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HSBC's Life Insurance Arm Issued Warning, to Pay Fine in Shanghai

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HSBC's (HKG:0005) HSBC Life Insurance was issued a warning and ordered to pay a fine worth 170,000 yuan by the Shanghai Financial Regulatory Bureau.

The insurer was found to have violated rules that led to imprudent equity valuation, unreasonable medical deductibles, and substandard health unit operations, it said in a Monday statement on its website.

HSBC Life added that it has since completed remediation and reaffirmed its commitment to strengthening compliance and internal controls to ensure lawful operations.

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