China Economic Net, Beijing, July 5th. The website of the China Banking and Insurance Regulatory Commission announced yesterday the administrative penalty information disclosure form of the Yancheng Banking and Insurance Regulatory Commission Branch (Yanyinbaojian Pujue Zi [2022] No. 8 and No. 9), Zhongrong Life Insurance Co., Ltd. Yancheng The Central Sub-branch (hereinafter referred to as "Zhongrong Life Yancheng Central Branch") has illegal facts of falsely listing expenses to extract funds, and the Yancheng Supervision Branch of the China Banking and Insurance Regulatory Commission fined it RMB 12 in accordance with Article 170 of the "Insurance Law of the People's Republic of China". million.
Li Jinsong was directly responsible for the management of Zhongrong Life's Yancheng Zhongzhi Branch to defraud funds by falsely listing expenses. The Yancheng Supervision Branch of the China Banking and Insurance Regulatory Commission warned him and fined him RMB 10,000 in accordance with Article 171 of the Insurance Law of the People's Republic of China.
Article 170 of the "Insurance Law of the People's Republic of China": Whoever
violates the provisions of this Law and commits any of the following acts shall be ordered by the insurance regulatory agency to make corrections, and a fine of not less than 100,000 yuan but not more than 500,000 yuan shall be imposed; if the circumstances are serious, the Can limit its business scope, order to stop accepting new business or revoke business license:
(1) Compiling or providing false reports, statements, documents or materials;
(2) refusing or hindering supervision and inspection according to law;
(3) Failure to use the approved or filed insurance clauses and premium rates in accordance with regulations.
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