Supervision and strict implementation of "accountability to people", insurance and "industry ban" and gradually punish internal service posts

Top penalties such as fines, business bans, and revocation of business licenses are becoming more and more common. In the past, top penalties were common on key figures such as field personnel of insurance companies and senior executives of insurance companies suspected of serious violations of laws and regulations. On September 17, a reporter from the Beijing Business Daily noticed that recently,"industry bans" have begun to punish more and more internal service and grassroots management positions. In the view of industry experts, supervision of relevant responsible persons is a necessary measure to respond to public concerns and rebuild market confidence. From the perspective of the insurance industry, this "penetrating accountability" covers all employees and also helps curb violations at the source.
On September 16, the Hebei Financial Supervision Bureau issued an administrative penalty showing that Wang was then the general manager of Zhangjiakou Central Branch of Yanzhao Property Insurance Co., Ltd., and was responsible for the fictitious insurance intermediary business to collect fees and was eventually prohibited from entering the insurance industry for life.
The Beijing Business Daily reporter noticed that in the past, supervision mostly targeted institutions, and top penalties such as lifetime bans were also more common among insurance field personnel who had direct access to client funds and senior management positions of insurance companies in "high positions".However, since the beginning of this year, as financial supervision has become stricter, more and more insurance company internal service personnel and grassroots managers have begun to be subject to regulatory penalties.
Recently, Wang, an employee of the Human Injury Branch of the Claims Center of PICC P & Casualty Insurance Company's Datong City Branch, was also banned from work for life because he was responsible for fabricating facts to defraud others 'property. At the end of August, Gangma Moumou, then the group insurance claims comprehensive affairs of Jiangsu Branch of Yingda Taihe Life Insurance Co., Ltd., was banned from entering the insurance industry for 15 years due to related violations.
It can be seen that in addition to senior executives, there were also cases during the year in which ordinary front-line internal service personnel were punished for violating regulations. Bai Wenxi, vice chairman of the China Enterprise Capital Alliance, analyzed to a reporter from the Beijing Business Daily that in the past, supervision mostly targeted institutions, but now it emphasizes "accountability to people." Regardless of the level of the position, as long as you participate in violations of laws and regulations, you may be expelled from the industry for life. Issuing work-ban fines for internal and grassroots employees shows that supervision places more emphasis on whether the behavior itself touches red lines. Even for ordinary positions, as long as they participate in fraud, insurance fraud, or fee hedging, they may be severely punished.
"The number of grassroots personnel is huge and have direct contact with business. If supervision only punishes senior executives, the grassroots may be lucky; now 'penetrating accountability' covers all employees, which helps curb violations at the source." Bai Wenxi added.
The ban on entry into the industry means that you cannot enter the industry for a period of time or even a lifetime, which sounds the alarm for industry professionals.According to incomplete statistics from a reporter from the Beijing Business Daily, just halfway through September, seven people in the insurance industry have been banned. In the eyes of industry insiders, when supervision raises the sword of "banning industry", all those who commit crimes against the wind, take risks, and take chances will have nowhere to hide in the sun.
In fact, industry bans, a punishment method that holds people accountable, are becoming an important means for regulatory authorities to improve the supervision chain. On June 6, the State Administration of Financial Supervision publicly solicited opinions from the public on the "Interim Provisions on the Management of the List of Seriously Untrustworthy Entities (Draft for Comments)". The draft for comments proposes that those who are subject to administrative penalties by the State Administration of Financial Supervision or its dispatched agencies, etc., which are particularly severe in nature and particularly serious in circumstances, shall be included in the list of seriously dishonest entities in accordance with these Provisions, record, share, and publicize relevant information, and implement corresponding management measures and Credit repair.
Bai Wenxi bluntly said that in the past, the industry expanded extensively, but now supervision has severely punished the "key minority", forcing insurance companies to shift from "hedging premiums" to "stabilizing compliance and stable governance."
Talking about the future trend of insurance industry supervision, many industry insiders interviewed told Beijing Business Daily that in the next few years, the tone of strict and tight financial supervision will not change. Industry insiders pointed out that in addition to traditional insurance business violations, regulatory authorities will further refine and in-depth supervision of insurance institutions in corporate governance, fund use, consumer rights protection and other aspects, and the scope of penalties may cover more fields and business links.
From a regulatory perspective, regulatory authorities are also constantly improving the regulatory framework and improving the effectiveness and adaptability of supervision. This year, the State Administration of Financial Supervision revised and issued the "Administrative Punishment Measures", which made detailed provisions on matters related to administrative penalties and improved the provisions on types of administrative penalties, administrative penalty decision-making, jurisdiction and external coordination. The "Several Opinions on Strengthening Supervision and Preventing Risks and Promoting High-Quality Development of the Insurance Industry" issued by the State Council last year clearly stated that key personnel who commit crimes, collude with internal and external, and engage in profit transfer should be strictly implemented for disqualification, salary recovery, and industry bans; those suspected of committing crimes shall be transferred to judicial organs for handling in accordance with the law.