(Corrects to make clear new rules apply to peers with competing
SHANGHAI, April 8 Insurers in China, including
Chinese-based foreign insurers, will be allowed to buy stakes in
more than one peer that competes in the same product lines,
according to new rules issued by the Chinese insurance regulator
and seen by Reuters on Tuesday.
The new regulations aimed at facilitating consolidation in
the industry, were published by the China Insurance Regulatory
Commission (CIRC) on its website dated last Friday.
Current regulations restrict insurers from buying a stake in
more than one peer that markets similar products.
The new rules could see stronger companies investing in
their weaker counterparts.
(Reporting by Lu Jianxin and Pete Sweeney; Additional reporting
by Lawrence White in HONG KONG; Editing by Shri Navaratnam)