BEIJING, Feb 24 (Reuters) - China’s insurance regulator said on Friday it has banned Yao Zhenhua, chairman of Foresea Life, from the insurance business for 10 years, citing violation of regulations in its usage of insurance funds.
The China Insurance Regulatory Commission (CIRC) said in a statement on its website that Yao has been dismissed from the position of chairman of the Foresea, which is a unit of financial conglomerate Baoneng Group.
Foresea could not be immediately contacted for comment.
CIRC said in December it had suspended Foresea Life from selling “universal life” products until the firm addressed problems in managing customer accounts and information, amid a wider crackdown on risky activity by some players in the sector. (Reporting By Shu Zhang; Editing by Muralikumar Anantharaman)