Yingda Taihe Property Insurance Tianjin Branch Fined 660,000 Yuan for Regulatory Violations Including Unapproved Rate Usage

Deep News08-07

The National Financial Regulatory Administration's Tianjin Bureau has issued a penalty against Yingda Taihe Property Insurance Co., Ltd. Tianjin Branch for multiple violations. The insurer failed to use approved or filed premium rates, provided benefits to policyholders and insureds beyond what was stipulated in the insurance contract, improperly obtained commissions through insurance agents, and conducted business across regional boundaries.

As a result, the regulator issued a warning and imposed a total fine of 660,000 yuan on the Tianjin branch. Additionally, individual penalties were applied: Zhang Jing received a warning and a fine of 90,000 yuan, Zhang Yong was fined 80,000 yuan with a warning, and Liu Shaohui was fined 10,000 yuan along with a warning.

The penalties were detailed in a public notice from the National Financial Regulatory Administration's Tianjin Bureau, citing the specific infractions and the corresponding administrative sanctions.

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