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China's National Audit Office: Illegal activities at top insurers

01-31-2011 21:14 BJT

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During an audit of 2009 records, the National Audit office of China has uncovered improper and illegal activities at two of the country's largest insurers.

According to the statements published online, more than 1.9 billion yuan of illegal funds were found on the books of the People's Insurance Company of China. That figure includes 1.5 billion yuan worth of illegally sold insurance policies, improper claim settlements, and unlawful investments overseas.

In total 12 cases uncovered by the audit office have been placed under investigation by judicial authorities.The other insurer, China Life,is accused of illegal funds totaling nearly 700-million yuan, including false revenues and improper claim settlements.

Both cases are being dealt with by the China Insurance Regulatory Commission and both companies have declined to comment.

Editor:Du Xiaodan |Source: CNTV.CN

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