large fines appear frequently! many responsible persons are banned from the industry for life!
2024-08-29
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recently, the intensity of regulatory penalties has been further increased, and the insurance industry has received a number of large fines. the official website of the financial regulatory administration shows that in the past week (august 20 to august 27), onlyregulatory authoritya total of 26 fines were issued at this level, with a total penalty amount of over 3.4 million yuan, involving many leading insurance companies in the industry.
august 23,shenzhen financial regulatory bureauthe penalty information released shows that china ping an life insurance co., ltd. shenzhen branch was warned and fined 980,000 yuan for multiple violations of laws and regulations, including "promoting and selling non-insurance financial products to customers without filing; misleading sales; failing to formulate and implement the personal insurance agent management system in accordance with regulations; failing to register the penalty information accepted by its insurance agents; failing to truthfully record and issue bancassurance agent commissions; and failing to provide training to insurance practitioners in accordance with regulations." this is the largest fine in the insurance industry in the past week (deep goldpenaltydecisionno. [2024] 30).
six other senior executives were punished, including huang liuqin, then manager of the banking and insurance department operations support team of ping an life insurance shenzhen branch, and huang li, then deputy general manager of ping an life insurance shenzhen branch.sun yong, li heng, then deputy general manager of ping an life insurance shenzhen branch, and sun rongdan, then manager of the individual insurance management department of ping an life insurance shenzhen branch,hourli xiangshi, then manager of the sales planning department of ping an life insurance shenzhen branch, and wang wei, then deputy general manager of ping an life insurance shenzhen branch, were fined a total of 485,000 yuan.
on august 23, the ningbo regulatory bureau of the state financial regulatory administration also issued a large fine of 500,000 yuan (yongjin penalty decision [2024] no. 90). administrative penalty information shows that due to illegal and irregular behavior, the ningbo branch of china export and credit insurance corporation was fined 500,000 yuan; two senior executives of the companyshen shuhuan(then director of business division i, member of the party committee, and assistant to the general manager of china export & credit insurance corporation ningbo branch) and meng xianglong (then deputy chief of business division ii, business division i, china export & credit insurance corporation ningbo branch) were banned from the industry for life for engaging in illegal activities. it is worth noting that public information shows thatshen shuhuan, and meng xianglong were investigated successively in 2022.
in may 2022, the website of the central commission for discipline inspection and the national supervisory commission released a message:shen shuhuansuspected of serious violations of discipline and law, he is subject to disciplinary review by the central commission for discipline inspection and the national supervisory commission’s discipline inspection and supervision group at china export & credit insurance corporation and supervisory investigation by the jilin province baicheng city supervisory committee.shen shuhuanhe was expelled from the party and removed from public office.
on august 26, the baoshan supervision bureau issued an administrative penalty notice showing that the baoshan central branch of china continent property insurance co., ltd. was fined for "preparing false financial information, falsely registering personal agency business to obtain commissions, and giving policyholders benefits beyond the insurance contract."wait"the baoshan branch of the financial supervision administration fined zheng jun, then general manager of baoshan central branch of china continent property & casualty insurance co., ltd., for the three violations, and was given a warning and fined 90,000 yuan by the regulatory agency.
the frequent large fines demonstrate the regulatory authorities' zero-tolerance attitude towards violations in the financial industry and their strict enforcement of accountability for senior executives.
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