State media reported that the State Administration of Foreign Exchange (SAFE) uncovered irregularities in foreign exchange operations at several insurance companies. The discovery was made in the course of compliance investigations. Among other violations, the administration found that some insurers, which were not named in reports, had been writing foreign currency-denominated policies for unqualified clients who, in effect, were uninsurable risks. SAFE inspected five insurers, otherwise judging their level of compliance ï¿½good overallï¿½.
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