The insurance broker ruled!, Celebrity couple defrauded 7.75 million yuan
According to media reports, from 2018 to 2020, Taiwanese male artist "Zai Zai" Zhou Yumin and his wife Yu Hongyuan were defrauded of approximately NT $34.47 million by a woman surnamed Feng for "paying insurance premiums on behalf of others".
On September 6th, the Taipei District Court sentenced Feng to 2 years and 8 months in prison for the crime of fraud and embezzlement, with the option to appeal.
Zhou Yumin and his wife were defrauded by insurance brokers
Loss of over 34.47 million New Taiwan Dollars
It is reported that in August 2022, Zhou Yumin and Yu Hongyuan reported that they encountered fraud from an insurance broker while purchasing insurance.
Zhou Yumin and his wife
Zhou Yumin and his wife Yu Hongyuan previously purchased a 6-year high-value savings insurance, with both the policyholder and the insured being Zhou Yumin. The two parties agreed to pay the insurance premiums in 6 installments, each of which was approximately NT $6.84 million, to be automatically transferred to Yu Hongyuan's account.
The insurance broker surnamed Feng, who took advantage of Yu Hongyuan's trust, falsely claimed to Yu Hongyuan in April and May 2019 that if payment was made through transfer, due to the high amount of insurance premiums, it may cause tax inspections by the tax authorities and be mistaken for money laundering by the financial management department. She demanded that Yu Hongyuan pay the premiums in cash and then she, on behalf of the insurance broker company, pay to the life insurance company.
The prosecution found that Yu Hongyuan paid the second, third, and fourth insurance premiums to Feng from May 2019 to September 2021. Feng falsely claimed that if he prepaid the 5th and 6th insurance premiums, he would receive a prepayment discount of approximately NT $3.47 million. Yu Hongyuan later paid the 5th and 6th insurance premiums to Feng separately. Yu Hongyuan delivered a total of approximately 34.47 million New Taiwan dollars to Mr. Feng.
In October 2021, Yu Hongyuan received reminders from insurance companies one after another. Feng continued to deceive and claim that there was a problem with the company's accounting system. However, Yu Hongyuan continued to receive reminders and directly inquired with the insurance company, only to find out that he had already missed paying premiums for 5 years. It was only then that he realized he had been deceived and reported the incident to the police.
On August 1, 2022, the Taipei District Prosecutors Office charged Feng with "fraud".
According to reports, regarding the rumor that the fraudster Feng is Yu Hongyuan's college best friend, Yu Hongyuan also denied it in an article today, stating that he was only an insurance practitioner introduced by a friend.
Zhou Yumin is a Taiwan, China film actor, pop singer and member of F4 group. Has appeared in the idol drama "Meteor Garden".
How to avoid pitfalls when buying insurance?
According to media reports, many people have had the experience of purchasing insurance, but some people hastily sign contracts without understanding it clearly, or tend to find acquaintances to buy insurance, or trust insurance brokers like in the above case, without following the formal process of signing contracts or paying fees, resulting in losses that are difficult to recover in the future.
How to avoid pitfalls when buying insurance? What are some things to pay attention to?
Misleading sales have always been a major complaint area for life insurance sales. As consumers, in the process of purchasing insurance, they should proactively confirm the sales qualifications of their agents, carefully understand product information, actively cooperate with "double recording", take follow-up seriously, and pay attention to hesitation periods to prevent the risk of sales misleading.
According to regulatory requirements, "double recording" involves recording and recording the insurance sales process on-site for easy inspection and spot checks, and for traceable management in case of disputes.
Nowadays, the customer service systems of major insurance companies are constantly upgrading, and simple policy services such as premium payment and small claims can be operated through mobile phones. During the insurance or renewal stage, do not hand over the premium to the salesperson for payment. Instead, you should personally pay it to the unified account of the insurance institution through official channels. For those who have doubts about insurance products, they can also search through the "Personal Insurance Product Information Database" on the official website of the China Insurance Industry Association.
Last July, the China Banking and Insurance Regulatory Commission issued the "Management Measures for Insurance Sales Behavior", which clearly required that "insurance sales personnel shall not accept the entrustment of policyholders, insured persons, and beneficiaries to pay insurance premiums, receive refunds, or receive insurance benefits on behalf of them. They shall not handle or pay insurance premiums, receive refunds, or receive insurance benefits through non policyholders, insured persons, or beneficiaries' personal accounts."
At the same time, the draft for soliciting opinions emphasizes that "insurance companies and insurance intermediaries should strengthen fund management and ensure the safety of customer funds in accordance with the law." "Insurance companies should establish a fund management mechanism and strictly manage fund receipts and payments in accordance with relevant regulations. Insurance intermediaries should open independent customer fund special accounts and commission collection accounts. If insurance brokers receive refunds or insurance benefits on behalf of customers, they should truthfully inform customers of relevant information and have them sign confirmation documents."
