Banking and insurance regulator to take control of six companies

China's top banking and insurance regulator will, according to relevant laws, take control of six insurance and trust companies, including Tianan Property Insurance Co Ltd of China, for a year starting from Friday.

After the takeover, customers can still buy financial products that the six financial institutions are selling, and those institutions can continue their business.

The takeover may be extended according to laws if the efforts made fail to achieve the expected results, the China Banking and Insurance Regulatory Commission said on Friday.