BEIJING - Insurance authorities now allow Chinese mainland insurance companies to invest in Hong Kong shares through a stock link program.

Insurers have to launch wealth management products to make portfolio investments via the Shanghai-Hong Kong Stock Connect, the China Insurance Regulatory Commission (CIRC) said in an online statement.

The new access to the Hong Kong market will help them improve asset structures, minimize risk and increase returns, the CIRC said.

Rules on opening accounts, trading and clearing were also clarified by the CIRC.

The stock connect was launched in November 2014 for investors to trade selected stocks on each other's exchanges. A similar one between Shenzhen and Hong Kong bourses is expected to start in mid or late November.