Huaxia Life Insurance was taken over by the China Banking Regulatory Commission for one year for violating the provisions of the Insurance Law. In July of 20021year, the takeover period was extended for another year. In February 2023, China Banking Regulatory Commission announced that Huaxia Life Insurance was officially renamed as Ruizhong Life Insurance, and China Life Health Industry Investment Co., Ltd. took over the business, institutions, employees and policy obligations.
After the establishment of Ruiren Life Insurance, it will accept the assets and liabilities of Huaxia Life Insurance in accordance with the law, undertake institutional outlets and personnel, fully fulfill its insurance contract obligations, and effectively protect the legitimate rights and interests of insurance consumers and relevant parties.