Regulators investigate a Hong Kong and Macau unit of China Insurance

Regulators have investigated a Hong Kong and Macau unit of China Insurance (HK) Holdings - the flagship overseas arm of revamped People's Insurance Co of China - for illegal practices.

The mainland probe centred on a Zhongshan outfit of the Macau office of China Life Insurance Shareholding - controlled by China Insurance (HK) - the Hong Kong-China News Agency reported yesterday.

The outfit had sold 200 policies in the three months to September with a combined premium income of 200,000 yuan (about HK$186,740) the report said.

Authorities have frozen the company's bank account holding 460,000 yuan. Further action will be taken as part of on-going attempts by the China Insurance Regulatory Commission to tighten supervision of overseas sales on the mainland.