Due to the preparation of false business materials, PICC P&C Yantai Branch was fined a total of 420,000 yuan

On December 30th, the Shandong Regulatory Bureau of the National Financial Regulatory Administration released administrative penalty information showing that the Yantai Branch of China Pacific Property Insurance Co., Ltd. was fined 350,000 yuan for preparing false business materials and failing to use the filed insurance terms and premium rates as required. Xu Chunzhi, the then manager of the Commercial Group Insurance Department of the Yantai Branch of China Pacific Property Insurance Co., Ltd., was warned and fined 40,000 yuan. Song Wenxiao, the then manager of the Yantai Export Processing Zone Branch of China Pacific Property Insurance Co., Ltd., and Ling Hang, the then manager of the Commercial Group Insurance Department of the Yantai Branch of China Pacific Property Insurance Co., Ltd., were both warned and fined 15,000 yuan