Chinese insurance firms fined $18m for price-fixing

National Development and Reform Commission (NDRC) Tuesday announced that Zhejiang Insurance Industry Association and 23 provincial level insurance companies have been fined more than 110 million yuan ($17.89 million) for fixing new car insurance discount and other anti-competitive practices.

The NDRC dropped its investigation of nine insurance companies, including American insurance company Liberty Mutual Insurance Group's subsidy in Zhejiang and Japanese Aioi Insurance Co, when it discovered they were not involved in price-fixing.