China Tightens Screws on Insurance Shareholders
China is clamping down on opaque shareholding structures in the freewheeling $2.7 trillion insurance industry.
The China Insurance Regulatory Commission released new rules on Wednesday that cut the ceiling of single shareholders to 33% from the current 51%. Investors will have to use their own funds to buy a stake in an insurer and will be prohibited from hiding ownership through proxies.
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