SEC finds no fault with China Life

China Life Insurance, the country's biggest life insurer by premiums, announced Thursday that US Securities and Exchange Commission investigators had not recommended any enforcement action against the company following a probe into its affairs. The informal SEC inquiry was launched in April 2004 after China's National Audit Office alleged accounting irregularities at the Hong Kong and New York listed company in February that year. The alleged irregularities centred on US$673 million at China Life's predecessor before it was restructured for an initial public share offering in December 2003. China Life is 72% owned by the state-controlled China Life Insurance (Group).