3 Chinese insurers breach investment rules

The China Insurance Regulatory Commission has found that three domestic insurers have violated the rules of foreign investment. The companies have been given a month to take the necessary corrective steps.

China Re Asset Management Co., China Life Insurance Co. and Ping An Insurance (Group) Co. have breached the regulations on investable countries and regimen. The three insurers must report on steps taken to correct the breaches within one month from receiving the orders, according to the statements.

The notice follows the government’s takeover of Anbang Insurance Group Co. recently. The takeover signifies the measures taken by the regulatory body in a bid to bring about sustainable growth within the industry.

Under founder Wu Xiaohui, Anbang conducted a slew of overseas acquisitions of assets across the world, according to a Bloomberg report.