A Chinese regulator announced that it had taken disciplinary measures against the Anbang Insurance Group, a financial behemoth, for the improper sale of two investment products.
The come against a backdrop of broader worries about the country’s financial system, in addition to ones about the insurance industry.
The State Council, China’s cabinet, announced the dismissal of the chairman of the insurance regulatory commission, who has been the subject of a corruption investigation.
One, the Anbang Longevity No. 5 Annuity, had been presented to regulators as a long-term investment. But the commission said should have been subject to more stringent regulations on short- and medium-term investments.
The other banned investment product, Anbang Endowment Insurance, was put on the market without an actuary’s signature, the commission said.
China's Anbang Insurance Group set a record for the largest acquisition of a U.S. real estate asset by a Chinese buyer when acquired Waldorf Astoria.
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