The China Insurance Regulatory Commission's Ningbo bureau fined Sinosafe General Insurance Co. Ltd. 180,000 yuan over the misreporting of labor expenses by its Ningbo branch.
Between January 2017 and September 2017, the Ningbo branch reported 1.9 million yuan in labor fees that went toward auto insurance payments.
As of Jan. 24, US$1 was equivalent to 6.37 Chinese yuan.
