Chinese insurance regulators has issued more almost $10m in fines a gainst intermediaries and insurance firms in the first four months of 2018.
China’s promise of getting tough on financial services companies that do not follow guidelines in 2018 has seen around 60 insurance companies – a mix of intermediaries and companies – hit with more than 63 million yuan (about $9.8m) in penalties in the January-April period, according a report in specialist local news outlet Securities Daily.
Insurance firms and intermediary agencies were fined for irregularities, including misguiding sales pitches and fake materials, according to the report.
Read more: China hits insurance industry with nearly $10m fines - International Investment
China’s promise of getting tough on financial services companies that do not follow guidelines in 2018 has seen around 60 insurance companies – a mix of intermediaries and companies – hit with more than 63 million yuan (about $9.8m) in penalties in the January-April period, according a report in specialist local news outlet Securities Daily.
Insurance firms and intermediary agencies were fined for irregularities, including misguiding sales pitches and fake materials, according to the report.
Read more: China hits insurance industry with nearly $10m fines - International Investment
