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Taishan Insurance Shanxi Branch was fined to the applicant for interests other than the contract

The website of the State Administration of Financial Supervision and Administration recently released the Information Disclosure Form of Administrative Penalties of Shanxi Supervision and Administration Bureau (JJGXZZ [2023] No. 51). Taishan Property and Casualty Insurance Co., Ltd., Shanxi Branch, has violated the law and regulations by giving benefits other than the insurance contract to the applicant and the insured. The Shanxi Supervision Bureau of the State Financial Supervision and Administration Bureau ordered him to make corrections and fined him 300000 yuan in accordance with Article 161 of the Insurance Law of the People's Republic of China.

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.

The following is the full text:

key word: Insurance Law of the People's Republic of China policy-holder Mount Tai Insurance supervision Order correction

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