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Underground policy seller fined

By Li Zengxin (chinadaily.com.cn)
Updated: 2006-10-18 11:05

The China Insurance Regulatory Commission (CIRC) Shanghai bureau fined Jingquan Co Ltd, a British Virgin Islands (BVI) registered company, 300,000 yuan (US$38,000) for selling illegal insurance policies.

Jiangquan was registered in BVI and its Shanghai representative office was registered at the State Administration of Industry and Commerce in 2004. The office began selling insurance policies in large cities last year, including those issued by overseas insurers, targeting foreign residents in China and local high-income customers.

At the beginning of this year, CIRC was informed about Jingquan's illegal conduct and then transferred the case to its Shanghai branch. The Shanghai bureau, in coordination with the city economic investigation team, the entry-exit administration bureau and the administration bureau of industry and commerce, made on-site inspections and investigations at its Jingquan Shanghai office and acquired a list of names containing more than 50 policy buyers.

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The full text is available in the October Issue ofChina Insurance.