The Maoming branch of Ping An Property Insurance Company of China has been penalized with a 650,000 yuan fine due to violations including falsified financial data and providing benefits to policyholders outside of insurance contract terms. The penalty was issued by the Maoming financial regulatory authority.
In addition to the corporate fine, a related responsible individual, Zou Shijian, received a warning and a separate fine of 90,000 yuan.
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