'Misguidance' complaints lead to sales ban

By Zhang Dingmin | February 3, 2009, Tuesday |

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.

Finance

About Us
|
Terms of Use
|
RSS
|
Privacy Policy
|
Contact Us
|
Shanghai Call Center: 962288
|
Tip-off hotline: 52920043

沪ICP证：沪ICP备05050403号-1
|
互联网新闻信息服务许可证：31120180004
|
网络视听许可证：0909346
|
广播电视节目制作许可证：沪字第354号
|
增值电信业务经营许可证：沪B2-20120012

'Misguidance' complaints lead to sales ban

Email this to your friend