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The China Insurance Regulatory Commission (CIRC) has issued its 37th regulatory letter, revoking Kunlun Health Insurance’s application to change shareholders and registered capital. It is the first time for the regulator to remove illegal equities, and, to put related investors and agencies on the market blacklist, Securities Daily reported.

So far, 37 regulatory letters have been delivered this year, which exceeds the total number of letters issued from 2014 to 2016.

Insiders think it shows the regulator’s resolution to crack down on the irregular and illegal activities of insurance companies. Meanwhile, the methods they applied have shifted from giving flexible guidance to executing rigid constraint.

He Xiaofeng, director of the CIRC’s reform and development department, said that there are still nine insurance firms found to have conducted illegal equity trading that are awaiting action.