A medium-sized Insurance Company Beijing Branch worked over the recent weeks, "self-examination and self-correction."
"Bao Jianju report to go before the deadline only a week more time. According to the China Insurance Regulatory Commission 70 document checks than ever before are detailed and strict, so now (we) did not complete a lot of work." The Branch said.
The so-called "Document 70", that is, by the end of August the China Insurance Regulatory Commission issued a "further standardize on the property insurance market order program."
According to the document request, the insurance companies to 2008 from Jan. 1 to Aug. 31 during the operation of the illegal conduct self-examination and self-correction, and in October 30, 2008 will be self-rectification of the reported details of security The supervisor will be monitoring the Department of property insurance.
70 is the implementation of the document in September since the internal operation of the Insurance Industry "theme" - due to the horizontal involved in business, financial data, underwriting, claims, the terms of the implementation rate, the internal control system, every aspect of compliance, vertical and extended to three , The four institutions, the content of many self-rectification, a number of Insurance companies have to work overtime during the National Day self-examination as soon as possible to remedy the problem.
In accordance with the requirements of the insurance division at the provincial level will be required to report the situation and the head of the local Baojian Ju, the Corporation re-integrated system after the China Insurance Regulatory Commission reported.
Beijing sample of self-examination
China Insurance Regulatory Commission on the insurance market in the country almost every year of on-site inspection routine, but insurance companies allow such a feeling jittery, but still the first time.
"This time, the China Insurance Regulatory Commission announced the punishment is much higher than in the past, can be seen to be strong improvement of the property insurance market." Insurance Company of a compliance person in charge of the Department.
70 according to the document, the check, if adopted various means to cause premium income serious untrue, or deliberately create false Pei An expansion of compensation diversion, to take a variety of means of operation and management of non-existent, and so on a larger amount of costs , Will be sentenced to stop accepting new business for at least 6 months, ordered to replace the executives directly responsible, serious cases can be revoked a permit to carry on insurance business.
"In fact, the insurance company to take day-to-day operations of the illegal means, ways and means to clear all regulatory authorities in the chest, but on the one hand, the absence of evidence obtained, punishment and not enough on the other hand, have not been able to contain these irregularities." These people Said.
Beijing Baojian Ju issued in mid-September "on the property insurance market to further standardize the order of the implementation details of the work" (hereinafter referred to as "the" Implementation Rules, ""), that is required in Beijing Insurance companies reported that they had self-rectification Table 9 , Insurance companies often will take the violation of which include the basic means.
This self-examination and self-correction Table 9: self-examination and self-correction as a whole, to pay insurance provisions of the strong rate of implementation, commercial auto insurance rates provisions of the implementation of large-scale commercial insurance, the cost of implementation of cross-keung To pay insurance fees, endorsement refund, the business details of the list of violations and financial irregularities detailed list.
Strong to pay insurance rates for the implementation of the provisions, for example, the types of violations, including changes in the nature of the use of applied rates, large-tonnage truck tonnage of coverage for small, multi-seat passenger seat less for insurance and so on; in the auto insurance business, there are bicycle Discount factor applied to groups, NCD improper use of extension of the deadline but additional insurance premiums, the expansion of free insurance liability and so on.
Bao Jianju request by Beijing, the Beijing Insurance Company will pay according to the type of strong insurance, auto insurance and commercial insurance business of large projects in violation of the policy number, type and the amount of income or the amount of premiums collected by reporting category .
As for the cost of implementation of the Beijing Baojian Ju is the cost of regulations on the use of more or less had a 6 categories, including: strong pay insurance premiums to make up for lack of commercial vehicle insurance premiums to make up for lack of payment for the proportion of super-strong settlement risk Fees for the super-standard auto insurance business to pay fees to pay insurance to pay kickbacks and strong commercial vehicle insurance to pay kickbacks.
"At present, companies can achieve the basic factual 9 to fill in this form, as to conceal the fact that, once discovered, will be strictly dealt with." Fiscal Chanxiangongsi Beijing Branch said.
"Implementation Rules," which made it clear that "the focus of the inspection found that self-examination and self-correction going through the motions of August 31, 2008 after the company's continued violation of laws and regulations and dealt with in accordance with the law."
Difficult aspects: non-payment of fees reform
China Insurance Regulatory Commission in the "work program" to make a further request on the basis of more than a Baojian Ju Beijing. Reporters learned that a lot of Bao Jianju all the norms put forward to rectify the more detailed requirements - to ensure the authenticity of the business and financial data reported in accordance with the provisions of the sales rate of products, is the property insurance market, standardize the order of the core.
Jiangsu Baojian Ju-sources, Jiangsu key focus for the company to monitor, to issue a "notice of investigation", access to business-related, an analysis of financial data in order to rectify the hands of first-hand information.
At the same time, also in Jiangsu Baojian Ju car 4S shop auto insurance agency business to be checked. "A few days ago has been arrested for insurance fraud in a 4S shop transferred to judicial organs for criminal accountability." These sources said.
Guangdong Baojian Ju asked the Insurance Company since December 1, 2008, the premium must be approved in full retreat in order to transfer funds directly to the insured accounts of the same name, in order to contain false insurance companies approved back.
The Insurance Company of the provincial branch, to the head, Bao Jianju reported to be under the regional center to the branch, county-level support, marketing services, the Department of inspection, the rectification work of unprecedented magnitude.
"To support the company to check a large volume of business, so three or four bodies on August 31 before the main business we take a test basis, and on Sept. 1-15-by-business is a single-Create remittance advices Checks to identify the non-operational immediately think of ways to carry out reform. "One Insurance Company, Jiangsu branch said.
He said that, relatively speaking, the non-payment of fees difficult. "Strong to pay insurance fees required proportion is 4%, but in many places will reach more than 15% of its payment from the original purchase invoices for reimbursement of the cost of non-existent fees, to take into account the development of the payment of wages to performance the way for high - The proportion of fees provided by the source. "
Has a high percentage of the fees paid can not be the basic remedy. Insurance companies have an internal source, for fear of being Baojian Ju check out the company's commitment to the ultra-September the proportion of fees has not been honored.
Insurance company branch in charge of a private person that is in accordance with the sound of the wind industry from top to bottom, in September after the business if faced with severe problems. "I think after two months after regulatory inspections by the end of a group of executives to face punishment." He said.
Reduce the cost of layoffs and wage cuts
The big check the background of the Insurance industry is "cold winter" the beginning - 2008, the external frequent natural disasters, the capital market in the doldrums, the internal rate of the cost of comprehensive insurance rate still remains high. Insurance industry has been underwriting losses, coupled with a loss of business investment this year, the beginning of a national insurance work conference on "Insurance to achieve industry-wide profits," the target and can not be expected to standardize the market order an urgent remarkable still.
A senior insurance industry said that the global financial crisis, China's insurance industry is more clear understanding of the need to standardize the operation and lay a solid foundation for their main business to do a good job in order to steady development.
In the first half of this year, the People's Insurance, Pacific Insurance, Ping An Insurance Company of the three major achievements one after another decline in the cost of a comprehensive rate of 105%.
PICC P %26amp; C will turn around after a few months as the work of the goal. PICC P %26amp; C Wang, president of the Bank into a media interview recently said that through internal cost control to help PICC P %26amp; C to achieve full year earnings, including the head of the agency pay the cost of treatment and control objectives linked to "see a single fee "Premium income to reduce the risk of not receiving, and the introduction of a new system of auto insurance claims in order to reduce the rate of payment.
More and more Insurance companies will pay employees with the performance of key performance indicators (KPI) linked to the completion of the situation. Hua-Insurance internal sources, "the company that such a requirement, but has not been implemented due to be completed this year's performance is not good, from the beginning of this month, the general staff salary deduction of 20% of the benefits paid, the chamber president, members of the deduction Keep all the performance pay. "
Bohai Property Insurance is also an insider, "the company began last month, according to the KPI assessment factor wages, the need for assessment of the targets, including plans to reach a premium rate, the rate of the cost of a comprehensive, combined ratio, the rate of premium receivable, and so on, and start Streamlining of staff, had not been approved by head office, branch office by a formal staff recruitment and enjoy the basic human treatment will be dismissed. "
Such layoffs and salary reductions for cost reduction measures, found in various property insurance.
Insurance companies, general manager of a branch, said that in order to achieve the operating profit must regulate and reduce the cost of intermediate links, the actual increase in premium income and claims links squeezed out of the water.
The source also said that "the norms of the market order also forced a number of initiatives the company had to improve the internal control system, such as the two nuclear rules, sales management, financial management system at a cost of cost accounting methods, and so on."
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