News eDaily17 May 2017

China:Regulator to inspect insurers with poor customer record

17 May 2017

China's top insurance watchdog will conduct inspections to rectify market irregularities and protect consumer interests, according to an official statement.

From June to mid-October, local insurance authorities will conduct on-site investigations on 46 branches of 16 insurance entities, as well as seven part-time insurance agents, which had ranked poorly in terms of customer complaints in the past two years, CIRC said in the statement released on Monday.

The inspections will focus on violations including fraudulent sales practices, fake or missing customer information, and failure to pay small insurance claims efficiently, reported the Xinhua News Agency citing the statement.

In addition, the insurance regulator will conduct case-by-case investigations into violations reported by the public, and punish behaviour that hurts customer interests.

"We will never compromise on matters of principle, and we will not disregard violations for any reason," the regulator said in the statement.

The statement also called for toughened supervision on innovative insurance businesses, and said the authorities will work to regularise sales behaviour not only by insurance companies, but also by agents and intermediaries.


 

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