Regulatory Body Imposes Substantial Fines on Taiping Property & Casualty Insurance

Deep News06-09 18:11

Recent administrative penalty information released by the National Financial Regulatory Administration reveals that Taiping Property & Casualty Insurance, a subsidiary of CHINA TAIPING (00966.HK), along with its responsible personnel, has been penalized.

The violations cited include failure to appropriately set aside outstanding claim reserves as required, improper use of approved or filed insurance terms and premium rates, submission of inaccurate data, and conducting business across unauthorized regions.

As a consequence, Taiping Property & Casualty Insurance has received a formal warning and a fine totaling 3.73 million yuan.

Additionally, individuals including Ren Jie, Xu Long, Huang Yongjun, Lu Tao, Zhang Wei, Chen Yongbing, and Zhao Lei have been issued warnings and collectively fined 620,000 yuan.

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