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Chinese regulator fines PICC Property & Casualty over data issues

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Chinese regulator fines PICC Property & Casualty over data issues

China's insurance regulator imposed a fine of 100,000 yuan on PICC Property & Casualty Co. Ltd. for filing incomplete and false information.

The China Insurance Regulatory Commission, or CIRC, found issues with respect to data on insured claims filed by the company's Hunan and Guangdong offices on agriculture insurance beyond those identified by the insurer under a self-inspection, according to a March 21 notice. The CIRC found the discrepancy between the report filed by the People's Insurance Co. (Group) of China Ltd. unit and spot checks done by the regulator.

As of March 21, US$1 was equivalent to 6.33 Chinese yuan.