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CIRC gets tough
By Feng Jianmin |
December 20, 2011, Tuesday
|
Print Edition
Print Edition
CHINA'S top insurance regulator has ordered 14 major domestic insurers to check and regulate behavior of their agents after they were found taking premiums illegally.
Eight agents of the 14 insurers, including Yong An Insurance, PICC Property and Casualty Co, Ping An Insurance (Group) Co, China Life Insurance Co and New China Life Insurance Co, have been fined a total of 10 million yuan (US$1.6 million) during inspections this year, the China Insurance Regulatory Commission said yesterday.
"They have illegally cashed in on the premium by making up intermediary businesses, salespersons, and intermediary business costs," the CIRC said in a statement.
The insurers need to report their corrections and future regulatory plans of their agents by the end of February.
This is the second time that the CIRC has ordered insurers to conduct self-checks as it stepped up a crackdown on rouge insurance agents in recent years amid rising complaints.
Eight agents of the 14 insurers, including Yong An Insurance, PICC Property and Casualty Co, Ping An Insurance (Group) Co, China Life Insurance Co and New China Life Insurance Co, have been fined a total of 10 million yuan (US$1.6 million) during inspections this year, the China Insurance Regulatory Commission said yesterday.
"They have illegally cashed in on the premium by making up intermediary businesses, salespersons, and intermediary business costs," the CIRC said in a statement.
The insurers need to report their corrections and future regulatory plans of their agents by the end of February.
This is the second time that the CIRC has ordered insurers to conduct self-checks as it stepped up a crackdown on rouge insurance agents in recent years amid rising complaints.
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