YAO Zhenhua is no longer chairman and a board member of Foresea Life Insurance, the company said in a statement. Yao handed in his resignation on March 1, the statement said. The board met and agreed to his request on March 6. Deputy Chairman Zhang Jinshun was appointed interim chairman.
The China Insurance Regulatory Commission barred Yao from the insurance industry for 10 years last month for irregular market operations. The CIRC said Foresea Life violated regulations and provided false information on its capital increase.
Foresea Life, a subsidiary of financial conglomerate Baoneng, was suspended from selling its questionable high-return insurance service in December, after speculative stake buyouts in listed companies by heavyweight insurers.
To contain financial risk, the CIRC sent investigation teams to insurance companies, including Foresea Life, to review their management, balance sheets, product and capital use.
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