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CBIRC: Announcement

Update time:2019-02-22

Announcement of the China Banking and Insurance Regulatory Commission on

Extending the Interim Management Period of

Anbang Insurance Group Co., Ltd. According to Law

 

The former China Insurance Regulatory Commission stated in its announcement dated February 23, 2018 that Anbang Insurance Group Co., Ltd. (hereinafter “Anbang Group”)’s business operation might have violated the Insurance Law of the People’s Republic of China (hereinafter the “Insurance Law”), which could seriously threaten its solvency, therefore it decided to carry out interim management of Anbang Group for a period from February 23, 2018 to February 22, 2019 in accordance with Article 144 of the Insurance Law.

 

Since the decision of interim management, the Interim Management Working Group (hereinafter the “IMWG”) has made steady progress in relevant work and disposed of risks in an orderly way; Anbang Group has remained stable operation and gradually recovered its business capability; and the legitimate rights and interests of insurance consumers and relevant parties have been effectively protected. In order to consolidate the achievements made during the interim management and actively promote Anbang Group’s transition to normal operation, the China Banking and Insurance Regulatory Commission decided to extend the interim management period of Anbang Group for one year starting from February 23, 2019 to February 22, 2020, in accordance with Article 146 of the Insurance Law.

 

During the extension, the composition, functions and powers of the IMWG as well as the Implementation Measures on Interim Management shall remain unchanged. The IMWG shall continue to perform its duties according to law, make active headway in its work, maintain stable operation of Anbang Group and safeguard the legitimate rights and interests of insurance consumers and stakeholders according to law.

 

The China Banking and Insurance Regulatory Commission

February 22, 2019