Financial industry news for 10/10: According to the administrative penalty disclosure from the Jiaozuo Financial Regulatory Bureau, Hu'an Property Insurance Co., Ltd. Jiaozuo Central Branch was fined RMB 27 million for failing to use approved or filed insurance clauses and rates as required. Additionally, Wang Quansheng, Deputy General Manager of Hu'an Property Insurance Co., Ltd. Jiaozuo Central Branch, received a warning and was fined RMB 2 million for the same violation.
Fine details:
No. Party Name Penalty Decision Number Main Illegal and Violative Acts Penalty Content Decision-Making Authority 1 Wang Quansheng (Deputy General Manager, Hu'an Property Insurance Co., Ltd., Jiaozuo Branch) Jiao Jin Fa Jue Zi [202X] No. 28 Failure to use insurance clauses or rates approved or filed as required Warning and fine of RMB 2 ten thousand yuan Jiaozuo Financial Regulatory Bureau 2 Hu'an Property Insurance Co., Ltd., Jiaozuo Branch Jiao Jin Fa Jue Zi [202X] No. 29 Failure to use insurance clauses or rates approved or filed as required Fine of RMB 27 ten thousand yuan Jiaozuo Financial Regulatory Bureau 3 Henan Weinings Insurance Agency Co., Ltd. Jiao Jin Fa Jue Zi [202X] No. 31 Preparing false financial statements; using business opportunities to gain illegitimate benefits for others; providing policyholders with benefits beyond the insurance contract; non-compliant preparation of customer disclosure documents; non-compliant management of insurance intermediary licenses; failure to use bank accounts in accordance with regulations; non-standard information technology construction Warning and fine of RMB 34 ten thousand yuan Jiaozuo Financial Regulatory Bureau 4 Wang Haimin (Executive Director, Henan Weinings Insurance Agency Co., Ltd.) Jiao Jin Fa Jue Zi [202X] No. 32 Preparing false financial statements; using business opportunities to gain illegitimate benefits for others; providing policyholders with benefits beyond the insurance contract; non-compliant preparation of customer disclosure documents; non-compliant management of insurance intermediary licenses; failure to use bank accounts in accordance with regulations Warning and fine of RMB 5.5 ten thousand yuan Jiaozuo Financial Regulatory Bureau 5 Wang Xiuli (General Manager at the time, Henan Weinings Insurance Agency Co., Ltd.) Jiao Jin Fa Jue Zi [202X] No. 33 Non-standard information technology construction Warning and fine of RMB 0.5 ten thousand yuan Jiaozuo Financial Regulatory Bureau
