Most of Anbang Insurance Group Co. Ltd.'s businesses are expected to be moved to a new company called Dajia Baoxian in a plan being managed by the industry regulator, Bloomberg News reported, citing sources.

Investment-type policies sold by Anbang's property insurance unit in excess of government quotas will reportedly not be transferred to the new entity. A source said how the policies would be handled has been a sticking point in talks with potential investors.

According to the report, it is unclear if property assets acquired by Anbang, including the Waldorf Astoria Hotel in New York, would also be moved to Dajia Baoxian or sold separately. The China Banking & Insurance Regulatory Commission did not respond to a request for comment from the news outlet.

Anbang fell under the control of Chinese regulators in 2018. Former Chairman Wu Xiaohui has been sentenced to 18 years in prison for criminal charges that included embezzlement.