Three Chinese insurance firms banned from issuing new products
Take me away, mom Animals on the Road	“Water Margin” on eggs Cat the occupier Adorable animals pose like stars Cuddle up together, battling against blizzard Sunshine in the life

 

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, the 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.

Author： 　　　Source：xinhua　　　 Editor：Yang Fan