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'Misguidance' complaints lead to sales ban
By Zhang Dingmin |
February 3, 2009, Tuesday
|
Print Edition
Print Edition
CHINA will ban sales of investment-linked insurance products at bank counters designed for depositors to curb "misguidance" that has led to consumer complaints and disputes, the industry regulator said.
Starting March 15, banks can sell such products only through their wealth-management counters, the China Insurance Regulatory Commission said in a statement on its Website yesterday. Sales representatives of investment-linked policies must have at least one year's experience selling life insurance and 40 hours of special training, the regulator said.
Investment-linked products, which have part of the premiums invested in the stock market or other assets, are "relatively complicated" and are "subject to misguidance" if sold at bank counters, the regulator said.
Growth in bank-counter sales at China Life Insurance Co, the nation's biggest insurer, and other insurers surged last year as they fought for market share and banks sought commissions as lending slowed under government curbs, according to Bloomberg News.
Starting March 15, banks can sell such products only through their wealth-management counters, the China Insurance Regulatory Commission said in a statement on its Website yesterday. Sales representatives of investment-linked policies must have at least one year's experience selling life insurance and 40 hours of special training, the regulator said.
Investment-linked products, which have part of the premiums invested in the stock market or other assets, are "relatively complicated" and are "subject to misguidance" if sold at bank counters, the regulator said.
Growth in bank-counter sales at China Life Insurance Co, the nation's biggest insurer, and other insurers surged last year as they fought for market share and banks sought commissions as lending slowed under government curbs, according to Bloomberg News.
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