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AnJie Partner Interview with Economic information Daily: Insurance Products Redemption Risk Issues

浏览次数: Mar 22,2013

Ms. Ma from Shanghai filed a complaint to http://finance.sina.com.cn/money/jrtst/, in which she stated that she had spent millions of RMB in purchasing an “endowment insurance gold supreme C” from Nissay-Greatwall Life Co., Ltd. (formerly, Nissay-SVA Life). In the end, Ms. Ma’s expected high returns promised by the company was never realized.

Ms. Ma expressed that at the time of purchase, it was an attractive insurance product. Thereafter, she acquired over RMB 160,000 cash refund. However, in 2009, Nissay-Greatwall Life changed its company name from Nissay-SVA Life. Ms. Ma was shocked to find out that the name-changing incident affected her insurance policy income.

In fact, in recent years, there are plenty of insurance companies that have their respective company names. From 2012 to present, there is Haier Insurance renamed Peking University Founder Insurance, JiaHe Life renamed ABC Life, and AXA-Minmetals Insurance renamed ICBC-AXA Life. The reporter researched the records related to ownership registration changes and discovered that over 80 insurance companies have realized 127 equity transfers since 2005. Apart from the above listed companies, there are MetLife, Sun Life Everbright Life and CCB Life that have also changed their company names.

Herein lies the main point of inquiry: Will the insurants, like Ms. Ma, face real redemption risks if they purchase insurance products from companies that subsequently change their names? Mr. Xu Wei, a partner from AnJie, spoke to the journalist on this point. Mr. Xu Wei explained that there is no relationship between the alteration of shareholders or stock equities, and the insurance products and services. When considered from the legal dimension, insurance products sales constitute a contractual relationship between the insurance company and its insurants, which shall be binding upon both parties regardless of the alternation of shareholders or executives.

However, the truthfulness of the promotional materials represents another issue. In fact, it is difficult for insurants to distinguish whether or not the promise related to the product attributes and the prospective earnings was indeed made by the insurance company. Mr. Xu Wei indicated that since not all insurance policy documents are signed or sealed by the insurance company, there exists a situation that the promotional materials conflict with the insurance policies. For this reason, the insurants should confirm that the specific contents of the insurance policy provisions are affixed with official seals of the insurance company. This, Mr. Xu Wei emphasizes, should be the standard. If the promotional materials are in conflict or inharmonious with the insurance policy contents, the insurance company is involved in misleading propaganda. In this case, the insurant can take disciplinary action by filing a complaint to the CIRC against the insurance company and its agency personnel.

所属类别: Press Release