Insufficient caution in equity valuation for investment and setting unreasonable deductibles for medical insurance, HSBC Life was fined.

On July 13, the Shanghai Regulatory Bureau of the China Banking and Insurance Regulatory Commission announced administrative penalties that show that HSBC Life Insurance Company Limited was warned and fined 170,000 RMB for not carefully valuing equity investments, setting unreasonable deductible clauses in health insurance policies, and not meeting regulatory operating conditions in the health insurance business department. Hong Yiwan, who was the investment manager of HSBC Life Insurance Company Limited at that time, was warned and fined 40,000 RMB.