First overhaul of the Insurance Law in more than a decade would also broaden insurers' permitted investments and lift fines to as much as 10 times illegal gains.
The group combines a technology platform, a BMA-authorised management company and a Class 3 insurer, and updates investors on their insurance investments in near real time.
China Life, PICC, China Taiping, Sinosure, and China Re will take up to CNY70bn (US$10.4bn) of a CNY360bn recapitalisation that also covers three state banks.
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