Insurance companies can use brokerages and FMCs to manage their bank deposits and invest in equities, bonds and mutual funds on their behalf, according to the new rules published on the China Insurance Regulatory Commission's website, cited by Reuters.

Previously, insurers were required to manage their investments directly or through asset management companies they owned.

To qualify to take over management of insurers' assets, FMCs and brokerages must each have at least 10 billion yuan (US$1.57 billion) in outstanding assets under management, according to the rules.