China regulator to probe foreign insurance joint ventures for illegal business

The Beijing bureau of the China Insurance Regulatory Commission has started inspecting several foreign insurance joint ventures in the city to see if they sell insurance products of overseas-based companies in the mainland, reports Asia Insurance Review.

China restricts the sale of insurance and wealth management products in the nation that are offered by overseas firms that do not have an operating license on the mainland.

Foreign insurance ventures that cater to high net-worth individuals, insurance intermediary companies and insurance agents are the target of the inspections.

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