On Monday, China’s audit office found “improper and illegal activities” involving the nation’s two largest insurance companies: People’s Insurance Co. of China and China Life Insurance. The audit found that SNY3.02 billion ($458 million) had been involved with the illicit activity. Officials with the National Audit Office said that the companies were involved in an array of improper settlements, illegal international investments, and selling fraudulent insurance policies. The crimes were found after an inspection of the books from 2009. 350 people directly involved in these events were taken into custody…
Read MoreLargest insurers in China have legal problems
