China's insurance regulator will limit the funding avenues for insurers to take stakes in other companies, in an effort to crack down on aggressive acquisitions, financial news outlet Caixin reported on Saturday, citing anonymous industry sources.

The China Insurance Regulatory Commission (CIRC) will require insurers to report any large stakes they hold in other companies and apply for permission before undertaking any significant market activity which may lead to a takeover of a listed company, Caixin reported.

Insurers would be prevented from using insurance premiums or borrowed funds from asset management plans to acquire other companies, Caixin said.

Insurers are presently allowed to invest 30 percent of their total assets in securities, including listed-company equity.

China Vanke, the mainland's biggest property company by sales, is trying to fend off a hostile takeover by financial conglomerate Baoneng Group with a $6.9 billion deal with white knight Shenzhen Metro. However, the deal was opposed by major shareholders as it will dilute their shareholding. (Reporting by Sue-Lin Wong; Editing by Stephen Coates).