华夏人寿领顶格处罚：保险业务许可证被吊销，原董事长及董秘遭终身禁业；94人累计受罚逾千万…

Core Viewpoint - The China Banking and Insurance Regulatory Commission (CBIRC) has issued a significant penalty to Huaxia Life Insurance Co., Ltd., marking a severe regulatory action in the insurance industry, resulting in the revocation of its business license and penalties for multiple responsible individuals [1][2]. Summary by Relevant Sections Regulatory Actions - Huaxia Life Insurance has been penalized for multiple serious violations, leading to the revocation of its business license [1][2]. - A total of 23 individuals, including key executives, received warnings and fines totaling 2.32 million yuan [1][2]. - Specific penalties include lifetime bans for former chairman Li Fei and former board secretary Peng Xiaodong, while others face bans ranging from 1 to 10 years [2]. Violations - Major violations by Huaxia Life include false reporting, significant omissions in submitted reports, untrue customer information, non-compliant promotional materials, fraudulent expense claims, and substantial inflation of solvency capabilities [1][2]. Company Background - Huaxia Life is part of the "Mingtian System" and has undergone significant changes, including regulatory takeover in July 2020 [3]. - In November 2023, the CBIRC approved the transfer of Huaxia Life's insurance business and corresponding assets and liabilities to Ruizhong Life Insurance, ensuring compliance and protection of consumer rights during the transition [3]. Financial Overview - Ruizhong Life Insurance, which took over Huaxia Life's operations, was established with a registered capital of 56.5 billion yuan and is backed by major investors [4]. - The total premium for the new entity is projected to reach 236.8 billion yuan in 2024 [4].