China regulator asks insurers to rectify overseas investment violations

BY  | FROM  | 2018-02-25 15:48

Three Chinese insurers were required to take measures to rectify overseas investment projects that violated regulations, according to China's insurance regulator.

The insurers were Ping An Insurance (Group) Company of China, New China Life Insurance and China Re Asset Management Company, according to online statements of the China Insurance Regulatory Commission (CIRC) Saturday.

The CIRC said the firms' investment in foreign countries and regions violated official rules published in 2012, without specifying their irregularities.

Chinese insurers are allowed to make investments in 25 developed markets, including the United States and Singapore, as well as 20 emerging markets such as Brazil and Indonesia, according to the CIRC rules on overseas investment of insurance funds.

The firms were asked to make due adjustments and report their rectifications within a month.

    Related News

      Financial Times

    • Fed fears market misreading of guidance
    • The US Federal Reserve is keen to revamp its forward guidance about future interest rates but terrified of a market misunderstanding, according to the minutes of its September meeting

      Reuters

    • Asian shares rebound after Fed renews dovish credentials
    • Asian shares bounced back and the dollar fell on Thursday after minutes of the U.S. Federal Reserve's latest policy meeting showed policymakers have some concerns about downside risks to the global economy and the dol...

      USA TODAY

    • Nigeria succeeds at containing Ebola
    • People here are shaking hands again, kissing, hugging, touching. These days, shops are open, people are working, and children are finally going back to 
      school
    Chinese Dictionary: