February 7, 2024, Heilongjiang. Recently, the Heilongjiang Supervision Bureau of the State Administration of Financial Supervision and Administration issued an administrative penalty information disclosure form, disclosing that four individuals of Ping An Life Insurance Co., Ltd. (hereinafter referred to as Ping An Life) were warned and punished for violating insurance laws and regulations. Among them, three of them violated Article 126 of the Insurance Law of the People's Republic of China by deceiving the policyholders and giving them benefits other than those agreed in the insurance contract.
It is understood that these four individuals are Wang, Li, Zhang and Liu, who used Ping An Life's ** qualifications from 2019 to 2020 to sell Ping An Life's insurance products to policyholders through false publicity, misleading, deception and other means, causing losses and dissatisfaction to policyholders. The details are as follows:
Between December 2019 and January 2020, Mr. Wang sold Ping An Life's "Ping An Fu" whole life insurance (universal type) and "Ping An Fu" both insurance (universal type) to the policyholder Yang, and promised that the policyholder could apply for surrender and refund all premiums after one year. In fact, the surrender rules for these two insurance products are that if the policy is surrendered within one year, part of the premium will be deducted; If the policy is surrendered after one year, it will be refunded based on the cash value and the cash value will be less than the premium. Wang's promise was inconsistent with the agreement in the insurance contract, which seriously misled the policyholder. When Mr. Yang applied for surrender in December 2020, he found that the amount refunded was much lower than the premium, so he complained to Ping An Life. After verification, Wang's behavior violated the provisions of Article 126, Paragraph 1 of the Insurance Law of the People's Republic of China, that is, "insurers and insurance brokers shall not have the following acts: (1) Deceiving policyholders". According to the provisions of Article 172 of the Insurance Law of the People's Republic of China, that is, "if an insurer or insurance broker commits one of the acts specified in the first paragraph of Article 126 of this Law, the insurance regulatory authority shall give a warning, confiscate the illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 30,000 yuan, a fine of not less than 30,000 yuan but not more than 100,000 yuan shall be imposed", the Heilongjiang Supervision Bureau decided to give a warning to Wang and impose a fine of 30,000 yuan.
From March 2020 to April 2020, Mr. Li sold Ping An Life's "Ping An e-Life Insurance Critical Illness Insurance" and "Ping An e-Life Insurance Whole Life Insurance" to the policyholder Zhao, and promised that the policyholder could apply for surrender and refund all premiums after one year. In fact, the surrender rules for these two insurance products are that if the policy is surrendered within one year, part of the premium will be deducted; If the policy is surrendered after one year, it will be refunded based on the cash value and the cash value will be less than the premium. Li's promise was inconsistent with the agreement in the insurance contract, which seriously misled the policyholder. When Mr. Zhao applied for surrender in December 2020, he found that the amount refunded was much lower than the premium, so he complained to Ping An Life. After verification, Li's behavior violated the provisions of Article 126, Paragraph 1 of the Insurance Law of the People's Republic of China, that is, "insurers and insurance brokers shall not have the following acts: (1) deceive policyholders". According to the provisions of Article 172 of the Insurance Law of the People's Republic of China, that is, "if an insurer or insurance broker commits one of the acts specified in the first paragraph of Article 126 of this Law, the insurance regulatory authority shall give a warning, confiscate the illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 30,000 yuan, a fine of not less than 30,000 yuan but not more than 100,000 yuan shall be imposed", the Heilongjiang Supervision Bureau decided to give Li a warning and impose a fine of 30,000 yuan.
Between May 2020 and June 2020, Mr. Zhang sold Ping An Life's "Ping An e-Life Insurance Critical Illness Insurance" and "Ping An e-Life Whole Life Insurance" to the policyholder Sun, and promised that the policyholder could apply for surrender and refund all premiums after one year. In fact, the surrender rules for these two insurance products are that if the policy is surrendered within one year, part of the premium will be deducted; If the policy is surrendered after one year, it will be refunded based on the cash value and the cash value will be less than the premium. Zhang's promise was inconsistent with the agreement in the insurance contract, which seriously misled the policyholder. When Sun applied for surrender in December 2020, he found that the amount refunded was much lower than the premium, so he complained to Ping An Life. After verification, Zhang's behavior violated the provisions of Article 126, Paragraph 1 of the Insurance Law of the People's Republic of China, that is, "insurers and insurance brokers shall not have the following acts: (1) Deceiving policyholders". According to the provisions of Article 172 of the Insurance Law of the People's Republic of China, that is, "if an insurer or insurance broker commits one of the acts specified in the first paragraph of Article 126 of this Law, the insurance regulatory authority shall give a warning, confiscate the illegal gains, and impose a fine of not less than one time but not more than five times the illegal gains; if there are no illegal gains or the illegal gains are less than 30,000 yuan, a fine of not less than 30,000 yuan but not more than 100,000 yuan shall be imposed", the Heilongjiang Supervision Bureau decided to give Zhang a warning and impose a fine of 30,000 yuan.
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