Insurance News
- China punishes more law-breaking employees in insurance sector
Date: 27-Feb-2007 Sources: (Xinhua Online)
China's insurance watchdogs punished 273 law-breaking employees last year, up nearly 60 percent from the previous year, said the China Insurance Regulatory Commission on Sunday.
Sixty-four senior managers were removed from their posts. Last year just over 55 senior managers lost their jobs for illegal activities involving insurance companies or intermediary institutions, said the commission.
Local insurance regulators checked 2,635 branches of insurance companies and insurance intermediary firms around the country last year. Regulators fined 409 firms almost 15 million yuan (1.88 million U.S. dollars).
Major illegal activities included reporting false business and fiscal transactions, inappropriately reducing premiums to attract customers, misleading consumers and defaming competitors, according to the commission.
It said property insurers accounted for 58.5 percent of the firms that were punished, followed by life insurers which accounted for 24.2 percent.
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