USEUROPEAFRICAASIA中文双语FrançaisHOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELWATCHTHISSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperMOBILEOpinionCartoonsEditorialsOp-EdColumnistsFrom the PressOpinion LineFrom the ReadersBureau ChiefForum TrendsHome / Opinion / Opinion LineRegulators right to show no mercy to those speculating with insurance funds
China Daily | Updated:2017-02-27 07:46The headquarters of the China Insurance Regulatory Commission in Beijing. It said recently that insurers can put premiums generated from policies written before 1999 into isolated accounts and invest in blue chips. [Provided to China Daily]On Friday,the top insurance regulator removed Yao Zhenhua, chairman of Foresea Life Insurance, from his position and banned him from the insurance industry for 10 years for irregular market operations, after speculative purchases of stakes in listed companies including real estate giant Vanke and leading appliance manufacturer Gree. Beijing News commented on Saturday:The China Insurance Regulatory Commission said in a statement that Foresea Life violated insurance regulations and provided false information about its increase in capital.In fact, Yao is not alone in encroaching on bricks-and-mortar businesses at the risk of disrupting the capital market. In 2015 alone, nine insurers built up their stakes in some 31 listed companies, and seven insurance investors did the same with 14 listed companies last year. Some of them, the Baoneng Group included, of which Foresea Life is an affiliate, are suspected of fueling speculation in the market at the expense of small investors and threatening the management of public companies.
For example, bypassing the restrictions capping the maximum investment in equities could cause unnecessary turbulence in the equity market, which might affect the operations of other insurers and banks.
The insurance regulator therefore decided to act to clean up the illegal practices and nip any financial risks in the bud. What the insurers should do is to offer more financing options to the enterprises struggling to attract investment, not make speculative investment in them.
The hefty sanctions on Yao should serve as a key step in drawing the boundaries over which private capital cannot cross.Related StoriesIndustry opposes govt insurance regulatory plansInsurance regulatory body set up in TibetChina Insurance Regulatory CommissionRegulations Governing Insurance Companies Decree of China Insurance Regulatory Commission (No. 3 of 2004)CartoonsGoodbye walletAdolescent obesityThe potential risks of deregulationMobikes crowded in CBDDrunk drivingChinas exportsMost Viewed in 24 HoursFroum trendsShould college students be encouraged to start businesses before graduation?Are Tsinghuas admissions standards preferential?ColumnistsOnline shopkeeping effort falls on stony groundLessons can still be learned from Nixons historic trip 45 years agoForumFeatured ContributorsTrumps First 100 Days: The media circus goes onTrump cannot afford a trade war with ChinaChina Daily Bureau ChiefsChongqing and Chengdu City Cluster on faster trackXi-Ma meeting brings historic opportunitiesStar BloggersHumanity in the eyes of an orphanLooking for true meaning, rather than photo opsBACK TO THE TOPHOMECHINAWORLDBUSINESSLIFESTYLECULTURETRAVELWATCHTHISSPORTSOPINIONREGIONALFORUMNEWSPAPERChina Daily PDFChina Daily E-paperMOBILECopyright 1995 -var oTime = new Date();
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