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China regulator tightens overseas insurance product sales scrutiny

[SHANGHAI] China's insurance regulator has asked all of its branches to heighten vigilance against sales of insurance products in the mainland by overseas insurers that break rules, the state-owned Shanghai Securities News said on Tuesday.

In February, China's foreign exchange regulator set a US$5,000 single-purchase limit for customers buying overseas insurance products using mainland bank cards.

Shanghai Securities News said that the China Insurance Regulatory Commission has asked all branches to investigate cases of domestic consultancies, wealth management and insurance firms receiving payments from foreign firms, or holding summits or advertising regarding foreign insurance products.

A spokesman for the regulator declined to comment on the report.