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 | Thursday, April 27, 2000, updated at 16:09(GMT+8) | ||||||||||||
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Two Chinese Insurance Agents PenalizedTwo professional insurance agents have been penalized by the China Insurance Regulatory Commission (CIRC), ordering them to close temporarily for three months.According to the CIRC, the Beijing Anbang Insurance Agent Co. has been penalized for registering under another name other than the one approved by the CIRC. The Company was also found to have false registered capital and bad management. The Guizhou Hong'an Insurance Agent Co. has been penalized for changing its name, its chairman and manager without CIRC approval. The two companies violated relevant provisions as provided by the China's Insurance Law and administrative regulations on insurance agents, the CIRC said. Both companies were among the first group of professional insurance agents approved by the CIRC late last year. CIRC said that China's insurance intermediary market will develop enormously in the next five years and become an important part of the insurance market.
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