'Crocodiles' facing crackdown by regulators

China's insurance regulator has cracked down on the illegal activities of "crocodiles", or unscrupulous operators, and taken measures to rein in potential financial risks.

In February, the China Insurance Regulatory Commission banned Yao Zhenhua, chairman of Foresea Life Insurance Co, from the insurance sector for 10 years after finding him guilty of irregular market operations. The regulator also imposed a combined fine of 1.36 million yuan ($198,000) on Foresea Life and six of its executives.

In the same month, CIRC also banned Evergrande Life Insurance Co from investing in stocks for one year, and barred two executives from the insurance industry for as long as five years.