The chairman of China's insurance regulator said on Tuesday that the country's insurers should be long-term money providers and not short-term capital market "savages".

The China Insurance Regulatory Commission will shortly announce new rules to tighten control over insurance companies' stock market investment activities. 

The regulator is expected to soon publish a new notice that for the first time will set boundaries for insurers when they acquire public firms.

Meanwhile, the regulator will also ban insurance firms from acquiring public firms in concert with any non-insurance parties.

The expected moves come amid an intensifying regulatory crackdown on risky activities by some aggressive players in the insurance sector, especially those involved in financial markets.