China's insurance regulator CIRC punished two major insurers over the weekend for a variety of rule violations. Yao Zhenhua, the chairman of Foresea Life, was banned from the insurance business for 10 years as a result of the company's violations in its usage of insurance funds. 

Foresea Life rose to fame in late 2015 when the company and its parent Baoneng Group bought a large stake in property developer China Vanke. This move raised questions concerning the motives and source of funds. Meanwhile,  Evergrande Life was banned from the stock market for one year, and the ratio of its investment in equity was capped at 20 percent. The punishments can be seen as an important step in the crackdown on risky activities by aggressive insurers.