The regulator said it had imposed conditions on the licence renewals of two broker companies in early June after identifying weaknesses in their controls.
China's insurers are processing thousands of claims following Typhoon Bavi's landfalls in Zhejiang, with Ping An, PICC and China Pacific reporting early losses and payouts.
The insurer's proposed undertakings include annual product benchmarking, pricing safeguards and protections for smash repair providers in Western Australia.
The preferred bidder is expected to sign a stock purchase agreement in the third quarter, with the acquisition targeted for completion before year-end.
