(Yicai Global) Aug. 30 -- The China Insurance Regulatory Commission, National Development and Reform Commission and People's Bank of China are among over 30 departments who issued a document advising they plan to punish illegal acts in the insurance industry.
"Disciplinary action against illegal and dishonest conduct in the insurance sector is an important measure to implement a national credit system," Liang Tao, vice chairman of the insurance regulator, said at a briefing for the document's release on Aug. 30 in Beijing.
The document mentions penalties covering restricted market access, heightened job qualification requirements, enhanced supervision, restricted consumer behavior and limitations on preferential policies. There are a total of 28 penalties in six categories. The disciplinary action will cover insurance institutions and practitioners and agencies and personnel involved in the insurance market.
There should be a clear division of labor between departments to improve communication and coordination and achieve a smooth flow of information, Liang said, in order to ensure that disciplinary measures can be successfully implemented.