A penalty was imposed on Taiping Asset Management Co., Ltd. for failing to use insurance company funds in accordance with regulations.

The National Financial Regulatory Administration's administrative penalty disclosure list shows that Taiping Asset Management Co., Ltd. was fined 300,000 yuan by the NFRA for not utilizing insurance company funds as required.

Zhou Ye was banned from entering the insurance industry for 15 years.

Xu Gang was given a warning and fined 10,000 yuan.