China Economic Net, Beijing, July 5th. The China Banking and Insurance Regulatory Commission website announced yesterday that the Yancheng Banking and Insurance Regulatory Bureau's Administrative Penalty Information Disclosure Form (Yanyinbaojian Pujue Zi [2022] No. 10) shows that Li'an Life Insurance Co., Ltd. Yancheng Branch The Dafeng branch of the company lost its insurance business license.
In accordance with Article 18 of the "Administrative Measures for the License of Banking and Insurance Institutions", the Yancheng Branch of the Banking and Insurance Regulatory Commission imposed a fine of RMB 10,000 on Dafeng Branch of Li'an Life Insurance Co., Ltd. Yancheng Branch.
Relevant laws and regulations:
Article 18 of the Measures for the Administration of the License of Banking and Insurance Institutions: If a banking and insurance institution violates these Measures and falls under any of the following circumstances, it shall be subject to the provisions of the Law of the People's Republic of China on Banking Supervision and Administration, the Law of the People's Republic of China on Commercial Banks, the People's Republic of China The relevant provisions of the Insurance Law of the People's Republic of China shall impose penalties; if there are no provisions in laws and administrative regulations, the China Banking and Insurance Regulatory Commission and its dispatched offices shall order corrections, give warnings, and impose a fine of not less than one time but not more than three times the illegal income, but not more than three times the maximum amount. If there is no illegal income, a fine of not more than 10,000 yuan shall be imposed; if a crime is constituted, criminal responsibility shall be investigated according to law:
(1) Assigning, leasing, lending, forging or altering licenses;
(2) Failing to obtain, renew or return a permit as required;
(3) Damage to the license;
(4) Loss of the license due to poor management;
(5) Failure to report the lost license to the license-issuing authority as required;
(6) Failure to publicize the license, business scope, business area, and main person in charge as required;
(7) Failure to announce new licenses or renewals as required;
(8) Failing to register with the market supervision and administration department as required after newly obtaining or renewing the license, and obtaining or renewing the business license.
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