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People's Daily Online>>China Business

Action against rouge insurance agents

By Feng Jianmin (Shanghai Daily)

08:25, November 30, 2011

China's top insurance regulator is cracking down on rouge insurance agents amid rising complaints of fraud and cheating from policy holders.

The China Insurance Regulatory Commission said that 80.66 million yuan (US$12.66 million) from premium income were taken illegally by insurers or agents so far this year and the misdeed involved 87 managers from companies, 55 insurance companies and 54 insurance agents, according to a statement released on its website yesterday.

"The main problem is the false, and non-transparent relationship between insurance institutions and agents," the CIRC said.

The CIRC has ordered local regulators to cooperate with each other to strictly punish those responsible for irregularities and disclose information as required.

In a separate statement also released yesterday, the CIRC has found illegal transfer of benefits and false business reports.

The CIRC said it has imposed a total fine of 21.8 million yuan on 110 insurance institutions in 2010 and 2011.

When he took over as chairman of the CIRC in October, Xiang Junbo launched a thorough two-month investigation into China's insurance industry, the Beijing Business Today reported citing insiders.

The CIRC said last week that it has fined several major insurers in China, including Ping An Insurance Co and China Life Insurance Co, for misusing funds raised from premium income.

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