Shanghai regulatory authorities have imposed a penalty on the Shanghai branch of Hua'an Property & Casualty Insurance Co., Ltd. for a series of compliance failures.
The branch was found to have used insurance clauses and premium rates that were not approved or filed as required, engaged in insurance business across unauthorized regional boundaries, and prepared or provided false reports, statements, documents, and materials.
As a consequence, the branch received an official warning and a financial penalty totaling 660,000 yuan.
In addition to the corporate penalty, individual fines were levied against three company managers for their roles in the violations.
Hu Jiong, who served as the General Manager Assistant and Non-auto Insurance Department Manager of the Shanghai branch at the time, was fined 75,000 yuan and given a warning for the unauthorized use of insurance clauses and premium rates.
Xu Xiaojie, the former General Manager of the Shanghai Yangpu Sub-branch, received a warning and a fine of 13,000 yuan for preparing or supplying false reports, statements, documents, and materials.
Mao Yunqian, who was the Manager of the Shanghai Branch Jinshan Haifeng Road Marketing Service Department, was also warned and fined 12,000 yuan for the same offense of falsifying documentation.
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