REUTERS/Jason Lee China’s insurance regulator will lead a consortium of state-backed entities in a takeover of Anbang Insurance. The company is expected to continue operating, and the takeover period will run for one year. Anbang Chairman Wu Xiaohui will be removed from his role and face prosecution, after being detained in June last year. China’s state-backed insurance regulator — the China Insurance Regulatory Commission (CIRC) — has announced that it will lead a takeover of struggling insurance conglomerate Anbang Insurance for a period of one year. Anbang started as a regional Chinese auto-insurer before embarking on a period of debt-fuelled global expansion.See the rest of the story at Business InsiderNOW WATCH: Ken Rogoff on the next financial crisis and the future of bitcoinSee Also:An anti-Trump movement is calling for the boycott of these 27 retailersEverything you ever wanted to know about MoviePass, the $10-a-month service that lets you see one movie per day in theatersRussia appears to have deployed its next-generation fighter jet to Syria — and it's a major problem for the F-22