The authorities searched nine locations and made 15 arrests linked to suspected fraudulent practices at an insurance exam centre for FLMI qualification.
AXA, BOC Group Life, FWD, HSBC Life and Manulife sit among 30 institutions involved in 36 use cases selected from nearly 100 proposals, in a cohort now spanning banking, securities, insurance and MPF.
The insurer said the order is not expected to have a material adverse impact on its financial operations at this stage, as it intends to challenge the decision.
The reforms are expected to improve market discipline and product governance, although Moody's says changes will take longer to materialise than in motor insurance.
The city will fund half the premium, up to 1m yuan (US$150,000) per company each year, and has launched an SME package where 9,800 yuan buys 5.5m yuan of cover.
