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Insurance violators to face the music

Regulators have taken a tough stance against violations in the insurance industry, imposing millions of dollars in fines in the first four months of 2018. Over 60 insurance institutions received a total of more than 63 million yuan ($9.8 million) in penalties in the January-April period, Securities Daily reported. Both insurance firms and intermediary agencies were fined for irregularities, including misguiding sales pitches and fake materials, according to the newspaper. For property insurers, fiscal data fraud was the most frequent illegal practice, while car insurance and agricultural insurance were areas that saw heavy penalties.