China's insurance businesses fined for irregular practices

BEIJING - China's banking and insurance regulator has fined insurance businesses over multiple violations including data fabrication and false advertising.

In the first eight months of 2019, insurance institutions were fined more than 76.8 million yuan ($10.8 million) for irregular practices, according to a report by Securities Daily, citing data from the China Banking and Insurance Regulatory Commission.

The punishments came as China's regulators tightened regulations in recent years to fend off financial risks in the world's second-biggest insurance market.

Official data showed that by the end of July, the industry had combined assets totaling 19.4 trillion yuan.