The Shanghai office of the National Financial Regulatory Administration has issued an administrative penalty, according to publicly available information.

Ping An Property & Casualty Insurance Company of China, Ltd.'s Shanghai Minhang branch has been fined 500,000 yuan. The penalty was levied for the company's failure to use approved or filed insurance clauses and premium rates as required by regulations.

In a related action, Shao Xuexin, who served as the manager of the Ping An Property & Casualty Insurance Shanghai Minhang branch at the time of the violation, has also been penalized. Shao received a warning and a separate fine of 80,000 yuan for the same regulatory breach concerning the use of unapproved policy terms and rates.