Changan insurance Lingyin Insurance Regulatory Commission 300000 yuan fine: failure to handle reinsurance as required

category:Finance
 Changan insurance Lingyin Insurance Regulatory Commission 300000 yuan fine: failure to handle reinsurance as required


Gao Ming, then assistant to the president of Changan insurance and general manager of risk management department of SINOSURE, was in charge of the work of SINOSUREs business line and the control of retained liability balance of SINOSURE business, and was directly responsible for the above-mentioned illegal acts.

The above facts are proved by business summary sheet and business list, financial statements, investigation records, relevant personnels position and post responsibility documents, fact confirmation and statement of Changan responsibility.

In view of the above-mentioned illegal acts, Gao Ming made a statement and pleaded for relief or exemption from punishment: first, he had no subjective intention or omission to exceed the retained liability balance of the credit insurance business of Changan insurance; second, he took such measures as requiring to stop the new business and actively communicating with the reinsurance institutions to implement reinsurance arrangements to reduce the harmful consequences. According to the review by the CBRC, Gao Ming is in charge of the work of the SINOSURE business line, and concurrently serves as the general manager of the risk management department of SINOSURE. He is responsible for the management and control of the retained liability balance of the companys SINOSURE business, and is directly responsible for the above-mentioned illegal acts. However, he took the initiative to take certain measures to reduce the consequences of the harm, In accordance with Article 27 of the administrative penalty law, if a party has one of the following circumstances, he shall be given a lighter or mitigated administrative penalty according to law: (1) taking the initiative to eliminate or reduce the harmful consequences of an illegal act... regulations. Source: surging news editor: Zhong Qiming_ NF5619

In view of the above-mentioned illegal acts, Gao Ming made a statement and pleaded for relief or exemption from punishment: first, he had no subjective intention or omission to exceed the retained liability balance of the credit insurance business of Changan insurance; second, he took such measures as requiring to stop the new business and actively communicating with the reinsurance institutions to implement reinsurance arrangements to reduce the harmful consequences.