The giant Chinese insurer wants regulatory clearance for its planned purchase of a South Korean concern.

China’s Anbang Insurance Group is looking to get regulatory clearance for its planned $3 billion purchase of a South Korean business owned by Germany’s Allianz, media reports have said.

Anbang asked the Financial Services Commission in late August to see if the company is entitled to become the largest shareholder of the unit, news agencies said, quoting the regulator.

The moves comes after Anbang agreed to acquire Fidelity & Guaranty Life Insurance Company, paying $26.80 per share and becoming the first Chinese enterprise to acquire a US life insurance company, highlighting how Chinese firms are flexing their economic muscles.

Fidelity & Guaranty Life was founded in 1959 and became publicly traded on the New York Stock Exchange in December 2013. 

To see a report about another foray by Anbang into overseas markets, click here.