China's insurance regulator is looking to broaden overseas investment channels for insurers, allowing them to invest in assets such as derivative products listed in Hong Kong, the Shanghai Securities News reported on Thursday.

Insurers are currently restricted to individual stocks, bonds and funds in overseas markets.

The watchdog was also considering allowing insurers to invest in domestic unsecured bonds above their 20 percent limit, the paper said.

Among other reviews, the China Insurance Regulatory Commission may modify the approval process for insurers to obtain licenses for forming private equity funds, the report said.

Earlier this month, China Life Insurance Co Ltd, the world's largest insurer by market capitalization, become the first Chinese insurer to be granted a license to form a private equity fund, according to a local newspaper report.

Total investment by Chinese insurers stood at 3.57 trillion yuan ($559.72 billion) in July, according to CIRC data.