People’s Insurance Company of China, Agricultural Bank of China and Postal Savings Bank were subject to administrative penalties for infringing consumers’ rights and interests.

　　China Banking and Insurance Regulatory Commission today (18th) notified the administrative penalties imposed by the insurance institutions of China People’s Life Insurance Company Limited (hereinafter referred to as PICC Life Insurance Company Limited), China Agricultural Bank Limited (hereinafter referred to as ABC) and China Postal Savings Bank Limited (hereinafter referred to as Postal Savings Bank).

　　After investigation, some policies sold by PICC Life Insurance through six home appliance sales centers, including Hebei and Chengdu, have deceptive behaviors such as propaganda that is inconsistent with the facts; The "1 million self-driving two-insurance products" sold through Alipay platform have the behavior of deceiving the insured with false propaganda; The product of "Mama Le Hospitalization Insurance for Children’s Diseases" sold through Alipay platform has the behavior of not using the registered insurance rate according to the regulations; And there are acts of providing and compiling false reports, documents and materials, such as untrue customer information data, false business involving retrospective management, and untrue personal medical claims data submitted to the original CIRC in 2017. The above-mentioned behaviors seriously infringe on consumers’ basic rights such as the right to know and the right to fair trade, and damage the legitimate rights and interests of consumers.

　　According to the Insurance Law of People’s Republic of China (PRC), China Banking and Insurance Regulatory Commission imposed a total fine of 3.38 million yuan on PICC Life Insurance. Among them, PICC Life Insurance Corporation fined a total of 1.35 million yuan, six home appliance sales centers fined a total of 800,000 yuan, and 15 individuals were administratively punished and fined 1.23 million yuan.

　　After investigation, the Agricultural Bank of China acted as an agent in life insurance business, and there were some behaviors that violated the prudent business rules, such as the implementation of the traceability system of sales behavior was not in place, the traceability basic management was not in place, and some traceability video quality inspection results were not fed back to the insurance company. The life insurance represented by Anyang County Sub-branch, gongyi city Sub-branch and Pingdingshan zhanhe Sub-branch of Agricultural Bank of China involves the traceable insurance business, and there is false agency business. The above-mentioned behavior seriously infringes on consumers’ basic rights such as the right to know, and damages consumers’ legitimate rights and interests.

　　According to the Banking Supervision Law of the People’s Republic of China and the Insurance Law of People’s Republic of China (PRC), China Banking and Insurance Regulatory Commission imposed a total fine of 2 million yuan on the Agricultural Bank. Among them, the head office of Agricultural Bank fined 500,000 yuan, and the fines of three branches totaled 1.5 million yuan.

　　After investigation, the Postal Savings Bank acted as an agent of PICC life insurance business, and there were behaviors that violated prudent business rules, such as the implementation of the traceability system of sales behavior was not in place, the formulation of the system implementation documents was lagging behind, the traceable video was not delivered to the insurance company or was missing, and the unqualified business accounted for a high proportion. The sales staff of Rudong County Sub-branch of Postal Savings Bank of Jiangsu Province have committed fixed income to dividend-paying insurance products and cheated the policyholders. The above-mentioned behavior seriously infringes on consumers’ basic rights such as the right to know, and damages consumers’ legitimate rights and interests.

　　According to the Banking Supervision Law of the People’s Republic of China and the Insurance Law of People’s Republic of China (PRC), China Banking and Insurance Regulatory Commission imposed a total fine of 800,000 yuan on the Postal Savings Bank. Among them, the head office of the Postal Savings Bank was fined 500,000 yuan, and Rudong County Sub-branch of Jiangsu Province was fined 300,000 yuan. (CCTV reporter Wang Shantao)