(Yicai Global) Feb.23 -- China's insurance regulator on Friday announced a decision to take over Anbang Insurance Group for a year in light of the company's former chief being prosecuted for economic crimes.

The move is taken to maintain normal operation at the company and protect consumers' rights, according to a statement of the China Insurance Regulatory Commission (CIRC).

"Illegal business practices by Anbang Insurance Group may seriously threaten the solvency of the company," said the CIRC in the statement.