situation report

Feb 23, 2018 | 19:02 GMT

1 min read

China: Government Takes Over Anbang Insurance Group's Management

The China Insurance Regulatory Commission (CIRC) announced Feb. 23 that it had taken control of Anbang Insurance Group Co. Ltd. for one year, saying the company had violated laws and regulations that could threaten its solvency, Reuters reported. During the one-year government takeover, CIRC officials, the central bank and other key Chinese financial regulators and government bodies will manage Anbang. The takeover signals Beijing's commitment to lowering China's financial risks, restructuring its entrenched financial system and managing its debt.

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