Domestic insurance companies fined for price fixing
The antitrust regulator announced fines on 23 Chinese insurance firms and a local industry association on Tuesday, amid foreign companies' complaints that they fall victim to "selective and subjective enforcement" of anti-monopoly probes in the country.
The 23 provincial insurance companies and Zhejiang Insurance Industry Association were fined more than 110 million yuan ($17.8 million) for fixing new car insurance discounts and other anti-competitive practices, according to the National Development and Reform Commission.
The regulator said it ceased investigation against nine insurance companies, including US insurance company Liberty Mutual Insurance Group's subsidiary in Zhejiang and Japan's Aioi Insurance, after it discovered they didn't participate in price fixing.
