The China Insurance Regulatory Commission has given three domestic firms Friday to correct violations of the country's foreign investment regulations. Ping An Life Insurance, New China Life Insurance and China Re Asset Management, a unit of China Reinsurance Group, were notified in a statement they had breached rules on investable countries and regions. Further details of the violations were not made available. The move follows the Chinese state's takeover of beleaguered Anbang Insurance Group, which has been billed as part of a bid to focus on driving long-term growth over financial risk.
The China Insurance Regulatory Commission has given three domestic firms one month to correct violations of the country's foreign investment regulations. Ping An Life Insurance, New China Life Insurance and China Re Asset Management, a unit of China Reinsurance Group, were notified in a statement they had breached rules on investable countries and regions. Further details of the violations were not made available. The move follows the Chinese state's takeover of beleaguered Anbang Insurance Group, which has been billed as part of a bid to focus on driving long-term growth over financial risk.