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Bankrupt

China’s insurance regulator, the China Insurance Regulatory Commission (CIRC), in February 2018 “temporarily” took over Anbang Insurance Group. Its chairman Wu Xiaohui in June 2017 was detained by authorities and is now facing prosecution on charges including fundraising fraud and embezzlement. Anbang’s growth was driven by high-yield, investment-type insurance products, many of which allowed redemption after as little as two years with little or no penalties. The growth helped fund