China: 22 insurers fined $17.9 million for price monopoly practices
Posted On: Sep. 3, 2014 12:00 AM CSTThe 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.