According to a report from the Guizhou Provincial People's Procuratorate on November 30, Chen Yong (director level), the former business director of China Reinsurance (Group) Co., Ltd. and the former vice chairman of China Continent Property Insurance Co., Ltd. (director level), was investigated by the Guizhou Provincial Supervisory Committee and transferred to the procuratorate for review and prosecution.
has been designated by the Supreme People's Procuratorate to have jurisdiction, and will be reviewed and prosecuted by the Zunyi Municipal People's Procuratorate. A few days ago, the Zunyi Municipal People's Procuratorate made a decision to arrest Chen Yong on suspicion of corruption and bribery in accordance with the law. The case is under further processing.
Public information shows that Chen Yong was born in 1964, has a master's degree in business administration and is a senior accountant. He was one of the first insurers after the resumption of my country's modern insurance industry.
Chen Yong
In 1983, after two years of banking insurance agency business at the Jiangcheng County Branch of the Simao Prefecture Central Branch of the People's Bank of China in Yunnan Province, Chen Yong joined the Simao Central Branch of the People's Insurance Company of China and started his long insurance career.
Since then, Chen Yong has served as the general manager of Yuxi Central Branch of Ping An Insurance Company of China, the general manager of Chuncheng Branch of China Pacific Insurance Company, and the party committee secretary and general manager of Yunnan Branch of China Continent Property Insurance Co., Ltd.
Continental Insurance is the only direct property and casualty insurance company under China Re Group. It was established in Shanghai on October 15, 2003, with a registered capital of over 15.1 billion yuan. At present, it has established 36 branches, 1 sales department, and 1 shipping insurance operation center. The total number of institutions exceeds 2,100, and its business institutions cover all provinces across the country.
In February 2014, Chen Yong served as the deputy general manager of Continental Insurance and presided over the work. Chen Yong has been a director of Continental Insurance since June 2014 and vice chairman since January 2017. After he took office, he vigorously developed guaranteed insurance , and Continent Property & Casualty Insurance premiums experienced double-digit growth for six consecutive years.
However, the good times did not last long. Guaranteed insurance suffered explosions one after another, and Continental Property Insurance was not spared. "Thunder-stepping" Wuhan Jinhuang fake gold case coupled with auto insurance rate reform, Continent Property & Casualty Insurance's performance in 2020 took a turn for the worse, with negative growth in premium income.
In March 2021, China Continent Insurance announced the news of internal personnel adjustments. Chen Yong, deputy secretary of the company’s party committee, vice chairman, and president, was transferred to the business director of China Re Group and concurrently serves as the company’s vice chairman.
On the evening of May 8, 2022, news released on the website of the Guizhou Provincial Commission for Discipline Inspection and Supervision showed that Chen Yong, the former deputy secretary of the party committee, vice chairman and president of China Continent Property Insurance Co., Ltd., was suspected of serious violations of disciplines and laws. He is currently undergoing disciplinary review by the Discipline Inspection and Supervision Team of the Central Commission for Discipline Inspection and the National Supervisory Commission in China Investment Co., Ltd. and a supervisory investigation by the Guizhou Provincial Supervisory Committee.
Text/Beijing Youth Daily reporter Fan Hui Li Ziman
