People make mistakes, horses stumble!
Recently, another trillion-dollar insurance giant was arrested and sentenced, as a bigwig who has been rooted in the insurance industry for many years, his annual salary is as high as 6 million, and just before his fall, he was still addicted to publishing books.
So how did this insurance giant get on this road of no return?Speaking of this fallen giant, we have to mention Xinhua Insurance, an insurance giant.
Xinhua Insurance, an insurance company founded in 1996, is not as well-known as Ping An, but its background is by no means simple.
As a national A+H listed company, New China Insurance once enjoyed a high reputation and status in the insurance industry, and has been awarded Fitch's financial strength rating of "A" for many consecutive years, and is also a Fortune Global 500 company by Fortune and Forbes.
Its main shareholders are large state-owned enterprises such as Huijin Investment Co., Ltd. and China Baowu Iron and Steel Group, which have strong capital strength and policy support.
Since joining the group nine years ago, under his leadership, Xinhua Insurance has achieved steady growth in performance, and its salary has been the first in the company for three consecutive years, including 617 in 201740,000 yuan.
Therefore,Wan Feng is also recognized as a veteran of the insurance industry, with more than 40 years of experience, having worked in many well-known insurance institutions such as Chinese People's Insurance Company, Chinese Life Insurance Company, China Insurance Life Insurance Company, etc., and has also worked in Hong Kong for many years, with international vision and market sensitivity.
In addition, he is also an expert in insurance theory, edited a number of life insurance textbooks, and authored a number of life insurance monographs, calling on the life insurance industry to return to the origin of protection and improve the quality and efficiency of insurance services.
But behind the glory of Wanfeng, there is a huge crisis.
In January 2019, Wan Feng resigned from all positions at Xinhua Insurance due to "personal age reasons", which sparked speculation from the outside world.
In September 2020, Wan Feng retired from Dingcheng Life Insurance (formerly known as Xinguang HNA Life Insurance) and has since disappeared.
In November 2022, Wan Feng was rumored to be "missing", and there was a voice in the industry that he was "investigated", and in June 2023, the **Commission for Discipline Inspection and the State Supervision Commission** reported that Wan Feng was expelled from the party and suspected of committing a crime.
In December 2023, Wan Feng** case was first instance**, and it was alleged that during his tenure as chairman of Xinhua Insurance, he took advantage of his position to seek benefits for others and illegally accepted other people's property, the amount of which was particularly huge, reaching more than 12.09 million yuan, of which 10 million yuan was attempted.
In the end, the court found that his behavior had constituted a crime and sentenced him to 6 years and 6 months in prison in accordance with the law.
The insurance giant's case has also exposed the inadequacies of the financial industry's governance system, and Wan Feng's actions, as a senior leader of New China Life, reflect the company's internal governance loopholes to a certain extent.
Although the regulator took a series of measures to rectify the situation after the incident, it also means that before that, the supervision did not play an effective role in detecting and stopping the misconduct in a timely manner.
The imperfection of the regulatory system is also part of the problem, and the financial industry, as an important part of the social economy, should be all-round and three-dimensional.
But in Wan Feng's case, it seems that there is a blind spot in the supervision to some extent, and it failed to stop his illegal behavior in time. This will also require deeper reflection and reform of the regulatory system.
This also shows that the insurance industry is facing huge risks while developing rapidly.
As one of the giants of China's insurance industry, New China Insurance has also experienced many twists and turns in its development process, however, with the continuous changes in the financial market and the increasingly fierce competition, the insurance industry is also facing many risks and challenges.
On the one hand, the company's internal governance issues need to be highly vigilant, establish a more complete internal management system, improve transparency and supervision mechanisms, and prevent the occurrence of high-level corruption.
On the other hand, the regulatory level also needs to be further strengthened, and the supervision and punishment of financial institutions should be increased. It is necessary to establish a more meticulous supervision and control system to discover and stop all kinds of illegal acts in a timely manner.
Only through comprehensive governance and supervision can we ensure the healthy development of the financial industry and safeguard the legitimate rights and interests of investors.
The insurance industry is an important part of the financial system, and it is also the diversification and transfer of social risks. In order to better serve the society, insurance companies should maintain the fairness and justice of the market based on the principles of integrity, transparency and stability.
Senior leaders should correctly exercise their powers, take the long-term interests of the enterprise as the starting point, and must not seek personal interests in violation of the law.
At the same time, the regulators should further improve the regulatory system, improve the efficiency of supervision, and ensure the steady operation of the financial industry.
In future supervision, attention should be paid to the review of the company's internal governance structure, and more detailed monitoring of the performance of senior personnel should be carried out to prevent the recurrence of similar cases.
The Wan Feng case has undoubtedly sounded the alarm for China's insurance industry, and has also put forward a series of reflections for the development of the financial industry.
Only with the joint efforts of the whole society, through legal means and system construction, can we establish a healthier, more transparent and sustainable financial ecology and ensure that the interests of the majority of investors are effectively protected.
Wan Feng, the former chairman of Xinhua Life, was expelled from the party