Straits Insurance Xiamen was fined for violating the law and failed to use the insurance terms that have been filed in accordance with the regulations

2021-11-06 20:23:05

Source: China Economic Network

China Economic Network Beijing, November 4, 2019 The Xiamen Banking and Insurance Regulatory Bureau's Administrative Penalty Information Disclosure Form (Xiamen Banking and Insurance Regulatory Decision [2021] No. 34) published on the website of the China Banking and Insurance Regulatory Commission yesterday shows that the Xiamen branch of Straits Jinqiao Property & Casualty Insurance Co., Ltd. did not use the insurance terms that have been filed in accordance with the regulations. The Xiamen Banking and Insurance Regulatory Bureau imposed a fine of 400,000 yuan on the Xiamen branch of Straits Jinqiao Property & Casualty Insurance Co., Ltd., and a warning on Xu Hong and a fine of 70,000 yuan. The administrative penalties are based on Articles 170 and 171 of the Insurance Law of the People's Republic of China.

On June 22, 2017, the Xiamen Insurance Regulatory Bureau issued a reply on Xu Hong's qualifications (Xiamen Insurance Regulatory Approval [2017] No. 67), showing that it approved the qualifications of the assistant general manager of the branch of Straits Jinqiao Property & Casualty Insurance Co., Ltd.

According to the company's official website, Straits Jinqiao Property & Casualty Insurance Co., Ltd. (hereinafter referred to as Straits Insurance), which was approved to open on August 23, 2016, is the first national insurance company with a state-owned legal person in Fujian, headquartered in Fuzhou Area of China (Fujian) Pilot Free Trade Zone.

Relevant regulations:

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 authority to make corrections and shall be fined not less than 100,000 yuan but not more than 500,000 yuan;

(1) Compiling or providing false reports, statements, documents, or materials;

(2) Refusing or obstructing lawful supervision and inspections;

(3) Failing to use approved or filed insurance terms and insurance rates in accordance with regulations.

Article 171 of the Insurance Law of the People's Republic of China: Where an insurance company, an insurance asset management company, an insurance professional agency or an insurance broker violates the provisions of this Law, the insurance regulatory authority shall, in addition to imposing penalties on the unit in accordance with the provisions of Articles 160 to 170 of this Law, give a warning to the directly responsible supervisors and other directly responsible personnel, and impose a fine of not less than 10,000 yuan but not more than 100,000 yuan;

The following is the original text:

Straits Insurance Xiamen was fined for violating the law and failed to use the insurance terms that have been filed in accordance with the regulations

Straits Insurance Xiamen was fined for violating the law and failed to use the insurance terms that have been filed in accordance with the regulations

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