(Yicai Global) Nov. 20 -- The China Insurance Regulatory Commission (CIRC) has punished Great Wall Life Insurance Co., BoComm Life Insurance Co. and ABC Life Insurance Co. for promoting non-compliant products, the regulator said on its website yesterday.

The three insurers had serious problems in the design and management of their products that were not in line with actuarial principles, the commission said.

The CIRC ordered the companies to stop selling the products in question and rectify their wrongdoings. The insurers will be unable to apply to sell new products for the next six months, and will need to overhaul the development and management of its products to ensure they meet regulatory requirements.

Once the six-month period is up, the firms will need to submit reports to the commission covering their remedial action, so the regulator can decide whether or not to re-allow them to apply to sell new products or to take further supervisory action.

The move comes amid a nationwide push to ramp up regulation and clamp down on financial risk. The commission will continue to tighten supervision and punish those who fall out of line, it added.