The China Banking and Insurance Regulatory Commission, China’s insurance regulator, said that the newly created Dajia Insurance Group will take over several of Anbang Insurance Group Co. Ltd.’s subsidiaries, the latest move in restructuring the fallen financial star since it was seized by the government, said Caixin.
The insurance regulator said in a statement that Dajia will receive Anbang’s stakes in its life insurance, annuity insurance and asset management subsidiaries, and some of the assets of its property and casualty insurance unit.
Anbang will be barred from getting into new insurance businesses after its subsidiaries are turned over to Dajia, though it will still be in charge of its existing insurance contracts. Dajia was established June 25 and is 98.2% owned by China Insurance Security Fund Co. Ltd. (CISFC), a little-known state-run bailout fund that’s played a key role in diffusing the risks built up by Anbang.