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Bloomberg
China’s insurance regulator found three domestic insurers violated foreign investment rules, giving the companies a month to “correct†the breaches. China Re Asset Management Co., China Life Insurance Co. and Ping An Insurance (Group) Co. violated regulations on investable countries and regions, the China Insurance Regulatory Commission said in three separate notices posted on its website. The statements didn’t give details on
the breaches.
The notices follow China’s temporary takeover of debt-laden Anbang Insurance Group Co. on Friday and a series of clampdowns on acquisitive tycoons. The Anbang seizure was announced days before the ruling Communist Party was expected to meet behind closed doors to approve personnel appointments and government restructuring decisions. The three insurers named must report on steps taken to correct the breaches within one month from receiving the orders.