A PYMNTS Company

China: Insurers sanctioned for price monopoly

By  |  September 2, 2014

Chinese authorities announced Tuesday that fines have been imposed on dozens of insurance groups for holding a price monopoly.

According to reports, a fine of about $17.8 million has been imposed on the Zhejiang Provincial Insurance Association, along with 23 property insurance companies, for colluding to fix discounts on car premiums. The National Development and Reform Commission announced the penalties.

China’s competition policies have been under fire as of late for alleged bias against foreign companies. The recent fines were imposed on domestic firms.

Full content: People Daily

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.