Recently, the scandals of the Communist Party’s central financial enterprises have been frequently exposed by insiders. Recently, a video was posted on the Internet in which employees of China Taiping Insurance Company disclosed that the company violated the insurance contract law and was a fraudulent company, and said, “If a central enterprise company goes back on its word, what else can we trust you?”
In the video, a business representative named Li Yanhong introduces herself to the branch manager who is chairing the meeting, saying she has been in the insurance industry for 20 years.
She went on to talk about: “In the past two days, the company said that ‘e Carefree’ (also known as ‘Medical Carefree’) was going to be discontinued and switched to insurance, and I was especially fired up after hearing that our General Manager Mo said we must trust the company. A few days have passed and all I’ve heard is what’s going on: on March 1, the document from the Insurance Regulatory Commission came down, and the official website (of Taiping Insurance Company) has announced that it will be implemented on May 1, and the headquarters announced that ‘eWorry’ is completely off the market and will be switched to insurance.”
“But why is it that when the sale was discontinued, there was a lot of publicity up and down the country that ‘eWorry’ was going to be discontinued, so hurry up and buy it, you will earn it, you will have it in your life if you buy it, and it is guaranteed to be renewed until you are 80 years old. This woman believes that the suspension of the sale of “eWorry” is a serious breach of contract by Taiping Insurance Company.
“As a member of the insurance company, we all know that this is a short period of time, just one year, and immediately stop selling it after one year, so what are you selling? You sell is not a fraud? You are still making a big deal about selling ‘efree’, you insurance company is cheating people, is trying to dump the pot, you are seriously damaging our consumers and agents.” She said.
The woman also mentioned that her 20-year-old daughter, who had surgery for a rectal fossa last year, tried to upgrade her “Super eBaoTech” policy the following year, but was unable to do so. The woman said angrily: “Taiping Insurance Company is a big liar. You can’t cheat your customers, cheat our insurance agents …… Although Taiping Insurance Company is a central enterprise, but the company is in serious breach of contract, contrary to the insurance contract law. You are a central enterprise company are out of line, we still believe you what ah?”
This video has triggered heated debate among netizens. Many netizens said: “I never believe in insurance, funds, wealth management, stock market. Now don’t invest anything, money in the bank is not safe. Remember, the further you go, the more you have to hold on to your money bag.”
“Really dark ah! What does the Insurance Regulatory Commission do to eat? Central enterprises insurance companies can be like this, bad.” “The Insurance Regulatory Commission is bad to the bone! No supervision beforehand, lazy supervision during the incident, and finally a scissors to cut the root of the accident.”
Public information shows that China Taiping Insurance Company was founded in 1929, in 1951 by the Chinese Communist Party “public-private partnership” into the “state”, in 1958 to stop the domestic insurance business, until 1979 gradually resumed the insurance business. At the end of 2011, the organizational and personnel relations of the four insurance companies – China Taiping Insurance, China Life Insurance, People’s Insurance of China and China Export and Credit Insurance – were transferred to the Central Committee of the Communist Party of China.
China Life and Ping An Insurance were also exposed to fraudulent insurance customers
Prior to that, China Life was reported by employees to have cheated customers, and Ping An Insurance was also exposed to have cheated customers.
On February 24 of this year, Zhang Naidan, a 16-year employee of China Life, reported in real name that China Life Nengjiang Branch “long insurance short do” to cheat customers and obtain high rewards; false increase in staff, false hanging manpower to obtain high rewards and expenses; false expenses, false accounts to set money and other problems. As a result, Zhang Nai Dan was retaliated by the company’s supervisor.
On the same day of Zhang Nai Dan’s real name report, an employee surnamed Wu from the development of a branch company of China Life Fujian Branch Zhangzhou broke the news to mainland Zhengguan News Network that he had been in the business for 14 years and was forced to terminate his contract without reason on December 28, 2020 because he did not cooperate with the department manager to make false premiums.
The information shows that China Life Insurance Company is the largest insurance company in China and belongs to the central-level financial enterprises of the Communist Party.
On February 25, the weekly “Financial World” reported that an employee who claimed to have been an employee of Ping An Insurance’s Heilongjiang branch in District 2, Area 35, said in an article that Ping An’s internal and external staff colluded with each other to develop teams in the form of pyramid schemes, causing hundreds of people to be duped and suffer huge economic losses.
In recent years, the number of complaints against Ping An P&W has soared. According to the complaint platform, as of April 15 last year, the number of complaints against Ping An P&W had exceeded 22,000, with complaints about issues such as mandatory insurance and service fees, and high-interest subprime loans.
A mainland media article said that from the content of netizens’ postings and the attitude of industry insiders, the reported chaos of insurance companies “falsifying” their premium performance is not uncommon in the industry.
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