China to fight tough violations in insurance industry

Beijing. May 30. Silkroadnews - Chinese regulators have taken a tough stance on violations in the insurance industry, imposing millions of dollars in fines for the first four months of 2018, China Plus reports.
In January-April, more than 60 insurance companies were fined to the amount of more than 63 million yuan (about $9.8 million).
Both insurance companies and intermediary agencies were fined for violations, including fraud in sales and forged materials.
For property insurers, falsification was the most common illegal practice, while car insurance and agricultural insurance were areas where the heaviest penalties were imposed.
China announced the merger of banking and insurance regulators in March to strengthen control over the financial sector and reduce risks.
According to the China Banking and Insurance Regulatory Commission, 646 fines were imposed on banking and insurance institutions for violations, including poor corporate governance and macro-regulatory policy violations, in the first quarter of the year. These institutions were handed fines and confiscation orders worth about 1.2 billion yuan (about $187 million).