The non-life insurer was fined 500,000 yuan ($77,000), according to a written decision published on the regultor's website.

Two former employees of the company, including former vice general manager Wu Jianlin, were warned and fined 100,000 yuan each.

($1 = 6.4685 Chinese yuan renminbi)

(Reporting by Twinnie Siu and Meg Shen; Editing by Hugh Lawson and David Evans)