The main reason is that "Guan Guoliang", as the chairman of New China Life Insurance, used his position as the chairman to illegally misappropriate 13 billion yuan in eight years and was taken compulsory measures by the judicial organs.

On May 24th, 27, the China Insurance Regulatory Commission announced that the insurance protection fund would purchase the equity in the hands of problematic shareholders of Xinhua Life Insurance at the market price to solve the problem of misappropriation of funds. The CIRC holds 38.815% of the shares, ranking the largest shareholder of Xinhua Life Insurance. At this time, it is equivalent to the China Insurance Regulatory Commission taking over Xinhua Life Insurance. Taking over is not that the CIRC will always be the shareholder, but only temporarily manage and find a suitable operating company. China Insurance Regulatory Commission (CIRC) is a government department, and it is still different from central enterprises. It certainly cannot operate Xinhua Life Insurance, and needs to find a suitable operating company.

In November p>29, the Insurance Protection Fund of the China Insurance Regulatory Commission transferred 38.815% of the equity of Xinhua Life Insurance to Central Huijin Company as a whole.

Further reading: How to buy insurance, which is better, and teach you how to avoid these "pits" of insurance.