HONG KONG :China's banking and insurance regulator on Monday said it was fining PICC Property and Casualty Co Ltd due to a violation of the insurance law.
The non-life insurer was fined 500,000 yuan (US$77,000), according to a written decision published on the regultor's website.
Two former employees of the company, including former vice general manager Wu Jianlin, were warned and fined 100,000 yuan each.
(US$1 = 6.4685 Chinese yuan renminbi)
(Reporting by Twinnie Siu and Meg Shen; Editing by Hugh Lawson and David Evans)