Saturday, September 23, 2017

Foresea Life keeps afloat amid Beijing crackdown

Despite Beijing’s crackdown on financial markets, Chinese insurer Foresea Life maintained normal operations and its cash flow stable, the company said in a statement.

Foresea Life’s adequacy ratios were higher than regulatory requirements, it added.

In addition, liquidity figures were also within reasonable and safe levels for the year.

Foresea Life is a unit of financial conglomerate Baoneng Group.

These past few months, China has embarked on an intensive crackdown on the risk in its financial sector.

In December last year, the country’s insurance regulator banned Foresea Life from selling universal life products owing to issues related to management of customer accounts and information.

Aside from that, the company chairman, Yao Zhenhua, was also banned from insurance business for ten years in February due to alleged violations of insurance fund usage.

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