trending Market Intelligence /marketintelligence/en/news-insights/trending/-Xe1J8X0quNSl2IWk6OKcA2 content esgSubNav
In This List

Chinese regulator fines 2 PICC Life branches over rule violations

Blog

The Big Picture 2022 Insurance Industry Outlook

Podcast

Next in Tech | Episode 37: Insurance impacts on technology and vice versa

Case Study

A Prestigious Global Business School Gains a Competitive Edge

Video

S&P Capital IQ Pro | Unrivaled Sector Coverage


Chinese regulator fines 2 PICC Life branches over rule violations

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.