Money

China vows to punish illegal insurance agents

(Xinhua)
Updated: 2010-10-19 13:34

BEIJING - There will be unrelenting efforts to crack down on activities such as illegal financing and pyramid selling by insurance agents, the China Insurance Regulatory Commission (CIRC) said Monday.

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The CIRC issued the statement on its website after two cases came to the attention of the insurance regulatory bureaus in Liaoning and Zhejiang provinces.

In Liaoning, He Feng, head of the Chende Insurance Agent Company, was detained for collecting capital at high interest rates. In Zhejiang, the license of the Hangzhou Minfeng Insurance Agent Company was canceled for luring policyholders by exaggerating prospective earnings.

The CIRC reminded the public not to be misled by similar claims and encouraged them to report illegal activities to reduce their losses.