Beijing (CNS) - Combating commercial bribery is a crucial task facing the modern insurance industry, claimed the China Insurance Regulatory Commission (CIRC) on November 20.
There are three types of commercial bribery in the insurance business. The first is to set up a private fund to make illegitimate deals; the second is the use of unqualified intermediates to charge administration fees; and the last is the misuse of the powers of a governmental agency, primarily by taking advantage of its monopolistic resources or administrative powers to extort rebates.
Methods of thwarting commercial bribery need to incorporate advances in the insurance business and be matched by serious penalties for the convicted, said Chen Xinquan, secretary of the CIRC.
