The China Insurance Regulatory Commission takes over the Limited by Share Ltd of the security group in accordance with the law

Feb 23, 2018 12:00:00 AM

Wu Xiaohui, the former chairman and general manager of

, Limited by Share Ltd, has been prosecuted according to law on suspicion of economic crime. In view of existing business group Ampang violations of laws and regulations, may seriously jeopardize the solvency of the company, in order to keep the Ampang group back to business, protect the legitimate rights and interests of insurance consumers, in accordance with the "People's Republic of China insurance law" the relevant provisions of the CIRC, Chinese decided on February 23, 2018, to take over a period of one year over the Ampang group. Since June

2017, the China Insurance Regulatory Commission has dispatched the working group to the Ampang group based on the supervision work arrangement, carried out on-site inspections, strengthened on-site supervision, and urged the company to improve its operation and management. At present, the operation of the group is generally stable, the operation of the business is basically stable, and the legitimate rights and interests of the insurance consumers and the interested parties have been effectively protected.

supervision and inspection found that there was a violation of related laws and regulations in the Ampang group. The CIRC has ordered the Ampang group to adjust Wu Xiaohui's position as chairman and general manager according to law. According to the law, the CIRC will set up a takeover team with relevant departments such as the people's Bank of China, the CBRC, the CSRC and the foreign exchange bureau, to take over the operation and management of the Ampang group and exercise the three level responsibilities of the Ampang group. The takeover does not change the bond and debt relations of the group. During the takeover period, the takeover team will take effective measures according to the regulations, guided by the supervision department, keep the company running as usual, ensure the legitimate rights and interests of the insurance consumers are fully protected, and safeguard the legitimate rights and interests of all stakeholders. In the process of

takeover, the takeover group will actively introduce high quality social capital to complete the reform of equity and keep the private nature of the group unchanged.

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