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PICC P&C, China Life Fined for Irregular Insurance Operations in Chongqing

 

Wednesday, Sep 23,2009, 12:48:38 AM   Click:

The China Insurance Regulatory Commission's Chongqing bureau said in a statement that it has fined PICC P&C [77633] and China Life [77626] 100,000 yuan (US$14,634) each for their irregular operations in student safety insurance businesses.

According to the regulator, during the period of Spring 2006 to August of 2007, the Chongqing branches of PICC P&C, and China Life, respectively paid more than 2 million yuan and approximately 1.9 million yuan in handling fees and other expenses "directly" from their premium incomes.

The CIRC claimed that the actions of the insurers have violated the Article 122 of the Insurance Law of the People's Republic of China. It also made a decision to fine each of the insurers 100,000 yuan.

Student safety insurance features low premium and high security.

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