Aug 02, 2021 08:53 PM (GMT+8) · EqualOcean
The China Banking and Insurance Regulatory Commission today announced the decision on administrative punishment against Zhong'an online Property Insurance Co., Ltd. After investigation, Zhongan property insurance has the following illegal acts: the self operated network platform publicity and sales page deceives the applicant; The third-party platform publicizes the sales page to deceive the applicant; Failing to use the approved or filed insurance terms and premium rates in accordance with the provisions; Prepare or provide false reports, statements, documents and materials. To sum up, the CBRC imposed a total fine of 1.45 million yuan on Zhong'an property insurance in accordance with the law. Chen Jin, then general manager of Zhong'an property insurance, Jiang Xing, then deputy general manager of Zhong'an property insurance, and Liu Haijiao, then head of health insurance division of Zhong'an property insurance, who were directly responsible for the relevant illegal acts, issued Administrative Penalties of warning and fine respectively.