The penalty relates to ICICI Lombard's failure to document ₹7.10bn (US$75.1m) of sales, marketing and business support spending in FY2019, part of which went to agents of other insurers.
Both agencies said the benefit will hinge on how the five state-owned (re)insurance groups deploy the money, with heavier equity investment raising asset risk.
China Life, PICC, China Taiping, Sinosure, and China Re will take up to CNY70bn (US$10.4bn) of a CNY360bn recapitalisation that also covers three state banks.
Alexander Roth will lead the unit, which pulls structured reinsurance, analytics and capital markets specialists together to serve clients in Europe, Asia and other markets.
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