Lates News

In April of this year, the total amount of penalties imposed by the China Banking and Insurance Regulatory Commission and its branches on life insurance companies, property insurance companies, insurance intermediaries, and related responsible persons amounted to 18.7267 million yuan, with 4 individuals being banned for life from entering the insurance industry and 1 person having their qualifications revoked. According to the penalty information released by the regulatory authorities, the main violations in the insurance industry are primarily focused on providing benefits outside of contracts, deceiving policyholders, falsifying or providing false information, fabricating business activities to misappropriate funds, failure to use insurance clauses or rates as required, and falsifying financial data. The main areas involved in the penalties are financial and business data, sales and claims management, internal control and compliance, employee conduct management, and corporate governance (Financial Times).