Ping An Property & Casualty Insurance Faces CNY 366,000 in Fines for Falsified Expenses and Inflated Underwriting

Deep News16:31

On July 28, regulatory action from the Yongzhou Financial Supervision Bureau revealed two separate penalties against units of Ping An Insurance (Group) Company Of China, Ltd., totaling 366,000 yuan.

First, the Yongzhou Central Sub-branch of Ping An Insurance (Group) Company Of China, Ltd. was fined 266,000 yuan for falsifying expenses to siphon funds and for falsely listing agents on direct-sales policies to extract cash. Two responsible individuals, Lei Chen and Chen Su, received official warnings and were fined 18,000 yuan and 16,000 yuan, respectively.

Second, the Qiyang Sub-branch of Ping An Insurance (Group) Company Of China, Ltd. was fined 100,000 yuan for conducting underwriting that was not based on genuine risks. The responsible person, Hong Yawei, was issued a warning and fined 10,000 yuan.

Summary of Penalties:

1. Ping An Insurance (Group) Company Of China, Ltd. Yongzhou Central Sub-branch: Fined 266,000 yuan for falsified expenses and funds, and for falsely listing agents to extract funds. Lei Chen and Chen Su were warned and fined 18,000 yuan and 16,000 yuan, respectively. Enforcement by the Yongzhou Financial Supervision Bureau.

2. Ping An Insurance (Group) Company Of China, Ltd. Qiyang Sub-branch: Fined 100,000 yuan for untrue underwriting. Hong Yawei was warned and fined 10,000 yuan. Enforcement by the Yongzhou Financial Supervision Bureau.

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