Two of the largest insurers accused of fraud

The national accounts committee has revealed on January 31, 2011 that the accounting audits conducted in 2009 at China Life Insurance and PICC have spotted serious irregularities. The disputed transactions reached 3.02 billion CNY (460 million USD). Illegal operations of China Life amount to 1078 million CNY (164 million USD). At PICC, auditors have uncovered 1.5 billion CNY (226 million USD) of accounting irregularities related to the insurance activity and another 440 million CNY (67 million USD) of a general nature. The insurance supervisory commission has been advised of twelve other serious cases. The judicial authorities will be conducting a thorough investigation.

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