Tencent has its arms unfold and quite a lot of companies; for many who don’t know Tencent is a majority stockholder in Weimin Insurance coverage Company Co., Ltd. In the present day, the executive penalty data kind printed by the Shenzhen Banking and Insurance coverage Regulatory Bureau; exhibits that Weimin Insurance coverage Company Co., Ltd; had changed the time period “insured” with “obtain” on the “Wei Medical Insurance coverage Hospitalization”; insurance coverage software web page on the cellular net web page, and marketed as “solely “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. On the similar time, the accountable individuals’ Li Le and Li Ming have been issued warnings and are fined 20,000 yuan respectively.

Article 131 of Insurance coverage Regulation in China: Weimin Insurance coverage Company Co Fails to Comply with

Article 131 of the “Insurance coverage Regulation of the Individuals’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 essential data associated to the insurance coverage contract
  • Hinder the applicant from fulfilling the duty of truthful notification supplied by this regulation; or induce him to fail to carry out the duty of truthful notification supplied by this regulation
  • Give or promise to present The insured, the insured or the beneficiary’s pursuits past these stipulated within the insurance coverage contract
  • The usage of administrative energy, place or skilled comfort and different improper means to power; induce or prohibit the insured to enter into an insurance coverage contract
  • Forgery or alteration with out authorization Insurance coverage contracts, or offering false certification supplies for events to insurance coverage contracts
  • Embezzlement, withholding, or misappropriation of insurance coverage premiums or insurance coverage cash
  • Utilizing 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.

Based on Public data providers which exhibits that Weimin Insurance coverage is Tencent’s first holding insurance coverage platform. The corporate was established again on October 19, 2016, with a registered capital of 350 million yuan. The corporate’s CEO and chairman are Liu Jiaming. The next is the unique textual content of the executive penalty data disclosure kind:

Tencent Positive factors Permissions to Promote Insurance coverage through WeChat and QQ

Again in 2017, Chi­nese In­ter­web gi­ant Ten­cent has ob­tained the inexperienced gentle from reg­u­la­tors so to promote in­sur­ance through on­line plat­kinds equivalent to WeChat and QQ. The of­fi­cial net­web site of the China In­sur­ance Reg­u­la­tory Com­mis­sion (CIRC) has re­vealed that Weimin In­sur­ance Company Co., Ltd, wherein 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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