CHINA REG­U­LA­TOR MEETS FOR­EIGN IN­SUR­ERS, IN­TER­ME­DI­ARIES

The Sun (Malaysia) - - SUNBIZ -

SHANG­HAI: China’s in­surance reg­u­la­tor re­cently vis­ited for­eign life in­surance firms and in­ter­me­di­aries in Bei­jing as part of in­ves­ti­ga­tions into the il­le­gal sale of in­surance prod­ucts in Hong Kong to main­land Chi­nese, the Shang­hai Se­cu­ri­ties news re­ported yes­ter­day with­out dis­clos­ing its sources. China, which has ramped up a crack­down on il­le­gal out­flows of funds this year, is con­cerned that buy­ing over­seas in­surance has be­come a way for Chi­nese to move money abroad, avoid­ing cap­i­tal re­stric­tions. The in­ves­ti­ga­tion arm of the China In­surance Reg­u­la­tory Com­mis­sion found that some in­sur­ers were mis-sell­ing in­surance prod­ucts, us­ing un­der­handed mar­ket­ing meth­ods, the paper said. – Reuters

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