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Chinese regulator fines Union Life Insurance over rule violations

Union Life Insurance Co. Ltd. was fined 550,000 yuan by China's insurance regulator over two rule violations.

The China Insurance Regulatory Commission fined the insurer 100,000 yuan for its failure to obtain the qualifications of executives and asked it to correct this action. The regulator also fined the company 450,000 yuan over the misuse of funds.

As of July 25, US$1 was equivalent to 6.75 Chinese yuan.