BEIJING - The Beijing representative offices of three insurance companies, including Travelers Insurance Group, have been closed because of alleged violations of government regulations.

In addition to the Travelers office, the China Insurance Regulatory Commission shuttered the representative offices of Ping An Insurance USA Co. of Hockessin, Del., and Guijiang Insurance Agency Ltd. of Hong Kong.

Travelers is part of Citigroup Inc.

Xinhua News Agency said the three were accused of changing their addresses without approval or failing to submit their annual reports or those of their parent companies to the government.

The reports also said officials planned to continue ramping up their oversight of foreign insurers doing business in China.

The closings follow a series of moves to open up Chinese markets to U.S. financial services companies, including President Clinton's push to grant permanent normal trade relations status to China.

A Travelers spokeswoman did not return phone calls.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.