Chinese regulators have taken a tough stance against violations in the insurance industry, meting out fines of millions of yuan in the first four months of this year.
Over 60 insurance institutions received a total of more than CNY63 million ($10 million) in penalties from the China Banking and Insurance Regulatory Commission in the January-April period, the Securities Daily reported, citing incomplete statistics.
Both insurance firms and intermediary agencies were fined for irregularities, including misguiding sales pitches and fake materials, according to the newspaper.
For property insurers, fiscal data fraud was the most frequent illegal practice. Motor insurance and agriculture insurance were areas that saw heavy penalties.