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Since the beginning of this year, regulators have taken more severe punishment measures to start a large-scale car insurance rectification action in view of the illegal and illegal activities related to the business of car insurance institutions. According to the Shanghai Securities News, in the first three quarters of this year, the Bancassurance Regulatory Bureau investigated and suspended 111 institutions' car insurance business across the country, of which 87 were fined more than 17 million yuan.

In the first three quarters of 2019, 28 bancassurance regulatory bureaus imposed regulatory measures on 111 institutions to stop using commercial car insurance terms and rates. Among them, there are 2 provincial institutions, 4 municipal institutions separately listed in the plan, 98 prefecture-level municipal institutions and 7 county-level institutions. These branches come from 28 corporate property insurance companies. From a regional point of view, there are 16 institutions called parking insurance business in Shandong alone, followed by 12 in Inner Mongolia, 10 in Hebei, 7 in Guizhou, 6 in Heilongjiang and so on.

At the same time, the Bancassurance Regulatory Bureau also takes the measure of administrative punishment. Since the beginning of this year, 18 bancassurance supervision bureaus have imposed administrative penalties on 87 institutions, fining a total of 17.355 million yuan, warning, fining and other administrative penalties on 126 responsible persons, and fined a total of 5.265 million yuan on those responsible.

The Bancassurance Regulatory Bureau found and verified the relevant illegal acts of car insurance institutions are as follows:

1. By giving benefits other than those agreed in the contract, the insurance company can break through the approval rate level in disguise and return cash through agents or salesmen.

2. To collect handling fees by falsely listing publicity fees, labor fees, consulting fees and other fees.

3, the expense data is not true, the insurance company promises to pay the formalities rate higher than the approval level to the intermediary, but does not enter the account in time.

Through a large-scale car insurance rectification campaign, it has achieved initial results. Including the car insurance comprehensive expense rate showed a downward trend, the rapid growth of related business and management fees has also been effectively curbed, but the cost delay and other problems still exist, in addition, through the settlement of claims, the phenomenon of overstatement of expenses and collection of expenses still occurs.

It is understood that the bancassurance supervision bureaus of various localities will further step up their investigation and punishment, strictly supervise the car insurance business, and take strict supervision measures on companies that have problems of violating the law and regulations.

An executive of a property insurance company said, "the supervision has been carried out heavily, first, because the car insurance business in some areas is chaotic and the problem of violations of laws and regulations is prominent; second, because the current business situation of the car insurance industry is already very grim." if the growing chaos in the car insurance market is not contained and reversed in time, the development trend of premium income growth and underwriting benefits in the car insurance industry will not be optimistic. "

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