After Fall of Chief Regulator, What’s Next for Chinese Insurers?
During Xiang Junbo’s five-and-a-half-year tenure as head of China’s top insurance regulator, cash-rich or financially savvy private companies with no insurance experience were for the first time allowed to get into the business.
Years passed. Some of those newcomers are now infamous for what the Chinese government calls “irrational” overseas acquisitions, or masking their aggressive leverage with “universal life insurance” — essentially a high-risk fundraising tool.
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