According to the administrative penalty information disclosure form published on September 4 on the website of the Shenzhen Supervisory Authority of the State Administration of Financial Supervision and Administration, Tongfang Global Life Insurance Co., Ltd. was fined 1.3 million yuan for “granting non-contractual benefits, failure to use registered insurance rates in accordance with regulations, non-compliance with propaganda, and untrue business financial data.” Those responsible were warned and fined 10,000 yuan to 80,000 yuan. In response to this, Tongfang Global Life Insurance responded to the China Securities News Agency that it has insisted on implementing reforms and implementing the rectification requirements item by item, and emphasized that this penalty will not have a significant impact on the company's overall operation. At the same time, the company clarified the personnel adjustment issues that the market is concerned about, stating that the relevant job changes are not directly related to the current regulatory penalties, and are the company's normal personnel arrangements. The company emphasized that in the future, it will strictly abide by laws, regulations and regulatory requirements, consolidate compliance management responsibilities, continue to strengthen internal control and construction, and ensure the steady operation of the enterprise. Industry insiders said that judging from the conventional logic of corporate governance, cadre adjustments in insurance institutions often have the attributes of an annual plan, and are not closely linked to regulatory penalties in terms of time. The market should separate routine personnel changes from regulatory accountability to avoid excessive associations.

According to the administrative penalty information disclosure form published on September 4 on the website of the Shenzhen Supervisory Authority of the State Administration of Financial Supervision and Administration, Tongfang Global Life Insurance Co., Ltd. was fined 1.3 million yuan for “granting non-contractual benefits, failure to use registered insurance rates in accordance with regulations, non-compliance with propaganda, and untrue business financial data.” Those responsible were warned and fined 10,000 yuan to 80,000 yuan. In response to this, Tongfang Global Life Insurance responded to the China Securities News Agency that it has insisted on implementing reforms and implementing the rectification requirements item by item, and emphasized that this penalty will not have a significant impact on the company's overall operation. At the same time, the company clarified the personnel adjustment issues that the market is concerned about, stating that the relevant job changes are not directly related to the current regulatory penalties, and are the company's normal personnel arrangements. The company emphasized that in the future, it will strictly abide by laws, regulations and regulatory requirements, consolidate compliance management responsibilities, continue to strengthen internal control and construction, and ensure the steady operation of the enterprise. Industry insiders said that judging from the conventional logic of corporate governance, cadre adjustments in insurance institutions often have the attributes of an annual plan, and are not closely linked to regulatory penalties in terms of time. The market should separate routine personnel changes from regulatory accountability to avoid excessive associations.