BEIJING, Nov. 20 (Xinhua) -- China's insurance regulator said Monday that it has banned three life insurance firms from issuing new products in the next six months. The three companies, the Bank of Communications Life Insurance, ABC Life Insurance and Greatwall Life Insurance, have violated certain regulatory provisions, the China Insurance Regulatory Commission (CIRC) said on its website. Investigators have found serious problems in the companies' product design and management, the commission said, ordering the companies to recall the defective products and rectify the problems. CIRC said it will continue to tighten regulatory supervision and punish irregularities. This came amid the country's efforts to intensify financial regulation and supervision to contain financial risks.
The China Insurance Regulatory Commission (CIRC) has issued bans on the issuance of new products for three life insurance firms, the Bank of Communications Life Insurance, Greatwall Life Insurance and ABC Life Insurance for violation of regulatory provisions. The regulator found that the companies' product design management was flawed, leading to defective product recalls. The CIRC plans to strengthen its supervision and be more stringent against financial risks.