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Insurance surveyor Dayang's illegalities exposed

By Shangguan Zhoudong (chinadaily.com.cn)
Updated: 2006-08-09 09:04

Shanghai-based Dayang Surveyors and Loss Adjusters Co Ltd was exposed for reporting false profits to the China Insurance Regulatory Commission (CIRC) in the first quarter of this year and the illegal establishment of a branch in East China's Anhui Province.

According to the Market Development Report of China's Insurance Intermediaries published by the CIRC, in the first quarter of this year, Dayang announced it recorded 69.15 million yuan (US$8.68 million) in revenue, placing it at the top of the sector, comprising 47.69 percent of the market share, but it hadn't entered the ranks of the top ten companies by business revenue in the first half of this year.

According to a source with the Shanghai Regulatory Bureau of the CIRC, the regulator has fined Dayang 20,000 yuan (US$2059.95) for false revenue announcement, but the source did not reveal Dayang's true revenue.

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The full text is available in the August Issue ofChina Insurance.