Fan Xin Insurance official website shows that Sunshine Insurance, Happiness Life Insurance, Kunlun Health Insurance, Taikang Life Insurance, Haikang Life Insurance and Everbright Life Insurance have more cooperation with Fan Xin Insurance. Hot-selling products include Kunlun Healthy and Steady Long-term Care Plan, Haikang (Happiness) Pension Plan (Dividend Type), Happy Life Xinxiang Pension Plan (Dividend Type) and other products.
Several insurance companies cooperating with Fan Xin Insurance said that they had just been informed that the insurance agency in Fan Xin had absconded with the money and were anxiously waiting for a reply from the regulatory authorities.
Huge losses will certainly not be borne by consumers, but the resulting group surrender and fund hole may have a great impact on insurance companies.
An industry insider who knows Fan Xin Insurance said, "They sell insurance products, but they also sell wealth management products to customers, and promise higher returns. Sometimes sign two contracts, an insurance contract and a financial return contract; Sometimes only one insurance contract is signed, and everything else is just a verbal agreement. Fan Xin Insurance should participate in other investments in order to fulfill its customers' income commitments. " According to the investigation by the regulatory authorities, Shanghai Fan Xin Insurance Agency Co., Ltd. is indeed selling unauthorized self-made fixed-income financial management agreements.