Insurer's $14b Starwood bid 'in line with rules'

China's Anbang Insurance Group may get around domestic policy barriers with its increased offer of $14 billion for Starwood Hotels & Resorts Worldwide, topping the latest bid from its rival Marriott International.

A spokesman for Anbang said on Tuesday that the investment plan conforms with rules and regulations and the company has an ample overseas investment quota for this year.

Chinese financial magazine Caixin had reported that the China Insurance Regulatory Commission, the industry watchdog, may refuse to give approval for two Anbang deals. The report said the deals could violate a rule that restricts domestic insurance firms from investing more than 15 percent of their total assets abroad.