Chinese insurance regulator takes over Anbang Insurance Group

Updated 2018-02-23 11:24:03 Xinhua

China's insurance regulator on Friday announced a decision to take over Anbang Insurance Group for a year in light of the company's former chief being prosecuted for economic crimes.

The move is taken to maintain normal operation at the company and protect consumers' rights, according to a statement of the China Insurance Regulatory Commission (CIRC).

"Illegal business practices by Anbang Insurance Group may seriously threaten the solvency of the company," said the CIRC in the statement.

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