The China Insurance Regulatory Commission has banned controversial insurer Anbang Life Insurance Co. from submitting applications to release new insurance products for three months.
In an online public notice on Friday, the regulatory body said that the penalty was imposed due to the company’s inappropriate design of products and disruption of market order.
The agency also ordered the company to correct its product development and management processes, reported Reuters
Anbang Insurance Group Co., the life insurer’s parent company, has yet to issue its reaction to the development.
The insurance group has taken several severe hits in the past few months, such as the cancellation of its talks with a prominent US company to redevelop a Manhattan office tower, the rumoured arrest of its chairman in connection to illegal loans, and its public spat with top Chinese financial media outfit Caixin.
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