On February 24th, the third day after Xiang Junbo, chairman of the China Insurance Regulatory Commission, said that "insurance is not allowed to be borrowed and hidden by financial predators, and once it challenges the regulatory bottom line, it will be resolutely expelled from the insurance industry", the China Insurance Regulatory Commission offered the most severe top penalty in the history of China insurance industry-Yao Zhenhua, as the helm of Qianhai Life Insurance, was disqualified as the chairman and banned from engaging in the insurance industry for 10 years.

Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.