On December 4, 2023, the Yunnan Supervision Bureau of the State Administration of Financial Supervision and Administration issued the Administrative Penalty Information Disclosure Form Yunjin Penalty Decision Zi 2023 No. 33, Bai Ling (then Deputy General Manager of Chengtai Property Insurance) (hereinafter referred to as Chengtai Property Insurance), who was responsible for Chengtai Property Insurance's failure to use the insurance company's funds and prepare and provide false reports in accordance with the regulations.
In accordance with Articles 86 and 171 of the Insurance Law of the People's Republic of China, the Yunnan Supervision Bureau of the State Administration of Financial Supervision and Administration issued a warning to Bai Ling (then deputy general manager of Chengtai Property Insurance) and imposed an administrative penalty of a fine of 200,000 yuan. The date of the penalty decision is November 24, 2023.
Article 86 of the Insurance Law of the People's Republic of China: An insurance company shall, in accordance with the provisions of the insurance regulatory authority, submit relevant reports, statements, documents and materials. The solvency report, financial accounting report, actuarial report, compliance report and other relevant reports, statements, documents and materials of the insurance company must truthfully record the insurance business matters, and there shall be no false records, misleading statements and material omissions.
Article 171 of the Insurance Law of the People's Republic of China: Anyone who violates the provisions of this Law by committing any of the following acts shall be ordered by the insurance regulatory authority to make corrections within a time limit;and where corrections are not made within the time limit, a fine of between 10,000 and 100,000 RMB is to be imposed: (1) Failing to submit or keep reports, statements, documents, or materials in accordance with regulations, or failing to provide relevant information or materials in accordance with regulations;(2) Failing to submit insurance terms and insurance rates for the record in accordance with regulations;(3) Failure to disclose information in accordance with provisions.
This article is sourced from: the financial world.
Author: Tianyanjun.