Regulatory warning to insurance companies: guard against black and grey market of "shell companies purchasing group insurance"

Recently, journalists learned from the industry that the Shanghai Financial Regulatory Bureau's office issued a notice regarding risk warnings related to group insurance business. The notice stated that a single agricultural group accidental injury insurance policy underwritten by a certain insurance company had triggered a large number of claims-related legal cases, exposing many issues in the insurance company's business operations, including superficial underwriting controls, unreasonable preservation process settings, inadequate business traces and file management, etc.