HSBC Life Insurance Fined by Shanghai Regulator Over Compliance Issues

MT Newswires Live07-14 02:00

HSBC (HSBC) unit HSBC Life Insurance was fined 170,000 Chinese yuan ($25,085) by the Shanghai Financial Regulatory Bureau, according to a Google translation of a company filing Monday.

An investigation found imprudent valuation of equity investments, unreasonable deductible clauses in medical insurance policies, and a health insurance business unit that did not comply with regulatory operating requirements.

The regulator ordered the company to rectify the issues and issued a warning alongside the fine, citing provisions of China's Insurance Law and its Administrative Measures for Health Insurance.

The company said it has completed the required rectification and will continue strengthening compliance and internal controls.

Price: 98.01, Change: -1.08, Percent Change: -1.09

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