China's insurance regulator fined two branches of PICC Life Insurance Co. Ltd. an aggregate of 310,000 yuan for violating rules.
The People's Insurance Co. (Group) of China Ltd. unit's Chongqing branch was fined 150,000 yuan for including information related to deceiving policyholders in training materials. The same branch was fined an additional 10,000 yuan for inaccurately keeping records of staff.
Meanwhile, the insurer's Qinghai branch was fined 50,000 yuan for providing benefits outside of those specified on insurance contracts and a further 100,000 yuan for recording false information.
As of March 7, US$1 was equivalent to 6.32 Chinese yuan.
