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PICC Property and Casualty

Controversies

Controversies tied to this brand in public sources. A listing is not a finding of fault.

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  1. 2023

    Fined 4.64 million yuan by PBOC over financial management-related violations

    In July 2023, the People's Bank of China announced penalties against PICC Property and Casualty Company Limited involving three types of illegal acts, with a fine of 4.64 million yuan. Caixin reported the related penalty notice. This entry is an administrative penalty record and does not interpret it as meaning that all of the insurer's products or claims involve fraud.

    Source

  2. 2020

    PICC Property and Casualty sues Jiufu over service-fee dispute

    Lawsuit filed

    PICC Property and Casualty's Guangdong branch sued Jiufu entities over a dispute about technical service fees. The reported amount at issue was approximately 2.3 billion yuan.

    Source excerpt

    • 由于双方就技术服务费存在争议，人保财险广东省分公司于今年5月19日向玖富提起诉讼，广州市中级人民法院于5月21日予以受理，有关涉案金额约为23亿元
    • 今年五月，人保财险在广州对玖富起诉，要求判决双方的第二份补充协议无效，同时要求玖富返还已支付的服务费及相应利息。
    • 玖富数科现已在北京起诉人保财险，要求人保偿付剩余服务费及滞纳金约23亿。
    Source

  3. 2018

    Former president Wang Yincheng sentenced to 11 years in first instance in bribery case

    On May 24, 2018, the Fuzhou Intermediate People's Court sentenced Wang Yincheng, former president of PICC Group, to 11 years in prison at first instance. The court found that from 2006 to 2016 he used his positions as vice president and president of PICC P&C and president of PICC Group to accept more than 8.7 million yuan in bribes.

    Source

  4. Former president reportedly investigated

    Insurance trade press reported that former PICC P&C president Lin Zhiyong was under investigation for suspected serious violations. The available reference does not provide a definitive finding, charges, or final disposition, so the matter should be treated as a reported investigation rather than an established offense by the company.

    Source