Why was Anbang Insurance taken over by the China Insurance Regulatory Commission?

"In view of the illegal activities in the business activities of Anbang Group, which may seriously endanger the solvency of the company, the CIRC decided to take over Anbang Group for one year from 2065438+February 23, 2008 according to the relevant provisions of the Insurance Law of People's Republic of China (PRC) (hereinafter referred to as the Insurance Law)." From June 2065438 to June 2007, the China Insurance Regulatory Commission sent a working group to Anbang Group to conduct on-site inspection, strengthen on-site supervision of the company, and urge the company to improve its operation and management. At present, Anbang Group's operation is generally stable, its business operation is basically stable, and the legitimate rights and interests of insurance consumers and stakeholders have been effectively protected.

After supervision and inspection, it was found that Anbang Group violated relevant laws and regulations, and the CIRC has ordered Anbang Group to adjust the position of Chairman and General Manager Wu Xiaohui according to law. The CIRC will, in accordance with the law, set up a takeover working group with the People's Bank of China, the China Banking Regulatory Commission, the China Securities Regulatory Commission, the foreign exchange bureau and other relevant departments to take over the operation and management of Anbang Group in an all-round way and fully exercise the responsibilities of Anbang Group for one meeting, three meetings and one floor. The acquisition does not change the external creditor-debtor relationship of Anbang Group. During the takeover, the takeover working group will take practical and effective measures under the guidance of the regulatory authorities to maintain the normal operation of the company, ensure that the legitimate rights and interests of insurance consumers are fully protected, and safeguard the legitimate rights and interests of all stakeholders in accordance with the law. In the process of takeover, the takeover working group will actively introduce high-quality social capital, complete the equity restructuring, and keep the private nature of Anbang Group unchanged.

Whose is Anbang Insurance?

According to the new insurance law, China Insurance Regulatory Commission has taken over Anbang Group. This time, the CIRC sent a takeover working group directly, headed by Feng Xiao, Minister of Development and Reform Department of the CIRC, and arranged specific takeover work. All the companies taken over by the CIRC use insurance protection funds to acquire the original equity, and then sell the equity after the insurance company's operating conditions are stable, so as to introduce new shareholders for the insurance company. At the same time, it can be seen that if the insurance company taken over is a private insurance company, the private nature will remain unchanged after the takeover, and the insurance guarantee fund will only play a role in stabilizing operations and helping to tide over the difficulties.