The PICC Shenzhen Branch of PICC Property Insurance Co., Ltd. (hereinafter referred to as “PICC Shenzhen Branch”) was fined 760,000 yuan and six employees were fined 330,000 yuan in total for failing to use the approved premium rates according to regulations, according to the CBRC website on March 9.
According to public information, PICC’s Shenzhen branch was fined 760,000 yuan for failing to use approved insurance rates as required, making false financial data, giving out-of-contract benefits to policyholders or the insured, changing its business premises without the approval of the regulator and failing to report the appointment of a temporary person in charge to the regulator.
Screenshot from: China Banking and Insurance Regulatory Commission website
In addition, Huang Jianchao, Wu Shu and Ma Ji were warned and fined 70,000 yuan for being directly responsible for the extra-contract benefits given to policyholders or the insured by the Shenzhen branch of PICC Property Insurance. Nie Ting was warned and fined 70,000 yuan for the PICC’s Shenzhen branch being directly responsible for changing its business premises without regulatory approval. Xie Zhilong was warned and fined 40,000 yuan for being directly responsible for false financial data at PICC’s Shenzhen branch. Liu Baolin was warned and fined 10,000 yuan for being directly responsible for the failure of PICC’s Shenzhen branch to use approved premium rates.
PICC P&, the People’s Insurance Company of China (PICC P& C) The predecessor of the People’s Insurance Company of China (PICC) was founded on October 20, 1949. With its headquarters in Beijing, it is the core member and iconic main business of PICC Group Co., Ltd. The company was listed on the main board of the Hong Kong Stock Exchange (Stock Code 2328) on November 6, 2003. (Xin Xin Jingwei APP)