CIRC cracks down on insurance agencies
As of September 2017, the regulator has issued a total of 25 regulatory letters and 27 administrative penalty decisions
The China Insurance Regulatory Commission (CIRC) issued a total of four regulatory letters and an administrative penalty decision on September 30, three of which are related to problems found in the rectification of insurance agencies, The Paper reported.
Sunshine Life Insurance, Taikang Life Insurance and Ping An Life Insurance of China received regulatory letters due to unqualified practice in telephone and internet sales.
While Yong An Insurance, which established a business department without the approval of the regulator, received an administrative penalty.
Yong Ming, general manager of Yong An Insurance, was warned and fined 140,000 yuan (US$21,121). The penalty for establishing a new department without approval was 210,000 yuan. Providing false information cost Yong An Insurance another 350,000 yuan, it said.
According to the data released by the CIRC, as of September 2017, the regulator has issued a total of 25 regulatory letters and 27 administrative penalty decision, the report added.