-
Advertorial
-
FOCUS
-
Guide
-
Lifestyle
-
Tech and Vogue
-
TechandScience
-
CHTF Special
-
Nanhan
-
Futian Today
-
Hit Bravo
-
Special Report
-
Junior Journalist Program
-
World Economy
-
Opinion
-
Diversions
-
Hotels
-
Movies
-
People
-
Person of the week
-
Weekend
-
Photo Highlights
-
Currency Focus
-
Kaleidoscope
-
Tech and Science
-
News Picks
-
Yes Teens
-
Fun
-
Budding Writers
-
Campus
-
Glamour
-
News
-
Digital Paper
-
Food drink
-
Majors_Forum
-
Speak Shenzhen
-
Business_Markets
-
Shopping
-
Travel
-
Restaurants
-
Hotels
-
Investment
-
Yearend Review
-
In depth
-
Leisure Highlights
-
Sports
-
World
-
QINGDAO TODAY
-
Entertainment
-
Business
-
Markets
-
Culture
-
China
-
Shenzhen
-
Important news
在线翻译:
szdaily -> Business
Anbang Life banned for three months
    2017-May-8  08:53    Shenzhen Daily

ANBANG Life Insurance Co. was punished by China’s insurance regulator which Friday barred the firm from applying to issue new products for three months, the latest move in an industry-wide crackdown.

Anbang Life, a key part of Anbang Insurance Group Co., was cited for “disrupting market order” by designing a product that bypassed regulations aimed at curbing growth of short-term, risky universal life insurance products, the China Insurance Regulatory Commission (CIRC) said in an online public notice.

A handful of insurance firms, led by Anbang, have issued higher-yielding products to raise funds to acquire stakes in listed companies.

Over the last two years, Anbang has taken significant stakes in a handful of listed banks and property firms, including China Minsheng Banking Corp., Agricultural Bank of China, Gemdale Corp. and China Vanke.

Other insurers have been caught up in the crackdown. In December, CIRC suspended Foresea Life, a unit of financial conglomerate Baoneng Group, from selling universal life products until it addressed problems managing customer accounts and information.

Anbang Life intentionally designed a long-term annuity insurance product as a two-year product, circumventing rules, the CIRC said in Friday’s notice.

Materials for another Anbang Life product lacked the signature of the company’s chief actuary, in violation of rules, the notice said.

The regulator instructed Anbang to rectify its product development and management.

“[The regulator] is urging insurers, especially life insurers, to focus on long-term value creation business by selling more protection component products and take a more prudent investment strategy,” said Qian Zhu, an insurance analyst at Moody’s.

“It’s beneficial to the industry in the long run, but could cause some growing pains for the industry in the short term.”(SD-Agencies)

深圳报业集团版权所有, 未经授权禁止复制; Copyright 2010, All Rights Reserved.
Shenzhen Daily E-mail:szdaily@szszd.com.cn