The regulatory aency said that the 23 insurers have colluded for fixing new car insurance discount and other anti-competitive practices.
One company escaped from penalty, as it informed authorities about the issue and handed over evidence, as reported by AFP.
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Meetings were conducted by industry group Zhejiang Insurance Association, where all the companies negotiated and agreed on unified commissions from auto insurance premiums.
Some of the leading Chinese insurance firms are involved in the price fixing scandal, which comprises branches of China Life and Ping An.
The authority slapped a fine of CNY500,000 on Zhejiang Insurance, which imparted a key role in the price fixing monopoly.
NDRC anti-monopoly bureau head Xu Kunlin was quoted by AFP as saying that some of the monopoly investigations involve overseas multi-nationals, but that does not mean that the agency is targeting them.
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By GlobalData"We will investigate domestic or foreign companies if they are in alleged violation of China’s anti-trust law without any discrimination," Kunlin added.
