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China says 3 insurers broke overseas investment rules


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China says 3 insurers broke overseas investment rules

China's insurance regulator said Feb. 24 that three Chinese insurers have violated regulations on overseas investments and gave the companies a month to come into compliance, Reuters reported.

The China Insurance Regulatory Commission, or CIRC, said Ping An Life Insurance Co. of China Ltd., New China Life Insurance Co. Ltd. and China Re Asset Management Co. broke regulations published in 2012 governing overseas investments, according to the report, citing three separate Chinese-language statements from the CIRC.

The move by the regulator followed the seizure of Anbang Insurance Group Co. Ltd. on Feb. 23 and comes as China has taken more aggressive steps to curb corruption.

According to Chinese regulatory guidelines, insurers are allowed to invest in 25 developed markets, including the U.S., as well as 20 emerging markets that include such countries as Indonesia and Brazil, the Reuters story said, citing a Xinhua News Agency report.

The CIRC gave the three insurers one month to take steps and report their changes.