Accept the credit card repayment of the policy loan Everbright Yongming people's life reception ticket

Economic Observation Network reporter Jiang Xin issued a ticket to the CBRC for the first time to accept the credit card repayment of the policy loan for the first time. Credit cards are Everbright Bank credit cards.

According to the CBRC, from January 2018 to March 2019, Everbright Yongming Life accepted some customers to use Everbright Bank credit card to repay the policy loan, involving a loan principal and interest of 42.6575 million yuan, and the number of policies was 2199.

According to relevant regulations, policy loans refer to a short -term funding support provided by the insurance company (hereinafter referred to as the "insurance company") in accordance with the insurance contract, based on the insurance contract, based on the insurance contract, based on the cash value of the policyholder. The policy pledge loan carried out by the insurance company is a subsidiary business based on the main insurance business. It is a value -added service for the policy to facilitate the insured.

Insurance companies have more than one year of personal insurance for more than one year and have insurance cash value. During the validity period of the insurance contract and hesitating, the insurer can provide insurance loans in accordance with the insurance contract. Investment connection insurance and group insurance do not have policy loan functions.

In October 2020, the China Banking Regulatory Commission had publicly solicited opinions on the "Measures for the Management of Pure Loans (Draft for Soliciting Opinions) of Personal Insurance Company", but it has not yet been officially introduced. Regardless of the above -mentioned solicitation draft or the current "Notice of the China Insurance Regulatory Commission on Further improving the relevant matters of the personal insurance actuarial system", the insurance company shall not accept the principal and interest of the insurer's use of credit cards.

It is understood that after the problems of Everbright Yongming Life in March 2019, they adjusted the policy loan rules and operating system function settings, closed the channel to repay the policy loan with credit cards, and cooperated with Everbright Bank to carry out harvesting and loss.

Everbright Yongming Life Insurance Operation Management Department's security business department is responsible for the acceptance and review of the policy loan and repayment business. In addition to the name of Everbright Yongming Life, Ji Nan also received a ticket. From February 2015 -June 2018, Ji Nan has served as the head of the operation and management department of the operation management department. From June 2018 to September 2019, an expert in the operation management department (level) in charge of the security business department also serves as the preservation business The head of the department is the supervisor who is directly responsible for the above matters. In this regard, Everbright Yongming Life and Ji Nan were fined 200,000 yuan and 30,000 yuan, respectively.

It is worth noting that Everbright Yongming also compensated the Everbright Credit Card. According to the CBRC also disclosed, as of August 2021, Everbright Yongming Life has paid a compensation of 12.903 million yuan to Everbright Bank on 313 credit card accounts. The principal and interest of loans involving loans is 2.0453 million yuan.

A insurance industry person said that in recent years, policy loans have shown a rapid growth trend. Generally speaking, this type of loan period is relatively short, and the interest rate is generally between 4.5%-9%. For the principal and interest, the insurance company will terminate the insurance contract when the total interest exceeds the remaining cash value of the policy.

According to the "Administrative Measures for the Pure Loan of Personal Insurance Corporation (Draft for Opinions)", the interest rate of the policy pledge loan shall not be lower than the predetermined interest rate of the corresponding insurance products. The interest rate of universal insurance insurance loan loans shall not be lower than the average value of the actual settlement interest rate of the previous year. The amount of insurance loans shall not be higher than 80%of the cash value of the policy when applying for a loan. The insured shall not use the borrowed items for real estate and stock investment, shall not be used to purchase illegal financial products or participate in illegal fundraising, and shall not be used for unlisted equity investment.

Data show that in 2021, the industry insured loan has increased to 684.4 billion yuan, and in 2016, it was less than 300 billion yuan, and the average annual increase in a few years was more than 12%.

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