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Huatai Life disciplined for sales irregularities

(chinadaily.com.cn)
Updated: 2009-05-25 17:28

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Huatai Life Insurance Company Ltd's Sichuan branch was severely disciplined by the local bureau of the China Insurance Regulatory Commission (CIRC) for illegal sales of universal insurance products.

The branch's Qionglai service outlet was fined more than 100,000 yuan ($14,648) for its failure to disclose the deduction of risk-associated fees, the proportion of initial fees and other important contract-related information to its clients.

The service outlet's head Zheng Zhong was dismissed. Jiang Zhiwei, assistant to the Sichuan branch's general manager, and Yang Wei, chief of the branch's personal business department, each received a warning ...

The full text is available in the May Issue of China Insurance. Please visit publications for more subscription details.