China injects US$9.7bn into AnbangApril 5 2018 by InsuranceAsia News Staff
To ensure solvency and stability, the Chinese government is injecting Rmb60.8 billion (US$9.7 billion) into Anbang Insurance Group as the company becomes a subject of investigation for fraud.
The company’s chairman has been accused of masterminding a multibillion-dollar scheme.
In a post on its website on Wednesday, Anbang said the money will come from the China Insurance Security Fund.
The China Insurance Regulatory Commission, the country’s insurance watchdog, said the money injected is aimed at ensuring the firm’s solvency and stability and protecting policyholders’ interests.
The move came a week after a hearing of fraud and embezzlement charges against former chairman Wu Xiaohui.
In 2014, Anbang burst onto the global scene with the purchase of New York’s Waldorf Astoria hotel but was ultimately seized by the Chinese government in February of this year.
- August 22
A failure to update the customer data management system could be to blame for double charging and underinsurance.
- August 15
The Australian Prudential Regulation Authority is requiring the investment following a test in 2018.
- August 12
Law firm Slater and Gordon believe thousands more customers could be involved in class action.
- August 8
Following intense regulatory scrutiny the German giant has decided to exit the market.