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SAIC’s Hubei branch fines local insurance body for dividing market

( August 16, 2016, 07:20 GMT | Official Statement) -- MLex Summary: The Hubei province branch of China’s State Administration for Industry and Commerce has fined the Hubei Insurance Association 200,000 yuan ($30,146) for arranging for 27 local insurers qualified to offer new car insurance services to enter into and implement market-division agreements from May 2003 to November 2013. The Hubei SAIC branch applied a reduced penalty in the case because the association proactively cooperated with the investigation and took corrective measures. The penalty decision was made on May 6.The full text of the penalty decision follows:...

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