China’s Financial Authorities Announced the Takeover of Nine Financial Institutions

China’s financial authorities announced the takeover of nine financial institutions for one year from Friday, citing rule violations.

Four are insurers – Tian An Property Insurance, Huaxia Life Insurance, Tian An Life Insurance, and – and two are trust firms – New Times Trust and New China Trust, the China Banking and Insurance Regulatory Commission (CBIRC) said on its website.

The CBIRC said the move is to protect the rights of policy holders and customers and serve the public’s interest.

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