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Report: China's insurance regulator to inspect Anbang

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Report: China's insurance regulator to inspect Anbang

China's insurance regulator has turned its attention toAnbang Insurance GroupCo. as the regulator tightened oversight on insurers' real estateinvestments and unlisted equities, Bloomberg News reported May 9, citing"a person with knowledge of the matter."

The China Insurance Regulatory Commission is planning tosend a team to inspect Anbang, said the person. The regulator had previously announcedthat it will be stricter in supervising insurers' deal making, noting thatproperty acquisitions could increase liquidity and asset-liability mismatchrisks.

It was not clear which part of Anbang's business inspectorswould focus on. The CIRC is said to be trying to get a better understanding ofAnbang's business, China's Caixin reported.

A press official at CIRC did not immediately comment, whilean Anbang press official told Bloomberg that the company did not know of anyinspection.