Blue Whale News, April 10th, by reporter [Name]. Recently, the Chongqing branch of the National Financial Supervisory Authority issued a penalty notice targeting the Chongqing branch of China Pacific Property Insurance Co., Ltd. and its relevant responsible persons.
The penalty notice indicates that the main violations and illegal activities of the Chongqing branch of China Pacific Property Insurance Co., Ltd. are as follows: misrepresentation of expenses, failure to use approved or registered insurance terms and rates as required, providing policyholders with benefits beyond contractual agreements, under-accrual of claims reserves for certain businesses, irregular cross-regional underwriting, false underwriting and claims processing for certain businesses, fabricating intermediary insurance business to embezzle funds, and employees misappropriating premiums.
In response to the aforementioned issues, the Chongqing branch of the National Financial Supervisory Authority issued a warning and imposed a fine of 1.25 million yuan on the company, while also fining its branches 850,000 yuan. The relevant individuals Ren Jie, Ren Fengmei, Zhou Yuan, Weng Jianzhong, Wang Yi, Chen Qiao, Xu Jian, Hu Faju, Liao Lisha, and Huang Juyong were each given warnings and fined a total of 650,000 yuan.