PICC Property and Casualty Insurance Shantou Branch and a business department were fined for falsely listing conference fees, etc

According to the Information Disclosure Form on Administrative Penalties of Shantou Branch of the State Administration of Financial Supervision and Administration (No. 2, 2023) recently released on the website of the State Administration of Financial Supervision and Administration, Shantou Chaonan Branch of PICC Property and Casualty Company Limited and Miancheng Business Department of PICC Property and Casualty Company Limited Shantou Branch have committed violations of laws and regulations, and were fined a total of 550000 yuan.

According to the information disclosure form of administrative punishment, the Shantou Chaonan Branch of PICC Property and Casualty Insurance Co., Ltd. falsely listed conference fees, and Shen Zewu and Lin Xinyue were responsible for management; Shen Zewu and Lin Xinyue are responsible for the fictitious insurance intermediary business of Shantou Chaonan Branch of PICC Property and Casualty Insurance Co., Ltd; Lin Xinyue is responsible for the management of the conference fees falsely listed by Miancheng Business Department of PICC Property and Casualty Insurance Company Limited Shantou Branch; Zheng Weiqiang and Lin Xinyue are responsible for the fictitious insurance intermediary business of Miancheng Business Department of PICC Property and Casualty Insurance Co., Ltd. Shantou Branch.

Shantou Regulatory Branch fined PICC Property and Casualty Insurance Company Limited Shantou Chaonan Branch a total of 300000 yuan in accordance with the second paragraph of Article 86, item 10 of Article 116, article 161, item 1 of Article 170, and article 171 of the Insurance Law of the People's Republic of China; The People's Insurance Company of China Limited Shantou Branch Miancheng Business Department was fined 250000 yuan in total; Shen Zewu was warned and fined 60000 yuan in total; Lin Xinyue was warned and fined 80000 yuan in total; Zheng Weiqiang was warned and fined 10000 yuan.

Relevant laws and regulations:

Article 86 of the Insurance Law of the People's Republic of China: An insurance company shall submit relevant reports, statements, documents and materials in accordance with the provisions of the insurance regulatory body.

The solvency report, financial accounting report, actuarial report, compliance report and other relevant reports, statements, documents and materials of the insurance company must truthfully record the insurance business matters, and there must be no false records, misleading statements and major omissions.

Article 116 of the Insurance Law of the People's Republic of China: Insurance companies and their employees shall not commit the following acts in their insurance business activities:

（1） Deceiving the applicant, the insured or the beneficiary;

（2） Concealing important information related to the insurance contract from the applicant;

（3） Obstruct the applicant from fulfilling its obligation of truthful disclosure as prescribed by this Law, or induce it to fail to fulfill its obligation of truthful disclosure as prescribed by this Law;

（4） Give or promise to give the applicant, the insured and the beneficiary premium rebates or other benefits other than those stipulated in the insurance contract;

（5） Refusing to perform the obligation of indemnity or payment of insurance benefits as agreed in the insurance contract according to law;

（6） Deliberately fabricating the insurance accident that has not occurred, fabricating the insurance contract, or deliberately exaggerating the loss degree of the insurance accident that has occurred to make false claims, defraud insurance money or seek other illegitimate interests;

（7） Misappropriation, withholding and embezzlement of insurance premiums;

（8） Entrust an institution without legal qualification to engage in insurance sales activities;

（9） Using insurance business to seek illegitimate interests for other institutions or individuals;

（10） Using insurance agents, insurance brokers or insurance evaluation agencies to engage in illegal activities such as obtaining fees by fabricating insurance intermediary business or fabricating insurance surrender;

（11） Damage the business reputation of competitors by fabricating or spreading false facts, or disrupt the order of the insurance market by other unfair competition behaviors;

（12） Disclose the business secrets of the applicant and the insured known in business activities;

（13） Other acts in violation of laws, administrative regulations and provisions of the insurance regulatory authority under the State Council.

Article 161 of the Insurance Law of the People's Republic of China: If an insurance company commits one of the acts specified in Article 116 of this Law, the insurance supervision and administration institution shall order it to make corrections and impose a fine of not less than 50000 yuan but not more than 300000 yuan; If the circumstances are serious, it shall restrict its business scope, order it to stop accepting new business or revoke its business license.

Article 170 of the Insurance Law of the People's Republic of China: Anyone who violates the provisions of this Law and commits one of the following acts shall be ordered by the insurance regulatory authority to make corrections and be fined not less than 100000 yuan but not more than 500000 yuan; If the circumstances are serious, it may restrict its business scope, order it to stop accepting new business or revoke its business license:

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

（2） Refusing or obstructing supervision and inspection according to law;

（3） Failing to use the approved or recorded insurance clauses and premium rates in accordance with the provisions.

Article 171 of the Insurance Law of the People's Republic of China: If an insurance company, an insurance asset management company, an insurance professional agency or an insurance broker violates the provisions of this Law, the insurance supervision and administration institution shall punish the entity in accordance with Articles 160 to 170 of this Law, The directly responsible person in charge and other directly responsible persons shall be given a warning and fined not less than 10000 yuan but not more than 100000 yuan; If the circumstances are serious, the post holding qualification shall be revoked.

The following is the original text:

key word: PICC Property and Casualty Insurance People's Property Insurance Insurance Law of the People's Republic of China Business Department Branch companies