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China: 22 insurers fined $17.9 million for price monopoly practices

September 3, 2014 - 6:00am

The National Development and Reform Commission of China has fined 22 insurers 110 million Chinese yuan ($17.9 million) collectively for price monopoly practices, The Times of India reported.

Of the 23 insurers accused of fixing fees, one escaped the fine by providing evidence to authorities.

A unit of Ping An Insurance Co. of China Ltd. is among the firms that have been fined.

The Zhejiang Insurance Association has also been fined CNY 500,000 ($81,400) for organizing meetings to fix prices.

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