Anbang Insurance has been banned from issuing new products for the next three months by the China Insurance Regulatory Commission because it is disturbing "market order". The move comes after a series of scandals involving Chinese insurance companies, including one in which an insurer was found to have paid bribes and another that involved fake medical certificates being used as collateral on loans. The ban followed a report last week by a respected Chinese publication that accused Anbang of a serious lack of transparency and financial mis-dealings along the way to accumulating assets of $275bn. Anbang rejected the claims and has threatened litigation against the publication.
Anbang Insurance has been banned from issuing new products for the next three months by the China Insurance Regulatory Commission because it is disturbing "market order". The regulator said that one of its annuity products "evades existing agency regulations". The ban followed a report last week by a respected Chinese publication that accused Anbang of a serious lack of transparency and financial mis-dealings along the way to accumulating assets of $275bn. Anbang rejected the claims and has threatened litigation against the publication.