Regulator Sanctions Foresea for Improper Policy Management

(Beijing) — China's insurance regulator has zeroed in on an insurer known for aggressive sales and investment as authorities try to stop companies from abusing investment-linked policies to raise funds quickly.

The China Insurance Regulatory Commission (CIRC) on Monday told Foresea Life Insurance, a subsidiary of Shenzhen-based Baoneng Group, to stop selling new universal insurance policies — products that offer little protection compared with traditional policies but appeal to buyers as investment tools with high yields and short maturities — until further notice.