Tencent’s Weibao Fined 120,000 Yuan: Marketing Violation, Suspected of Deceiving Policyholders

Tencent has its arms unfold and lots of companies; for many who don’t know Tencent is a majority stockholder in Weimin Insurance Agency Co., Ltd. Today, the executive penalty info type revealed by the Shenzhen Banking and Insurance Regulatory Bureau; reveals that Weimin Insurance Agency Co., Ltd; had changed the time period “insured” with “receive” on the “Wei Medical Insurance Hospitalization”; insurance coverage software web page on the cell internet web page, and marketed as “only “XXXX copies left”; whereas failing to information the purchasers to in truth inform them of their well being circumstances; and was fined an quantity of RMB 120,000. At the identical time, the accountable individuals’ Li Le and Li Ming have been issued warnings and are fined 20,000 yuan respectively.

Article 131 of Insurance Law in China: Weimin Insurance Agency Co Fails to Follow

Article 131 of the “Insurance Law of the People’s Republic of China”; states that insurance coverage brokers, insurance coverage brokers and their practitioners shall not conduct the next actions in dealing with insurance coverage enterprise actions:

• Defrauding insurers, candidates, and insured individuals Or the beneficiary
• Conceal necessary info associated to the insurance coverage contract
• Hinder the applicant from fulfilling the duty of truthful notification offered by this regulation; or induce him to fail to carry out the duty of truthful notification offered by this regulation
• Give or promise to offer The insured, the insured or the beneficiary’s pursuits past these stipulated within the insurance coverage contract
• The use of administrative energy, place or skilled comfort and different improper means to pressure; induce or limit the insured to enter into an insurance coverage contract
• Forgery or alteration with out authorization Insurance contracts, or offering false certification supplies for events to insurance coverage contracts
• Embezzlement, withholding, or misappropriation of insurance coverage premiums or insurance coverage cash
• Using enterprise comfort to hunt illegitimate advantages for different establishments or people
• Collusion with insurance coverage candidates, The insured or the beneficiary defrauds the insurance coverage cash
• Disclosure of the enterprise secrets and techniques of the insurer, the insured, and the insured that’s identified in enterprise actions.

According to Public info providers which reveals that Weimin Insurance is Tencent’s first holding insurance coverage platform. The firm was established again on October 19, 2016, with a registered capital of 350 million yuan. The firm’s CEO and chairman are Liu Jiaming. The following is the unique textual content of the executive penalty info disclosure type:

Tencent Gains Permissions to Sell Insurance by way of WeChat and QQ

Back in 2017, Chi­nese In­ter­web gi­ant Ten­cent has ob­tained the inexperienced gentle from reg­u­la­tors so to promote in­sur­ance by way of on­line plat­kinds resembling WeChat and QQ. The of­fi­cial internet­website of the China In­sur­ance Reg­u­la­tory Com­mis­sion (CIRC) has re­vealed that Weimin In­sur­ance Agency Co., Ltd, during which Ten­cent holds a 57.8% eq­uity stake, has gar­nered ap­proval to en­gage in in­sur­ance company op­er­a­tions. The ap­proval provides Weimin In­sur­ance the go-ahead to en­gage within the company sale of in­sur­ance prod­ucts and company re­ceipt of in­sur­ance charges in addition to to con­duct dam­age sur­veys and professional­vide com­pen­sa­tion in re­la­tion to in­sur­ance op­er­a­tions.

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