CIRC Suspends Evergrande Life’s Entrusted Stock Investment Operations

Yicai

2016-12-12

(Yicai Global) Dec. 12 – China Insurance Regulatory Commission (CIRC) has ordered Evergrande Life Insurance Co. to cease some of its operations which it deemed irregular. China's insurance market regulator said Evergrande Life Insurance has vague asset allocation plans and engages in non-standard capital operations in carrying out its entrusted stock investment business.

The CIRC therefore ordered the company to cease the aforesaid business and rectify its business practices.

Evergrande Life responded that the company will implement the regulatory requirements and improve its stock investment operations to ensure the effective implementation of risk control mechanisms.