The China Insurance Regulatory Commission has suspended the online businesses of Huaxia Insurance and Soochow Life Insurance.

The two insurance firms have also been banned from applying for new products for three months. The decision came after the CIRC moved to investigate nine Chinese insurance firms concerning a number of products.

Huaxia Insurance said half of the banned new products won't impact its work with clients. Huaxia also said it has never bought any shares in the equity market or been involved in any hostile acquisitions.