22 insurers convicted for cartel on commissions

The Chinese authorities have launched a massive campaign against monopolistic practices in different sectors of the economy. In this regard, 22 insurers were ordered to pay nearly 18 million USD for cartel on commissions charged in motor insurance.

The companies penalized include reputable insurance companies such as China Life and Ping An. Zhejiang Insurance Association, also found guilty, is ordered to pay a fine of 81 000 USD.