Financial industry news for 10/10: According to the administrative penalty information disclosure form released by the Xuchang Financial Regulatory Bureau, Dongwu Life Insurance Co., Ltd. Xuchang Central Branch was warned and fined RMB 1 million for failing to require policyholders to provide valid proof of consent from the insured for group insurance contracts and for not issuing insurance certificates to the insured.
Fine details:
No. | Party Name | Administrative Penalty Decision Number | Main Illegal or Irregular Acts | Penalty Content | Deciding Authority 1 | Dongwu Life Insurance Co., Ltd. Xuchang Central Branch | Xu Jin Fa Jue Zi [2022026] No. 27 | Failed to require the policyholder to provide valid proof of the insured's consent for the group insurance contract; failed to issue an insurance certificate to the insured | Warning and a fine of RMB 1 ten thousand yuan | Xuchang Financial Regulatory Bureau
