China Pacific Property Insurance Co., Ltd.
Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2024
Multiple CPIC P&C and CPIC Life branches fined for inaccurate data, misleading sales, and other violations
In 2024, institutions under CPIC were repeatedly penalized by the National Financial Regulatory Administration system: CPIC P&C’s Heilongjiang branch was fined RMB 150,000 for inaccurate data; its Dalian branch was fined RMB 300,000 because employees intercepted premiums; its Wenzhou branch was fined RMB 560,000 for preparing false reports and giving benefits outside contracts; its Tianjin branch was fined RMB 240,000 for underwriting and clause/rate violations; CPIC Life’s Shenzhen branch was fined RMB 1.18 million for misleading sales, improperly obtaining expenses, inaccurate data, and other violations. The company issued major-event information disclosure announcements as required and carried out rectification.
2023
Pacific Property Insurance Shanghai branch fined for refusing to fulfill insurance payout obligations
CPIC Property Insurance announced that its Shanghai branch was fined RMB 230,000 by the Shanghai Banking and Insurance Regulatory Bureau for refusing to perform, in accordance with law, its obligations under insurance contracts to compensate or pay insurance benefits; the company said it had carried out targeted rectification. Progress: administrative penalty. Entity involved: China Pacific Property Insurance Co., Ltd. Shanghai Branch. Scope: Pacific Property Insurance Shanghai Branch.