of consumers. The circular requires all banks and insurance institutions to arouse warnings, carry out self-examination and self-correction around marketing publicity, product sales, insurance claims, and other violations of consumers' rights and interests, carry out business activities in accordance with the law and regulations, and effectively protect the legitimate rights and interests of consumers.

The Banking and Insurance Regulatory Commission notifies Yi'an property Insurance and Guangfa Bank of cases of infringement of consumers' Rights and interests

| gov.cn

Xinhua News Agency, Beijing, 6 Nov (Reporter Li Yanxia) the Consumer Rights Protection Bureau of the Silver and Insurance Regulatory Commission announced on the 6th the cases of infringement of consumers' rights and interests by Yi'an property Insurance Co., Ltd. and Guangfa Bank Co., Ltd.

The Circular on the cases of Yi'an property Insurance and Guangfa Bank infringing on consumers' Rights and interests points out that from June to August 2019, the Banking and Insurance Regulatory Commission accepted a total of 266 Internet insurance consumption complaints reflecting the alleged violations of laws and regulations by Yi'an property insurance. Accounted for 64.1% of the number of Internet insurance complaints accepted by the Banking and Insurance Regulatory Commission in the same period. The complaint mainly reflects the limitation of claims of Yi'an property Insurance, involving a total of 270 claims cases.

The circular said that after investigation, there was a problem of overdue time limit for the settlement of claims in 234 claims cases, which was specifically manifested in the fact that after consumers provided proof and information on the settlement of claims, Yi'an property Insurance did not approve the claim cases within 30 days, in violation of Article 23 of the Insurance Law.

According to the circular, in 2012, Guangfa Bank promoted private equity funds in the bank in accordance with its internal "private equity fund (PE) promotion partnership product program". The fund, which matured in August 2019, lost money on its books and was unable to recover the principal and earnings of its investments at maturity, sparking consumer complaints.

According to the circular, the Guangzhou Development Bank has violated the rights and interests of consumers in five aspects, including failing to assess the risk tolerance of customers in accordance with regulatory requirements, and failing to properly keep the documents and materials of the referral process in accordance with the regulatory requirements. In the relevant promotion and training materials for internal marketers, the risks that may be caused to the bank and investors by the fund products are not mentioned and analyzed, and the relevant requirements of the product program are not strictly implemented in the access process. In the introduction process, the relevant performance work has not been fully implemented in accordance with the formulated product plan.

The circular said that the actions of the two institutions have infringed upon consumers' basic rights, such as the right to know, the right to fair trading, and the right to claim compensation in accordance with the law, and have harmed the legitimate rights and interests of consumers. The circular requires all banks and insurance institutions to arouse warnings, carry out self-examination and self-correction around marketing publicity, product sales, insurance claims, and other violations of consumers' rights and interests, carry out business activities in accordance with the law and regulations, and effectively protect the legitimate rights and interests of consumers.



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