Based on the penalty information publicly notified by the relevant regulatory authorities, Bread Finance conducted a statistical analysis of the violation penalty data of property insurance companies in the first quarter of 2024. Financial regulatory authorities mainly include the People's Bank of China and its branches, the State Administration of Financial Supervision and its dispatched agencies, the State Administration of Foreign Exchange and its branches, etc.
According to the statistics of the information notified by the regulatory authorities, in the first quarter of 2024, there were 30 fines involving China Property Insurance and its branches, with a cumulative amount of 5.385 million yuan.
Received 2 fines of more than 700,000 yuan for compiling false information and fictitious insurance intermediary business arbitrage fees
Bread Finance combed through public information and found that in the first quarter of 2024, among the institutional fines involving China Property Insurance, there were 19 fines with a penalty of 100,000 yuan or more, of which the highest penalty was 920,000 yuan, and there were 4 fines with a penalty of more than 400,000 yuan.
On February 9, 2024, the Luoyang Central Branch of China United Property & Casualty Insurance Co., Ltd. was fined 920,000 yuan by the Luoyang Supervision Branch of the State Financial Supervision and Administration for "preparing false reports, statements, documents and materials, using insurance brokers to fabricate insurance intermediary business to extract fees, and failing to use approved or filed insurance terms and insurance rates in accordance with regulations".
On the same day, the Zhengzhou Central Branch of China United Property & Casualty Insurance Co., Ltd. was fined 500,000 yuan by the Henan Supervision Bureau of the State Financial Supervision and Administration for "failing to use the approved or filed insurance terms and insurance rates in accordance with regulations".
On March 25, the Changchun Central Branch of China United Property Insurance Co., Ltd. was fined 710,000 yuan by the Jilin Supervision Bureau of the State Financial Supervision and Administration Bureau. The main violations of laws and regulations include: "failure to strictly implement the separate accounting of agricultural insurance, fictitious insurance intermediary business arbitrage fees, and preparation of false claim information".
(Article Serial Number: 1781225267344314368)
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