The China Insurance Regulatory Commission (CIRC) announced that Wu Xiaohui, former chairman and chief executive of Anbang Insurance Group, was prosecuted in Shanghai according to law and the CIRC took a one-year takeover of Anbang Insurance. The handling by the regulatory authorities and the powerful departments of the Anbang Insurance will lead to no small shock in the Chinese financial market and set the standard for the future financial supervision. Punishing financial crimes and guarding against systemic financial risks will become the dual goals of strengthening financial regulation for China in the future.