Off the wire
• Four things to look out for in Spain's matchday 24  • Figure skating results at Sapporo Winter Asian Games  • Seminar to be convened on southern Africa integration, China role a main focus  • 2nd LD: 60 killed in blast near Syria's city of al-Bab  • China to strictly evaluate poverty relief work  • Huang Qifan appointed vice chairman of NPC financial and economic affairs committee  • Evergrande faces no pressure to play Jiangsu in CFA Super Cup, says Scolari  • Indian authorities to bring back body of its national killed in Kansas shooting  • Commentary: Washington needs to discard its lingering misconceptions about China  • Mediterranean migrant deaths reach 366 so far this year: IOM  
You are here: 　 Home

Foresea Life chief suspended from insurance business for irregular fund use

Xinhua, February 24, 2017 Adjust font size:

The top insurance regulator on Friday barred Yao Zhenhua, chairman of Foresea Life Insurance, from the insurance industry for 10 years for irregular market operations.

China Insurance Regulatory Commission (CIRC) said in a statement that Foresea Life violated insurance regulations and provided false information during its capital increase.

Foresea Life, a subsidiary of financial conglomerate Baoneng, was suspended from selling its questionable high-return insurance service in December, after speculative stake buyouts in listed companies by heavyweight insurers caused concern.

To contain possible financial risks, the CIRC sent investigation teams to insurance companies, including Foresea Life, to review their management, financial sheets, insurance product services and capital use.

CIRC chairman Xiang Junbo warned earlier this week that using insurance funds for short-term speculation and hostile takeovers in listed firms would be addressed without mercy.

The CIRC said it will help the insurer improve the way it is run. Endi