"These 'love insurances' involving celebrities are not insurance products as they do not meet the requirements listed in China's Insurance Law," said the commission.
Internet companies are increasingly using Chinese youngsters' craze about entertainment events and personalities as a marketing tool to promote their products and services.
In 2014, the so-called night owl insurance, valid for 30 days during the Fifa World Cup in Brazil, drew rave reviews from among the mainland's internet users.
The insurance product covered medical and emergency expenses for soccer fans who might push themselves to the limit during late-night matches for 3 yuan (64 US cents).
When Lu Han announced his relationship in a Weibo post last year, some Taobao shops rolled out a "Lu Han love insurance" priced at 11.11 yuan per policy.
Purchasers could get double their money if he was still dating his girlfriend a year later.
The Communist Party mouthpiece People's Daily said in a commentary last month that "love insurance" and similar products were something akin to gambling, rather than insurance policies.
The tone taken by the newspaper was viewed as a sign that the regulator would step in to clean up the online insurance market, where only a handful of players such as ZhongAn Online Property and Casualty Insurance are licensed to do business.
"China's financial market is still a regulated market, with authorities playing a powerful role in judging the legality of businesses," said Wang Feng, chairman of Shanghai-based financial services company Ye Lang Capital.
"The joke type of products such as 'love insurance', although describing themselves as innovative products, will be eradicated sooner or later."
- South China Morning Post