China’s Banking and Insurance Regulator Issued 6581 Administrative Penalties in 2020, Fines Worth over $350 Million


The China Banking and Insurance Regulatory Commission (CBIRC) has just issued its scorecard for the issuance of penalties to depository institutions and insurers last year.

CBIRC and its offices issued a total of 6581 administrative penalties in 2020, with total fines worth 2.275 billion yuan (approx. USD$353.60 million), including 2.156 billion yuan in fines for institutions, and 118 million yuan in fines for individuals.

Executive personnel were penalised 4554 times, for an increase of 30% compared to 2019. The ratio of penalised executives to penalised institutions increased from 1.2 in 2019 to 1.4 in 2020, as the authority stepped up its pursuit of individual liability.

CBIRC said that its investigations had focused in particular upon “major breaches of macro-economic control policies, severe regulatory arbitrage, and severe damage to the lawful rights and interests of consumers.”