On Apr. 4, CIRC issued Anbang protection and investor selection.
- After investigation found some shareholders of Anbang Insurance Group had used non-ownership funds to aid their preparation of fraudulent construction materials.
- To strengthen supervision of insurance, to effectively prevent financial risks, and
severely crack down on illegal and infringing behavior of insurance equity holders.
- According to provisions of "Administrative Licensing Law" and other related laws, the CIRC revoked changes in relevant shareholders, registered capital of Anbang.
- In order to ensure that Anbang Insurance Group has sufficient solvency, maintain company's stable operations, and effectively protect the interests of policyholders.
- CIRC has withdrawn the related equity licenses of Anbang Insurance Group, and
Anbang Insurance simultaneously introduced insurance protection fund injections.
- After capital injection, the capital of Anbang Insurance unchanged at RMB61.9bn.
- While introducing insurance protection fund injection, Anbang will simultaneously start the selection of strategic shareholders, introduce high-quality private capital.
- To realize orderly, safe exit of insurance protection fund, maintain private nature.