Mainland'S Annual Sales Of Billions Of "Underground Insurance Policies"

The Beijing Insurance Regulatory Commission announced that it had joined hands with the Beijing Municipal Public Security Bureau to establish a cooperative mechanism to crack down on the illegal sale of overseas policy activities. It has jointly issued a circular on the campaign to crack down on the illegal sale of offshore insurance policies, and the "underground insurance policy" has once again become the focus of attention.

A few days ago, our reporter carried out an investigation of the underground insurance policy in Beijing area.

The underground insurance policy and sales status of Beijing increased by 40. Underground insurance policies and underground insurance policies spread from Shanghai and Beijing to Guangdong and Fujian. The Beijing area produced at least 40 illegal life insurance policies with a sum of 500 thousand US dollars per day.

The underground insurance policy usually refers to the policy of underwriting mainland citizen life insurance, which is not officially registered in the mainland of China, and is set up by insurance institutions in Hongkong and Macao.

According to statistics from Hongkong and the mainland, 12 billion Hong Kong dollars per year flow into the Hongkong insurance market through the "underground insurance policy".

It occupies 1/3 of the life insurance market in Hongkong and 1/10 of the personal life insurance income in the mainland.

And it is spreading from Guangdong, Fujian and other places to Shanghai, Beijing and other places. Beijing has at least 40 illegal life insurance policies with a sum of $500 thousand a day.

The reporter, through Joe, manager of the planning department of a Zhongguancun based trading company in Hongkong, found Diana Peng Tan, a pseudonym, who had sold "underground insurance policies" in Beijing.

Reporter: "what kinds of insurance do you have?"

Diana Peng Tan: "there are general kinds of insurance."

Reporter: do you have any reliable protection for the kinds of insurance you sell?

Diana Peng Tan: "are you not introduced by manager Joe?

How many years have you known him? "

Reporter: "yes, I have known each other for two or three years."

Diana Peng Tan: "you don't trust me. Joe can give me a guarantee. I don't believe you ask him..."

Reporter: "are you from Hongkong?"

Diana Peng Tan: "yes, I came here only last week."

"You don't sound like Hongkong people," he said.

Diana Peng Tan: "my husband is from Hongkong. My current account is also in Hongkong. I was born in Beijing."

The reporter then learned from Professor Hao Yansu, director of the insurance Department of Central University of Finance and Economics, that the sales agents of the Hongkong insurance company who sell "underground insurance policies" in the mainland do not have native Hongkong people. They are basically "brides in the mainland" who are married to Hongkong. They use their familiarity with the situation in the mainland and carry out extensive interpersonal relationships before.

The real Hongkong native is very difficult to carry out insurance business in the mainland. This is also a key factor that other overseas insurance companies can not carry out "underground insurance policy" in the mainland, and the insurance company of Hongkong alone is popular.

"Underground insurance policy", "underground insurance policy", which focuses on relatives and friends to buy "underground insurance policies", is usually introduced by relatives. Acquaintances introduce acquaintances, and they are invested by agents for a month to organize a group to sign up in Hong Kong.

A friend of the hinterland party, "by the way," is selling the news. "Beijing is cracking down on overseas insurance policies. Is there any trouble?

I hear that they will also be sentenced. "

Diana Peng Tan: "Hey, there are some media reports.

Must we draw evidence from others?

We did not sign insurance policies in the mainland. What did the police arrest? "

Reporter: "do not sign in the mainland?"

Diana Peng Tan: "our insurance policies were signed in Hongkong."

Reporter: "do not cost much more?

There are thousands of light tickets.

Diana Peng Tan: "all the travelling expenses come out of us."

Reporter: "if you were caught by the scene when you were selling?"

Diana Peng Tan: "such a situation can not happen. When we were at a friend's party, we mentioned insurance in Hongkong. If you want to be interested, I will make some introductions. This is not illegal at all.

You can rest assured that it is impossible for you to cause any trouble.

Besides, we are not very familiar friends or relatives.

Market manager of an insurance company in Beijing told reporters that "underground insurance policies" generally do not check and sign in the mainland.

Underground insurance policies are usually introduced by relatives. Acquaintances introduce acquaintances, because they are nepotism and promote each other. The group effect is very strong. For regulators, it is difficult to obtain evidence, which increases the difficulty of supervision.

"I want to see it first."

Diana Peng Tan: "of course, I will give you some details about insurance and give you some information. If I have any intention, I can arrange for you to sign at any time."

Reporter: can you leave at any time?

Diana Peng Tan: "we usually organize a regiment in half a month to a month. Beijing basically sends a group in one month."

Reporter: "group?"

Diana Peng Tan: "didn't Joe tell you?

We all travel in the name of the tour group, the cost of a person to go too high.

The cost of the round-trip and the night's lodging are all provided by us, but the other expenses such as shopping, traveling and so on are self-help.

Professor Hao Yansu told reporters that the purchase of the "underground insurance policy" in Beijing is mainly an employee of a foreign company. The "mainland bride" who is responsible for selling these businesses is using acquaintances or friends to introduce each other. In general, a prospective client group is sent out monthly, and the number of each group is around 50.

Underground insurance policies and high profits. A policy can earn 136 thousand yuan. The underground insurance policy will give the insurance agent 100% Commission, so on the one hand, they will give customers the conditions of high rebate and free travel. On the other hand, they will introduce customers to mainland insurance companies by 20% to 30% of the introduction fee.

According to Gao Yong, the insider insurance company, the return of underground policies is very attractive. Taking ordinary life insurance as an example, the interest rate of mainland companies is only half that of the Hongkong and Macao underground insurance policies. The difference between investment linked insurance is even greater, the mainland's return rate is 3% to 7%, while the underground insurance policy promises 20%.

By contrast, the products of mainland insurance companies are very competitive.

But insiders pointed out that it is difficult for policyholders to get the expected high returns.

Gao Wei, a mainland salesman, told reporters that the main reason for the large number of insurance agents in Hongkong to enter the mainland to sell "underground insurance policies" is still high profits.

Foreign agents generally do not give 100% commission to local agents, but they will give 100% of these underground insurance policies Commission.

Because underground insurance policies are often aimed at high-end customers, they offer customers a high rate of rebate and free travel. On the other hand, they introduce customers to mainland insurance companies by introducing 20% to 30% of the introduction fee.

For example, an insurance contract with an annual fee of 200 thousand yuan is awarded to a foreign insurance company's agent. The commission granted by a foreign insurance agent is 100% of the premiums of the first year, that is, 200 thousand yuan, which is returned to customers 10% yuan for 20 thousand yuan. The expenditure for organizing the free tour of Hongkong is 4000 yuan, plus the introduction fee to 20% salesmen of the mainland insurance company. The total expenditure is only 64 thousand yuan, and the foreign insurance agent's wallet is still 136 thousand yuan in excess of 5 yuan.

Underground insurance policies and dangerous underground insurance policies are only sold to residents in developed areas of the mainland. The insured must have the ability to claim pnational payments and pay for overseas litigation costs.

Moreover, the compensation of Hongkong residents is better than that of mainland customers.

The applicant is discriminated against in Hong Kong. Diana Peng Tan: "do you not like Beijing native speakers?"

Reporter: do you have any relationship with insurance?

Diana Peng Tan: "the company has a provision, in some parts of the mainland we do not develop customers."

Reporter: "where are people who can't sign the bill?"

Diana Peng Tan: "mainly in remote, poor areas or small cities."

Reporter: why?

Diana Peng Tan: "once the payment is made, the certification issued by the local accreditation agency is difficult for the Hongkong insurance company to identify with."

The reporter learned from Professor Hao Yansu that there was no insurance coverage specifically for mainland people in Hongkong. The same policy was applied by mainland residents and Hongkong locals to the same type of insurance, but there was a difference in specific compensation.

Generally speaking, the compensation of Hongkong residents is better than that of mainland customers.

In addition, the "underground insurance policy" is sold to residents in the economically developed or central cities of the mainland.

One is concerned about the ability to pay for insurance premiums; two, Hongkong's insurance companies believe that small local institutions are easy to identify.

Therefore, if mainland customers want to get the same treatment as Hongkong residents in terms of claims, they must also provide a permanent address in Hongkong for their agents.

In the case of claims for compensation, we need to go abroad to talk with reporters from Professor Hao Yansu. Although our country's current laws do not limit the lawful business activities of Chinese citizens outside China, the overseas business activities do not first accept Chinese legal protection. If there are claims for production and related disputes, you have to go abroad to register the relevant legal proceedings, including solving related problems.

Therefore, customers who purchase the "underground insurance policy" must have the following abilities: first, the ability to have pnational claims.

Second, it is able to pay for overseas litigation and related costs.

Overseas financial institutions, including related lawyers, are very expensive and are a heavy burden for any client. These consequences are likely to give investors no compensation.

In addition, when customers buy "underground insurance policies", it is difficult to distinguish what is true and what is false. It is very difficult to avoid fake policies, and it is very difficult to stop cheating.

Although there is no large-scale customer complaints in Beijing area, Professor Hau thinks that the life insurance policy period is very long, so there should be a cycle of problems.

However, it is undeniable that potential hidden dangers exist, and will emerge over time.

In this sense, the "underground insurance policy" is an irregular bomb.

The insurance agent in Beijing does not touch the "underground insurance policy". We have very strict control over the agents. Once they are seized, they will be removed immediately. If they want to go on the regular insurance companies in the mainland, they will not be possible.

Therefore, there is no formal insurance agent willing to go underground insurance policy.

Beijing branch of Ping An insurance company six Department of marketing services director Wu Shu Cai told reporters.

There are a few regular agents of insurance companies in the provinces and cities outside China to help pull the "underground insurance policy" for the sake of high returns. The reporter contacted the Peoples Insurance Company of China, Beijing branch, China Pacific Property Insurance Co Beijing branch, China Life Insurance, Limited by Share Ltd Beijing branch, China Ping An Life Insurance, Limited by Share Ltd Beijing branch and other insurance companies and their agent agencies as customers. The business personnel of these units all claimed to know the "underground insurance policy", but no agent was in contact with the "underground insurance policy" agent.

Experts suggest that the insurance company should find a legal company in China, Professor Hao Yansu. First of all, when choosing insurance products, the public should choose such products as registered companies in the mainland to protect their own interests.

The second is to restrict the insurance agents and insurance intermediaries within the system from violating the relevant products provided by overseas insurance agencies illegally.

Third, insurance companies in the mainland should provide as many products as possible to international standards and requirements.

This will effectively curb the development and spread of the so-called underground insurance policy to a certain extent.