China's insurance regulator is taking over the Anbang Insurance Group for one year.

The China Insurance Regulatory Commission says Anbang's former CEO and General Manager Wu Xiaohui now faces criminal prosecution. The regulator says Anbang Group's operations violated laws and may endanger the company's solvency. The regulator says its takeover of Anbang will start on February 23rd to protect consumers' legitimate rights. Anbang will continue its usual business after the take over and its liabilities and creditors' rights will stay the same.