Controversies

Bank of China Insurance Henan Branch Fined RMB 200,000 for Failing to Use Filed Rates as Required

Bank of China Insurance Henan Branch was fined 200,000 yuan by regulators for failing to use approved or filed insurance terms and rates as required; the then deputy general manager was fined 40,000 yuan. Previously, Bank of China Insurance was also fined a total of 610,000 yuan for insufficient reserves, inaccurate data, and internal control violations; in 2019, its Jiangxi branch was fined 100,000 yuan for promising premium rebates to policyholders; in 2022, it was ordered by the Beijing Banking and Insurance Regulatory Bureau to self-check and rectify due to four categories of violations. Progress: administrative penalty. Entity involved: Bank of China Insurance Co., Ltd. Related scope: insurance business compliance.