Anbang Taken Over by Insurance Regulator
*Insurance regulator seizes control of acquisitive private insurer
*Founder Wu Xiaohui has been charged with economic crimes
China’s insurance regulator said Friday it will take over embattled Anbang Insurance Group Co. Ltd. for a year to protect consumers’ rights, as the company struggles to pay back investors following a massive global buying spree, according to a statement on the regulator’s website.
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