Insurance industry clean-up

PUBLISHED : Saturday, 27 February, 1999, 12:00am
UPDATED : Saturday, 27 February, 1999, 12:00am

Beijing has issued tough rules covering senior officials in the insurance industry as part of moves to clean up the fledgling insurance market, the Financial News daily has reported. The rules, drafted by the China Insurance Regulatory Commission, cover managers ranging from chairman to department managers of domestic, joint venture and foreign insurance firms as well as insurance agents, it said. The insurance market has been plagued by irregularities such as excessive commissions for agents, fraud and cutthroat competition.