The China Banking and Insurance Regulatory Commission recently issued the “bankInsuranceMeasures for the Supervision and Evaluation of Institutional Consumer Rights Protection (hereinafter referred to as the “Measures”).
The “Measures” has 6 chapters and 35 articles, including general rules, evaluation elements and levels, division of responsibilities and operating procedures, evaluation results and application, organizational guarantees and work requirements, and supplementary provisions. The “Measures” are applicable to those legally established in my country to provide consumers with financial products or servicesbankInsuranceInstitutions, mainly including businessbank、Financial managementCompanies, trust companies, auto finance companies, consumer finance companies,InsuranceCompany etc. The evaluation content includes 6 elements and 24 indicators of consumer rights protection: “system building”, “mechanism and operation”, “operation and service”, “education and publicity”, “dispute resolution” and “supervision and inspection”.
The “Measures” summarized the consumer insurance supervision practices and system requirements of the China Banking and Insurance Regulatory Commission in the past few years, and established a consumer insurance regulatory evaluation system with unified standards, taking into account characteristics and dynamic adjustments. In response to new issues in the consumer insurance field and the strong consumer protection disorder, the “Measures” strengthened the management responsibilities of bancassurance institutions to third-party cooperative institutions such as Internet platforms, strengthened consumer insurance review, moved forward risk control gates, and prevented products.” “Sick” listed. Drawing on the “Maple Bridge Experience” of the new era, the “Measures” encourage financial institutions to actively develop and participate in diversified dispute resolution, and incorporate implementation into the evaluation content.
The promulgation of the “Measures” will provide a powerful starting point for the regulatory authorities to supervise consumer protection behaviors. Consumer protection regulatory evaluation is an important basis for the regulatory authorities to allocate regulatory resources and implement differentiated and classified supervision. The China Banking and Insurance Regulatory Commission will adopt differentiated regulatory measures on bancassurance institutions based on the results of consumer insurance regulatory evaluations, and urge bancassurance institutions to implement timely rectification and reform, and effectively improve the quality and effectiveness of consumer rights protection.
The issuance and implementation of the “Measures” is an important measure taken by the China Banking and Insurance Regulatory Commission to strengthen behavioral supervision and establish and improve a mechanism conducive to protecting the rights and interests of financial consumers. In the next step, the China Banking and Insurance Regulatory Commission will implement consumer protection supervision and evaluation on the development of consumer rights protection of bancassurance institutions every year, promote the improvement of the level of consumer rights protection in the banking and insurance industry, create a better financial consumption environment for the people, and effectively improve The sense of acquisition and satisfaction of the majority of financial consumers.
(Source: China Net Finance)
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