Why is Huaxia Insurance regulated by the China Banking Regulatory Commission?

On July 17, 2020, the China Insurance Regulatory Commission issued an announcement that Huaxia Insurance was supervised and taken over by China Life Health Industry Investment ****, and the reason for the supervision was that the insurance company had violated the provisions of the insurance law, which triggered Article 144 of the insurer, and the company's solvency was seriously insufficient; is likely to seriously jeopardize or has seriously jeopardized the solvency of the company.

After Huaxia Insurance was taken over, the rights and interests of consumers who had been insured were not affected, and consumers could still purchase products normally sold by the insurance company, and all insurance business would be handled as usual.

"China Insurance Company Ranking! Which company should I choose to buy insurance?

1. First of all, look at product liability

The purpose of buying insurance must be to settle claims, and whether to settle claims is based on the product liability clause in the contract, so paying attention to insurance product liability is the king.

2. Look at solvency

The solvency adequacy ratio is the most critical indicator of whether an insurance company can operate steadily in the long run. Therefore, it is recommended that you understand the solvency level of the company before purchasing insurance.

Generally speaking, if an insurance company's comprehensive solvency is around 150%-250%, it is considered stable and good enough (of course, the higher the better, otherwise it is a manifestation of inefficient capital).

This data can be found on the Insurance Association of China**, and each company will also publish a detailed report on the official website. The China Insurance Regulatory Commission (CIRC) has made it clear that insurers should ensure that their solvency adequacy ratio is not less than 100%.

3. Look at service preferences

The company is always guided by the needs of insurance, and is consistent with words and deeds, which to a large extent reflects the professionalism of service and the efficiency of claim settlement.

Pay attention to whether the insurance company's service is warm and thoughtful, whether it handles procedures and delivers policies in a timely manner, whether it timely reports new insurance types and new services, whether it pays compensation in a timely manner after the accident, whether it listens patiently and sincerely solves customer complaints, and whether it pays attention to communication with customers. The service*** insurance company will also provide additional additional services such as regular return visits, emergency assistance, etc.

4. Comprehensive risk rating

According to the policy of the China Insurance Regulatory Commission, insurance companies will also be divided into 4 regulatory categories according to the size of solvency risk: Class A: Class B: Class C: Class D:

In general, both Class A and Class B companies are reassuring. However, for Class C and Class D companies, the CIRC usually adopts different levels of regulatory measures, such as restricting the establishment of new branches, restricting commercial advertising, and restricting executive compensation. In more serious cases, it may also be ordered to stop new business or even take over.

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Yesterday, the China Banking and Insurance Regulatory Commission.

The China Banking and Insurance Regulatory Commission (CBIRC) was released.

The announcement on the takeover of six institutions including Tianan Property Insurance Co., Ltd. in accordance with the law", instantly detonated the circle of friends and major communities!

China Banking Regulatory Commission. will be official ** on the original text).

There are 4 insurance companies involved: Tianan Property Insurance, China Life Insurance, Tianan Life Insurance, and Yi'an Property Insurance.

Therefore, friends who buy the products of these insurance companies may feel a little panicked.

You put your heart in your stomach and it's fine. The specific reason, listen to me slowly!

First of all, everyone's biggest concern:

The insurance company has been taken over. Is there an impact on our policies?

Affirmative: No!

Don't panic, calm down!

When the reporter asked, the China Banking and Insurance Regulatory Commission explained to us:

1.Is the policy still valid?

The insurance contracts signed before the takeover by the four insurance companies Tianan Property Insurance, China Life Insurance, Tianan Life Insurance and Yi'an Property Insurance continue to be valid.

2.What else do consumers need to do after the takeover?

No need! The takeover is simply a change in the internal management of the insurance company. For us, we don't have to do anything, just watch the excitement!

I would also like to remind you that if you have purchased insurance from these companies before, do not blindly surrender the policy.

All insurance policies are not affected, and if you surrender the policy, it will cause serious damage.

The premium should be paid, and the insurance should be compensated!

3.Can I continue to purchase products from these four insurance companies?

Of course! Despite being taken over, the insurance company's business is still going on as normal, and you can still buy it if you need to.

The China Banking and Insurance Regulatory Commission also allows ** new insurance policies, which also shows that this matter is not serious to a certain extent!

In the first two years of Anbang Insurance's takeover, the China Banking and Insurance Regulatory Commission dispatched insurance protection**.

Anbang Insurance changed its name to "Everybody Insurance".

There was no delay in policy sales and claims.

This time, the China Banking and Insurance Regulatory Commission also sent insurance industry bigwigs to take over the business of the four insurance companies.

The specific hosting scheme is as follows:

Pacific Property & Casualty Trusteeship Tianan Property Insurance.

China Life Health Industry Investment**** Trusteeship China Life Insurance.

New China Life. Custody of Tian An Life.

PICC property insurance. E-ON Property & Casualty Insurance.

CITIC Trust Custody New Era Trust.

BOCOM International Trust Trusteeship Xinhua Trust.

After the takeover, the receiver continued to operate as usual, and the claims were settled normally.

Unlike P2P, there is no such thing as running away.

Something happened, and the father of the China Banking and Insurance Regulatory Commission finally got to the bottom of it.

If you have already taken out an effective policy, you don't have to worry.

If you want to buy insurance and haven't invested yet, don't worry, you can buy it normally, if you really mind, just change it.

So why are the four insurance companies suddenly being regulated in this incident?

Let's take a look at what the China Banking and Insurance Regulatory Commission has to say:

The above shows that four insurance institutions have violated the provisions of the "Insurance Law of the People's Republic of China", triggering the first "Insurance Law of the People's Republic of China".

China Life has violated the provisions of the Insurance Law of the People's Republic of China, triggering the conditions for takeover stipulated in Article 144 of the Insurance Law of the People's Republic of China;

In order to protect the legitimate rights and interests of the parties involved in insurance activities and safeguard the public interest, the China Banking and Insurance Regulatory Commission decided to take over six institutions including China Life Insurance in accordance with the law.

I think it's useful, and please give it a thumbs up in time, thank you.

At 8:30 a.m. on April 8, the China Banking and Insurance Regulatory Commission was officially listed, and Vice Premier Liu He personally attended the listing ceremony, and the leaders of the two sessions, Yi Gang, vice governor of the central bank, Pan Gongsheng, chairman of the China Banking and Insurance Regulatory Commission, and Liu Shiyu, chairman of the China Securities Regulatory Commission, attended the ceremony. On the same day, the official website of the China Banking and Insurance Regulatory Commission was officially launched, and the domain name continued to use the original CBRC ** domain name.

And in the new ** list of the leadership team.

On March 13, the first institutional reform report proposed that the China Banking and Insurance Regulatory Commission would be established, and the responsibilities of the China Banking Regulatory Commission and the China Insurance Regulatory Commission would be integrated as a public institution directly under the China Banking Regulatory Commission. At the same time, the responsibility of the China Banking Regulatory Commission and the China Insurance Regulatory Commission in formulating important laws and regulations for the banking and insurance industries and the basic system of prudential supervision has been transferred to the People's Bank of China.

Figure Caixin reporter Du Guanglei.

Institutional reform: The China Banking Regulatory Commission (CBRC) and the China Insurance Regulatory Commission (CIRC) merged to form the China Banking and Insurance Regulatory Commission (March 13, 2018).

State Councilor Wang Yong mentioned in his explanation to the National People's Congress on institutional reform that finance is the core of the modern economy, and we must attach great importance to preventing and controlling financial risks and ensuring national financial security. In order to deepen the reform of the financial regulatory system, solve the problems of unclear regulatory responsibilities, cross-supervision and regulatory gaps in the current system, strengthen comprehensive supervision, optimize the allocation of regulatory resources, better coordinate the supervision of systemically important financial institutions, and gradually establish a strong and effective modern financial regulatory framework that conforms to the characteristics of modern finance, coordinates supervision, and maintains the bottom line of no systemic financial risks, the institutional reform plan proposes to integrate the responsibilities of the China Banking Regulatory Commission and the China Insurance Regulatory Commission to establish the China Banking and Insurance Regulatory Commission.

In fact, no matter which industry has its own supervisory body, banks and insurance belong to the China Banking and Insurance Regulatory Commission, since to implement supervision, there needs to be a certain charter to follow.

The purpose of supervision is to find out the risk base, avoid the expansion of financial risks and the deterioration of business conditions, and ultimately affect the rights and interests of the parties involved in insurance activities.

Why is Huaxia Insurance regulated by the China Banking Regulatory Commission?

The reason is simple - illegal operation and substandard regulatory indicators.

If the insurance company's operation is illegal, it will definitely be held accountable, and it is expected to be taken over by the China Banking and Insurance Regulatory Commission, the second reason is that the insurance company cannot meet the regulatory indicators, and you may not know these indicators, mainly these points:

1) The core solvency adequacy ratio shall not be less than 50%;

2) The comprehensive solvency adequacy ratio shall not be less than 100%;

3) The comprehensive risk rating is B or above.

If the solvency of the insurance company is seriously insufficient, it will also be taken over, because this may directly damage the public interest, and the CBIRC will inspect the solvency of the insurance company almost every quarter, and may be taken over once it is found that it does not meet the standard.

If you still have questions, you can consult your dad directly.

Huaxia Life Insurance Co., Ltd. (hereinafter referred to as Huaxia Insurance), established in December 2006 with the approval of the China Banking and Insurance Regulatory Commission and headquartered in Beijing, is a national joint-stock life insurance company.

From July 17, 2020, the China Banking and Insurance Regulatory Commission (CBIRC) will take over Huaxia Life Insurance Co., Ltd. in accordance with the law, and the takeover period will be one year. If the takeover work does not achieve the expected results, the takeover period shall be extended in accordance with the law.

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Officials did not give a specific reason:

It is only said that the stipulated takeover conditions were triggered.

The reason for the supervision is that the insurance company has violated the provisions of the Insurance Law, triggered Article 144 of the Insurer of the Burning Shed, and the solvency of the company is seriously insufficient, which may seriously endanger or has seriously jeopardized the solvency of the company.

Huaxia Insurance was regulated for two reasons: first, its operation was illegal; Second, the regulatory indicators are not up to standard.

If you want to know more about the friends of Huaxia Insurance Company, you can take a look at this: Is Huaxia Insurance reliable? You need to know these precautions!

In China, all insurance companies are subject to the supervision of the China Banking and Insurance Regulatory Commission (CBIRC), which will intervene if the insurance company is operating illegally or if its solvency is seriously not up to standard.

Among them, the solvency indicators are: (1) the core solvency adequacy ratio is not less than 50%; 2) The comprehensive solvency adequacy ratio shall not be less than 100%; 3) The comprehensive risk rating is B or above. If one of the indicators is unqualified, it is a substandard company.

Therefore, if you encounter an insurance company that you are not very familiar with, you can see whether the latest solvency data of this insurance company is above the standard. If it is above the standard, we can buy other insurance products with confidence.

Finally, what I want to tell you is that whether the insurance company is supervised, or the insurance company has gone bankrupt and collapsed, the loss insurance products we purchased will still have people who will make claims for us in the event of an insurance accident (eligible for claims). Therefore, everyone basically does not have to worry about the damage to their interests.

If you still want to know more about where to go for the insurance products we buy after the insurance company goes bankrupt, you can take a look at this: The insurance company is bankrupt, what should I do with the insurance I bought?

Why is Huaxia Insurance regulated by the China Banking Regulatory Commission?

The main reason is that there are two obstacles: illegal operation and substandard regulatory indicators.

If the insurance company operates illegally, it will definitely be held accountable, and it is expected to be taken over by the China Banking and Insurance Regulatory Commission, for example, when the takeover notice of Tianan Property Insurance and China Life Insurance was issued before, it was mentioned that these four insurance companies had illegal acts.

The second reason is that the insurance company is unable to meet the regulatory indicators, which you may not be aware of, mainly these points:

1) The core solvency adequacy ratio shall not be less than 50%;

2) The comprehensive solvency adequacy ratio shall not be less than 100%;

3) The comprehensive risk rating is B or above.

If the solvency of the insurance company is seriously insufficient, it will also be taken over, because this may directly damage the public interest, and the bank will inspect the solvency of the insurance company almost every quarter, and may be taken over once it is found that it does not meet the standard.

If you still have questions, you can consult your dad directly.