ChinaUS EUROPEASIA 中文双语Français
Business\Companies

Three Chinese insurance firms banned from issuing new products

Xinhua | Updated: 2017-11-21 09:23

BEIJING - 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, 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.

BACK TO THE TOP
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263

Registration Number: 130349
FOLLOW US