Financial news from the front line on 10/10: According to the administrative penalty information released by the Xinxiang Regulatory Bureau of the National Financial Regulatory Administration, Henan Xinxin Insurance Agency Co., Ltd. was fined RMB 3.7 million for failing to establish an independent commission collection account and for not registering its practitioners as required. Meanwhile, Zhang Yu, General Manager of Henan Xinxin Insurance Agency Co., Ltd., was warned and fined RMB 1.8 million for failing to establish an independent commission collection account, failing to register its practitioners, failing to obtain approval for senior management qualifications, and failing to deposit registered capital as required.
Fine details:
No. Party Name Penalty Decision Number Main Illegal or Non-Compliant Acts Penalty Content Issuing Authority 1 Henan XinXin Insurance Agency Co., Ltd. Xin Jin Fa Jue Zi [2024] No. 2026 8 Failure to open an independent commission account, failure to register practitioners' qualifications in accordance with regulations, failure to obtain approval for senior management qualifications, and failure to handle capital deposit custody as required Fine of RMB 3.7 ten thousand Yuan National Financial Regulatory Administration Xinxiang Branch 2 Zhang Yu (General Manager, Henan XinXin Insurance Agency Co., Ltd.) Xin Jin Fa Jue Zi [2024] No. 2026 9 Failure to open an independent commission account, failure to register practitioners' qualifications in accordance with regulations, failure to obtain approval for senior management qualifications, and failure to handle capital deposit custody as required Warning and fine of RMB 1.8 ten thousand Yuan National Financial Regulatory Administration Xinxiang Branch
