China's insurance regulator voiced concerns over Chinese insurers' aggressive moves in the country's stock market, signaling that stricter control measures might be in the works.
Insurance companies are risk managers, not risk creators, said Xiang Junbo, the chairman of China Insurance Regulatory Commission (CIRC), during an annual insurance development conference yesterday.
Xiang warned that the CIRC will punish insurers that use their platforms as financing tools for stock market speculation.
A regional insurer, Qian Hai Life Insurance Co., Ltd., has been locked in a prolonged battle trying to wrestle control of China's largest residential property developer Vanke away from management since last year.
Chinese insurance companies often use universal life insurance products, a type of flexible permanent life insurance, as vehi...
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