Wednesday, September 20, 2017

China to inspect insurance branches for violations

The China Insurance Regulatory Commission (CIRC) said local insurance authorities will conduct on-site investigations on 46 branches of 16 insurance companies that have ranked poorly in terms of customer complaints.

CIRC said the inspections, which will be conducted from June to mid-October, seek to rectify market irregularities and protect consumer interests.

Aside from the 46 branches, local insurance authorities will also inspect 7 part-time insurance agents.

In a statement, CIRC said the inspection will focus on violations including fraudulent sales practices, fake or absent customer information, and failure to pay small insurance claims efficiently.

Violations reported by the public will be investigated case-by-case, and behaviour that hurts customer interests will be punished.

CIRC said it will not disregard violations for any reasons.

The regulator added that authorities will work to standardise sales behaviour by insurance firms, agents, and intermediaries.

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