Foresea Life chief barred for 10 years
Print Edition
THE top insurance regulator yesterday barred Yao Zhenhua, chairman of Foresea Life Insurance, from the insurance industry for 10 years for irregular market operations.
The China Insurance Regulatory Commission said in a statement that Foresea Life violated insurance regulations and provided false information for its capital increase.
Yao has been removed from the post, it said.
Foresea Life, a subsidiary of financial conglomerate Baoneng, was suspended from selling its questionable high-return insurance service in December, after speculative stake buyouts in listed companies by heavyweight insurers caused concern.
To contain possible financial risks, the CIRC sent investigation teams to insurers, including Foresea Life, to review their management, financial sheets, insurance product services and capital use.
The CIRC said Foresea Life had stated that its shareholders had used their own fund for capital replenishment in November 2015, but an investigation revealed that the statement did not match the actual capital source. The CIRC said Yao was directly responsible for the false information.
Yao’s punishment is in line with the insurance law and his situation does not serve to mitigate or remit the punishment, the CIRC said.
The CIRC said it would help the insurer improve the way it is run.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
