Fines worth more than 110 million yuan ($17.93 million) have been imposed on 23 property insurers and one insurance association in east China's Zhejiang Province after evidence of price fixing was found.

The Zhejiang Provincial Insurance Association and 23 local property insurance companies were found to have colluded on discounts on car insurance premiums during multiple meetings, the National Development and Reform Commission (NDRC) said on September 2.

The penalties against domestic insurance companies were the latest measures in China's anti-monopoly crackdown. Foreign carmakers and auto parts suppliers have also been fined for monopoly activities since the end of July.

The NDRC said it launched investigation into all 32 insurance companies in Zhejiang after it was tipped off that the provincial insurance association convened with 23 insurance companies to collude on discounts for premiums on newly purchased cars.