China's insurance regulator slapped the wrists of three major insurers for cross-border investment violations. The move follows the government's swoop against Anbang.
New China Life Insurance, China Re Asset Management and Ping An Insurance received violation notices linked to overseas investments, issued by the China Insurance Regulatory Commission.
China's government last week removed Wu Xiaohui, the founder and chairman of the finance conglomerate Anbang. He faces prosecution for alleged company embezzlement, as finews.asia reported.
The latest action is further sign that China is moving to insulate itself from the financial dealings of its acquisition-hungry conglomerates. The three insurers have been ordered to correct the misconduct and report back to the insurance regulator within a month.
