News Regulations30 May 2018

China:Regulators maintain tough stance against errant insurers

30 May 2018

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.

 

| Print | Share

CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.

Other News



Follow Asia Insurance Review