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Four Insurers Penalized by Regulatory Authorities
The China Insurance Regulatory Commission (CIRC) on Wednesday announced in Beijing it has penalized four insurance company branches for irregularities in automobile insurance business.
The penalties faced by the China Ping An Insurance Company's branches in Nanjing and Tianjin cities, the China Pacific Insurance Company's branch in Nanjing, and a Yunnan provincial branch of the People's Insurance Company of China involve a three-month suspension of their automobile insurance business.
The companies were charged with mismanagement, paying illegal commissions and discrepancies in financial management, the CIRC said.
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