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May 16, 2017

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CIRC set to screen out irregularities

CHINA’S top insurance watchdog will conduct inspections to rectify market irregularities and protect consumer interests, it said in statement yesterday.

From June to mid-October, local insurance authorities will conduct on-site investigations on 46 branches of 16 insurance entities, as well as seven part-time insurance agents, which have been ranked poorly for customer complaints in the past two years, the China Insurance Regulatory Commission said in the statement.

The inspections will focus on violations including fraudulent sales practices, fake or absent customer information, and failure to pay small insurance claims efficiently.

The CIRC will also conduct case-by-case investigations into violations reported by the public, and punish typical behavior that hurts customer interests.

“We will never compromise on matters of principle, and we will not disregard violations for any reason,” CIRC said.

The statement also called for toughened supervision on innovative insurance businesses, and said authorities will work to standardize sales practice by insurance firms, agents and intermediaries.


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