Under the trend of heavy regulatory fines, insurance companies have also felt that the penalties have increased significantly.
According to the statistics of brokerage China reporters, in 2023, the State Administration of Financial Supervision will issue a total of 17 fines to insurance institutions, of which 11 will be fines of more than one million yuan, and 3 fines will be more than 5 million yuan. The targets of large-value fines include life insurance companies, property insurance companies, and insurance asset management companies.
Multiple large fines of more than 3 million.
According to the data, the 17 penalty decisions of the State Administration of Financial Supervision on insurance institutions last year were mainly concentrated in the second half of the year. Compared with the fines imposed on insurance companies in previous years, one of the characteristics of the penalties imposed by the regulatory authorities on insurance companies in 2023 is that the amount of penalties is higher.
According to PwC's previous statistics on the regulatory penalties of insurance financial institutions in each year, the maximum fines for insurance companies in 2020, 2021, and 2022 were 3.38 million yuan, 2.55 million yuan, and 2.15 million yuan respectively (including institutions and individuals, the same below).
According to the statistics of the Chinese reporter of the brokerage, the State Administration of Financial Supervision alone will issue a number of fines of more than 3 million yuan in 2023. Among them, there were 3 fines of more than 5 million yuan, which were issued to PICC Life Insurance, Huaan Property Insurance Asset Management, and Sunshine Property Insurance; Hezhong Asset Management and Xinhua Asset Management each received a fine of more than 4 million yuan; Lujiazui Cathay Life Insurance and Yingda Life Insurance received fines of more than 3 million yuan respectively.
From the perspective of the reasons for the fines imposed on insurance companies in 2023, according to PwC's combing of the fines announced by the former China Banking and Insurance Regulatory Commission, the State Administration of Financial Supervision and their dispatched agencies in 2023, the top five reasons for the number of property insurance fines and the amount of fines are "preparing or providing false reports, statements, documents and materials". In addition, "failure to strictly implement the approved or filed insurance terms and insurance rates" and "fictitious insurance** intermediary business, and the preparation of false information to obtain fees" are also the reasons for the large amount of fines.
In terms of life insurance, "giving the policyholder benefits other than those agreed in the insurance contract" and "preparing or providing false reports, statements, documents and materials" are the top two items in terms of the number of fines and the amount of fines. In addition, "deceiving policyholders, embezzling policyholders' insurance premiums, and withholding premiums" is also the reason for the large number of fines, and the amount of fines imposed for "failing to strictly implement the approved or filed insurance terms and insurance rates" is also relatively large.
In 2023, it is rare for insurance asset management companies to be fined. Among them, Huaan Financial Insurance Asset Management, which was fined the highest amount, was fined for reasons including senior executives holding part-time positions in violation of regulations, failing to perform prudent management obligations for entrusted insurance funds, preparing and providing false statements, bond investment not meeting regulatory requirements, non-compliance with bank deposit business for insurance funds, providing channel business for insurance funds, failure to approve related party transactions for equity investment of related parties, and untrue financial data.
strict, accurate, and fast".
The above-mentioned fined insurance institution told the brokerage China reporter that the problem of the fine is that the regulatory department found in the on-site inspection in 2020 or 2021 that the company has completed rectification. The industry expects that with the establishment of the Administrative Penalty Bureau by the State Administration of Financial Regulation, the pace of punishment after the occurrence of relevant violations of laws and regulations will be accelerated, and the punishment will be increased.
In an article written in mid-January 2024, the Penalty Bureau of the State Administration of Financial Supervision mentioned that since 2023, the administrative punishment work has been strengthened and coordinated, and the backlog of cases has improved significantly, but there is still a gap between the timeliness requirements of quick punishment and quick fine. In the next step, the Administrative Punishment Bureau will integrate the case trial force, optimize the internal trial process, speed up the progress of case trial, and vigorously solve the problem of case backlog.
The Punishment Bureau also stated in the article that there are three key points to grasp in the administrative punishment of "long teeth and thorns": first, highlight the tone of "strictness", so that the punishment should be punished, and effectively improve the seriousness of the punishment; The second is to adhere to the principle of "quasi", so that the punishment is commensurate, and effectively improve the accuracy of punishment; The third is to implement the requirements of "fast", so that the punishment is swift and the punishment is quick, and the timeliness of punishment is effectively improved.
Li Yunze, Secretary of the Party Committee and Director of the State Administration of Financial Regulation, previously said in an exclusive interview with Xinhua News Agency that he would closely focus on strong supervision and strict supervision, and resolutely achieve "long teeth and thorns". He mentioned that he will strictly enforce the law and dare to show his sword, in-depth rectification of the chaos in the financial market, so as to adhere to principles, dare to face difficulties, treat everyone equally, and be fair and just; Focus on the "key things" that affect financial stability, the "key people" that cause major financial risks, and the "key behaviors" that undermine the market order, and really hit the board accurately and painfully.
Editor-in-charge: Gui Yanmin.
Proofreading: Wang Jincheng.
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