China Insurance Regulatory Commission has suspended Foresea Life Insurance, a unit of financial conglomerate Baoneng Group, from selling "universal life" products, amid a regulatory crackdown and controversy over insurance company's aggressive moves in the country's stock market.
Foresea Life, an insurance company established in 2012 at Shenzhen's Qianhai free-trade zone, has been aggressively buying up market share of large listed companies including China Vanke Co., Ltd., Gree Electric Appliances and Dong-E-E-Jiao.
It has also been locked in a takeover battle for China Vanke since last July, generating heated debate regarding how insurance companies should fund, conduct and manage its investments in public firms.
Foresea Life, which counts unive...
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