Three Chinese insurance firms banned from issuing new product

China's insurance regulator said Monday that it has banned three life insurance firms from issuing new products in the next six months.

The three companies, the Bank of Communications Life Insurance, ABC Life Insurance and Greatwall Life Insurance, have violated certain regulatory provisions, the China Insurance Regulatory Commission (CIRC) said on its website.

Investigators have found serious problems in the companies' product design and management, the commission said, ordering the companies to recall the defective products and rectify the problems.

CIRC said it will continue to tighten regulatory supervision and punish irregularities.

This came amid the country's efforts to intensify financial regulation and supervision to contain financial risks.