July 17, 2020 / 9:43 AM / 23 days ago

China to take over four insurers and two trust firms to rein in financial risks

BEIJING (Reuters) - China’s banking and insurance regulator said on Friday that it would take over four insurers and two trust firms for one year starting from July 17, as they breached rules and conduct business violations.

The four insurers are Tianan Property Insurance Co of China, Huaxia Life Insurance Co, Tianan Life Insurance Co and Yi’an P&C Insurance Co. The two trust firms are New Times Trust Co and New China Trust Co.

The six financial institutions will operate and sell products normally during the takeover period, according to a statement from the China Banking and Insurance Regulatory Commission (CBIRC).

The regulator will conduct equity restructuring and introduce new investors to the two trust firms to help them enhance corporate governance, the regulator said.

Reporting by Cheng Leng, Ryan Woo and Beijing Newsroom; Editing by Alison Williams

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