The China Insurance Regulatory Commission (CIRC) said on Saturday that it has suspended Evergrande Life Insurance from conducting stock market investment for one year due to irregularities.
The insurance regulator also banned two people responsible for the company from working in the insurance sector for five years and three years respectively, according to a statement released by CIRC on its website.
In December of last year, CIRC dispatched two inspection teams to insurers Evergrande Life and Foresea Life, a unit of financial conglomerate Baoneng Group, as part of a regulatory crackdown on risky financial activities brought by sizeable stake buyouts by some big insurance companies.
Screenshot of the statement released by CIRC on its website on Saturday, February 25, 2017.
Last year’s investigation came after CIRC announced it had sent a verbal warning to Evergrande Life about its short-term speculative trading activities.
On Friday, the regulator said it has banned Yao Zhenhua, chairman of Foresea Life Insurance, from entering the insurance business for 10 years for violating regulations through his usage of insurance funds.
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