China Life Group has been ordered to pay US$8.15 million in fines for accounting irregularities and unpaid taxes. China Life Insurance, a Hong Kong- and New York-listed unit of the mainland group, released the information in a legal notice to the Hong Kong Stock Exchange. The notice outlined the action taken by China's National Audit Office against China Life's parent. The fines were significantly lower than analysts had predicted. China Life is facing a class-action lawsuit in the state of New York accusing it of �massive financial fraud�. The insurer has not been accused of any wrongdoing in China.
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