Recently there has been some news about Chinese regulators approving Chinese banks to invest in insurance companies:
In 2008, China’s banking regulator (CBRC) and insurance regulator (CIRC) signed a memorandum on strengthening cooperation between banks and insurance companies, and on cross-sector supervision. In principle, this allowed banks to invest in insurance companies, and insurance companies to invest in banks. The Bank of Communications was the pilot of this type of investment. Next, Bank of China and Bank of Beijing got approval from regulators. It has been said that China Construction Bank (CCB) and Industrial and Commercial Bank of China (ICBC) are also interested in investing in insurance companies, and some insurance companies are interested in investing in banks.
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