Chinese insurers fined over price-fixing

Chinese antitrust authority announced on Tuesday a fine of 110 million yuan (17.8 million U.S. dollars) to an insurance association and 23 property insurers in east China's Zhejiang Province due to price monopoly.

The Zhejiang Provincial Insurance Association and 23 property insurance companies convened several times to fix the discounts on motor vehicle premiums, the National Development and Reform Commission (NDRC) said.

The penalties to domestic insurance companies were the latest of China's anti-monopoly crackdown after foreign carmakers and auto parts suppliers were fined for their monopoly activities.