Agreement to help police, financial bodies combat insurance crime

Through close cooperation with financial institutes, Beijing police have cracked more than 170 cases of insurance fraud and captured 130 suspects since the beginning of this year.

The money involved in the cases totaled over 12 million yuan ($1.86 million), the Beijing Public Security Bureau said on Friday, at the signing of a consultation agreement to strengthen the fight against insurance-related crimes with the Beijing Office of China Banking and Insurance Regulatory Commission, the Beijing Insurance Association and the China Banking and Insurance Information Technology Management Co.

Under the agreement, the four departments will improve communication and the exchange of information by holding consultations, supervising the insurance industry and making more effort in preventing financial risks.

The agreement will also bring police up to date with the fast pace of development of insurance-related products and services, and more efficiently solve new financial cases, the bureau said, adding that it will also promote the healthy growth of insurance and keep the financial industry in order.