Caps on foreign ownership eased in life insurance JVs

China will lift foreign ownership restrictions in the life insurance sector in three years and raise foreign ownership limits to 51 percent in joint-venture life insurance firms by the end of June, a top regulatory official said.

Speaking at a panel discussion during the Boao Forum for Asia on Wednesday, Yi Gang, the governor of the People's Bank of China, the central bank, said the new measures will form part of the broader package of policies that will further open up the country's financial sector.

Industry insiders said the new measures will instill market vitality and create new development opportunities.