Regulatory authorities rectify the InternetInsuranceThe chaos has made another major move. Recently, the China Banking and Insurance Regulatory Commission issued a notice, deciding to carry out special rectification work across the country, focusing on rectifying prominent problems such as misleading sales, forced tying, false high fees, illegal operations, and user information leakage.
The author believes that the regulatory authorities “prescribe the right medicine” to rectify the InternetInsuranceThe chaos is conducive to better protecting the rights and interests of consumers, deterring violations of laws and regulations, optimizing the market development environment, and reshaping a new ecosystem for industry development.
the InternetInsuranceThe germination started in 1997, and premium income has been increasing year by year since 2011. With the rapid development of the Internet economy, it has entered a blowout growth stage since 2012. In November 2013, it became the first domestic Internet insurance company.ZhongAn OnlineProperty Insurance Co., Ltd. was established, and Internet insurance entered the stage of channel innovation and product innovation, and premium income grew rapidly.
However, with the rapid expansion of Internet insurance, the risks of Internet insurance business have gradually emerged. Some Internet platforms are suspected of illegally engaging in insurance business, and some insurance institutions have Internet access.Insurance ProductsIssues such as prominent pricing risks, insufficient offline service capabilities, and many complaints and disputes all call for standardization and rectification.
According to data from the China Banking and Insurance Regulatory Commission, in 2019, the China Banking Regulatory Commission received 19,900 complaints about Internet insurance consumption, an increase of 88.59% year-on-year. In the first quarter of 2021, the insurance consumption complaint statistics report showed that Internet insurance companies ranked the top 10 in terms of complaints, and Internet insurance companies ranked first in terms of complaints about 100 million yuan in premiums, with complaints about 10,000 policies. Internet insurance companies are among the top 10 property insurance companies.
In the face of market chaos and the ever-increasing number of complaints, supervision has played a “combined punch.”
In October 2016, the “Implementation Plan for the Special Rectification of Internet Insurance Risks” was released. The focus of the rectification of the program includes insurance institutions relying on the Internet to conduct cross-border businesses and illegally operate Internet insurance businesses; in June 2020, the China Banking and Insurance Regulatory Commission issued the “About Notice on Regulating the Retrospective Management of Internet Insurance Sales, to standardize and strengthen the retrospective management of Internet insurance sales, to protect consumers’ basic rights such as the right to know, the right to choose and fair transaction; February 2021, the “Internet Insurance Business Supervision” The Measures were formally implemented to further regulate the nature of Internet insurance, institutional operating qualifications, and sales behaviors, and it is clear that self-operated online platforms also need to be licensed. The special rectification work on Internet insurance chaos is also a continuation of the above-mentioned policy. It can be said that these regulatory measures have played a positive role in guiding and regulating the healthy development of Internet insurance.
With the changes in potential insurance users in my country, the Internet insurance industry is facing huge room for growth, and the development of the industry is also facing fiercer competition. In this context, higher requirements have been placed on all parties in the market.
From the perspective of supervision, supervision efforts should keep up with the development of Internet insurance in a timely manner, further improve the Internet insurance supervision mechanism, improve the rule of law system for Internet insurance, and provide a strong legal basis for supervision. At the same time, in the process of rectifying chaos in the industry, we should also pay attention to methods and methods, and properly handle the relationship between supervision and innovation.
From the perspective of insurance institutions, it is necessary to provide customers with personalized services through differentiated products, and build the core competitiveness of enterprises in market competition. At the same time, it is also necessary to transform the results of special governance into development motivation, and strive for a more standardized and higher-quality development of the entire industry.
From a consumer’s point of view, one should rationally choose products that suit them, don’t blindly believe in high-yield propaganda, and study insurance carefully.contract, Do a good job of prevention and beware of being deceived.
The author believes that the purpose of rectifying the chaos in the Internet insurance industry is to resolve existing risks, control incremental risks, and further optimize the ecological environment of market development through special rectification, promote the healthy and sustainable development of the industry, and establish and improve long-term supervision of Internet insurance. mechanism.
(Source: Securities Daily)
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