China regulator agrees Yi An P&C Insurance can enter reorganisation procedure

China regulator agrees Yi An P&C Insurance can enter reorganisation procedure
FILE PHOTO: A woman walks past a sign of China Banking Regulatory Commission (CBRC) at its office in Beijing, China March 13, 2018. REUTERS/Rita Qian

HONG KONG : China banking and insurance regulator on Friday said it agreed Yi An Property and Casualty Insurance to enter bankruptcy and reorganisation procedures.

The insurer should carry out follow-up work in strict accordance with relevant laws and regulations, according to a statement by the China Banking and Regulatory Commission (CBIRC), without giving further details.

Yi An is one of the nine financial firms connected to embattled Tomorrow Holdings, which has been targeted in a government crackdown on systemic risks posed by financial conglomerates.

 

Source: Reuters