During the former chairman Xiang Junbo’s time in charge of the insurance watchdog, the sector grew at breakneck speed, but the government became concerned over rampant sales of essentially short-term wealth management products and insurers’ aggressive acquisition attempts at listed companies. Photo: AFP

China steps up scrutiny of insurers’ deals with affiliate companies

Regulator said move is to stem ‘illicit transfer of benefits’ – the latest sign of tightening supervision of the rapidly growing sector

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During the former chairman Xiang Junbo’s time in charge of the insurance watchdog, the sector grew at breakneck speed, but the government became concerned over rampant sales of essentially short-term wealth management products and insurers’ aggressive acquisition attempts at listed companies. Photo: AFP
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