Ren Chunsheng, former chairman of the Shanghai Insurance Exchange, was sentenced on Thursday by a Beijing court to 12 years in prison for accepting bribes.

Ren was also fined 1.5 million yuan ($219,307), and proceeds and interest derived from his bribery were recovered and turned over to the state treasury, according to a ruling from the Beijing No 2 Intermediate People's Court. The court did not release details such as the exact amount of bribes he received.

Ren was placed under investigation for alleged serious violations of Party discipline and national laws in May 2024. About a year later, he was expelled from the Party and removed from public office. At that time, investigators found that Ren used his positions to seek benefits for others in various matters and accepted "extremely large" bribes in return.

Public records show that Ren worked in the insurance sector for decades and became chairman of the Shanghai Insurance Exchange in July 2021.