BEIJING (Reuters) - The China Insurance Regulatory Commission (CIRC) will soon send two inspection teams to check compliance at Foresea Life, a unit of financial conglomerate Baoneng Group, and Evergrande Life, the insurance arm of China Evergrande Group, the regulator told reporters late on Tuesday.
The inspection is aimed at scrutinizing the compliance of their insurance businesses, fund allocation and financial reporting, it said.
The move comes amid a wider regulatory crackdown on risky activity by some players in the sector. The CIRC earlier this week said that it had stopped Foresea Life from selling “universal life insurance” products until it addresses problems in managing customer accounts and information.
Reporting by Shu Zhang and Nicholas Heath, editing by Louise Heavens