Ping An Property Insurance's Shanghai Minhang Branch Fined 500,000 Yuan for Regulatory Violations

Deep News07-22

The Shanghai office of the National Financial Regulatory Administration has issued an administrative penalty, according to publicly available information.

Ping An Property & Casualty Insurance Company of China, Ltd.'s Shanghai Minhang branch has been fined 500,000 yuan. The penalty was levied for the company's failure to use approved or filed insurance clauses and premium rates as required by regulations.

In a related action, Shao Xuexin, who served as the manager of the Ping An Property & Casualty Insurance Shanghai Minhang branch at the time of the violation, has also been penalized. Shao received a warning and a separate fine of 80,000 yuan for the same regulatory breach concerning the use of unapproved policy terms and rates.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment