Among the 1 1 insurance institutions listed this time, there are 7 companies with problems in their governance structure, namely, Hua Hui Life Insurance Co., Ltd., Hongkang Life Insurance Co., Ltd., Changjiang Property Insurance Co., Ltd., Huaan Property Insurance Co., Ltd., Dinghe Property Insurance Co., Ltd., Anxin Property Insurance Co., Ltd. and Changan Liability Insurance Co., Ltd., among which China Life Insurance and Changan Liability Insurance are in the process of equity change.
The other four companies have related party transactions, namely, Centennial Life Insurance Co., Ltd., China United Insurance Group Co., Ltd., United Life Insurance Co., Ltd. and Xintai Life Insurance Co., Ltd., and these four companies are prohibited by the CIRC from directly or indirectly conducting some transactions including loans with their related parties within six months from the date of issuance of the supervision letter. Even after six months, the CIRC has set a three-month observation period for these five companies. During the observation period, the CIRC will check the implementation of regulatory measures and take follow-up regulatory measures as appropriate.
Shareholders' "original sin": concealing that their shares have been sealed up and illegally participating in insurance institutions.
In addition to the problems in daily operation, in this corporate governance assessment, the "original sin" of shareholders is exposed to the sun.
In the supervision letter 1 1 published this time, there are serious problems in the shareholders' rights and interests of Hua Hui Life Insurance and Changan Liability Insurance.
In terms of Hua Hui Life Insurance, first, it failed to report the seizure of shareholders' equity to the China Insurance Regulatory Commission within the prescribed time limit; Second, there are problems such as illegal shareholding by shareholders and excessive shareholding ratio. However, the CIRC did not disclose the specific shareholders.
Hua Hui Life Insurance, founded on 20 1 1, is in a "worrying" situation in recent years. As early as 20 14, Hua Hui Life was deeply involved in the equity dispute. According to the information disclosed on the company's website, in 20 13, the company's six major shareholders were Shenyang Coal Industry (Group) Co., Ltd. (20%), Renhe Investment Holding Co., Ltd. (20%), Beijing Fude Investment Co., Ltd. (20%), Dalian Sande Investment Co., Ltd. (20%) and Dalian Ruide Investment Co., Ltd. (13) In addition, Hua Hui Life's annual report from 20 13 has not been disclosed, and its premium income has been in the back row of the industry in recent years.
Another Changan liability insurance company named this time has some problems, such as nonstandard changes in equity and shareholders' illegal investment in shares.
Jiangsu Hi-tech Industrial Investment Co., Ltd. (holding 7.54%) and Beijing Shilin Real Estate Development Co., Ltd. (holding 7.54%), shareholders of Changan Liability Insurance, failed to notify the company or report to the CIRC. According to the verification of the CIRC, Jiangsu Hi-Tech, the shareholder, has transferred 7.54% of the shares of the company to Beijing Shilin, and both parties have signed an equity transfer contract and paid the price. At present, the shares have not been transferred.
In addition, as early as March 30th, 20 12, Taishan Jinjian Guarantee Co., Ltd., the shareholder of Changan Liability Insurance (holding 9.62% shares, totaling1560,000 shares), signed the Agreement on Transfer of Equity Income Rights with Tianjin China Rongxin, stipulating that Taishan Jinjian and its designee would subscribe for1500,000 shares of Changan Insurance, and the equity price would be paid by China. 2065438+In April 2002, Taishan Jinjian signed a share holding agreement with Nantong Chemical, the shareholder of the company, stipulating that Taishan Jinjian planned to subscribe for 50 million new shares of Changan Insurance, and entrusted Nantong Chemical to hold the shares. According to the Measures for the Administration of Equity in Insurance Companies, shareholders may not invest in insurance companies with non-owned funds, and may not entrust others or accept others to hold equity in insurance companies. Taishan Jin Jian obviously violated the regulations of the CIRC.
For the first time, the CIRC directly supervised the market behavior involving related party transactions.
"Insurance institutions and related parties with illegal related party transactions directly stop their related party transactions." This is the first time that the China Insurance Regulatory Commission (CIRC) has directly taken regulatory measures against market behaviors involving related party transactions. This means that the supervision of related party transactions by CIRC has shifted from system construction to the stage of paying equal attention to system construction and market behavior supervision.
Among them, Centennial Life Insurance and its asset management companies are prohibited from directly or indirectly engaging in related transactions such as loans with Shanghai Qitai Investment Center (Limited Partnership), Net Gold Holdings (Dalian) Co., Ltd., Dalian Ailifang Health Management Co., Ltd. and institutions controlled or exerted significant influence by the above companies.
China United Insurance and its insurance subsidiaries are prohibited from directly or indirectly conducting important related transactions with bank of dalian Co., Ltd. and its related parties.
Before the principal and interest of the trust project invested by United Life Insurance in related parties are fully recovered, it is forbidden for the Company to directly or indirectly conduct loans and other transactions with related parties.
It is forbidden for Xintai Life Insurance to directly or indirectly conduct loans and other transactions with Jiaxing Xinye Lingxin Investment Partnership (Limited Partnership), Shaoxing Lingyan Equity Investment Fund Partnership (Limited Partnership) and the institutions controlled or exerted significant influence by the above enterprises.
However, the China Insurance Regulatory Commission did not disclose the details of related party transactions violations.
For related party transactions, the supervision letter explicitly prohibits related party transactions of some companies and their key related parties for six months. The CIRC said that its purpose is to urge insurance institutions to further standardize the management of related party transactions and prevent shareholders from treating insurance companies as "cash machines".
Judging from the overall situation of the companies that have been issued supervision letters this time, they are all companies with low supervision scores in the evaluation. The main problems focus on the company's articles of association and the operation of "three meetings and one floor", internal control and compliance management, related party transactions management, shareholders' rights and interests and so on. Among them, the operation of the board of directors is not standardized, the management of related party transactions is not compliant, the internal control audit management is weakened, and the salary assessment mechanism is not in place.