The head of China’s insurance regulator is under investigation for suspected disciplinary violations, the ruling Communist Party’s anti-corruption watchdog said on Sunday, using phrasing that usually refers to graft.
In a brief statement, the Central Commission for Discipline Inspection said Xiang Junbo, head of the China Insurance Regulatory Commission, was suspected of “serious disciplinary violations”.
It gave no further details.
The regulator has stepped up a crackdown on risky activities by some aggressive players in the insurance sector, particularly those seen to be engaging in financial market speculation using expensive short-term funds.
Xiang, who is also a member of the central bank’s monetary policy committee, took control of the insurance regulator in 2011 after serving as chairman of Agricultural Bank of China, one of the big four state banks.
Chinese President Xi Jinping is leading a campaign against official corruption that is tearing down once-untouchable party, military and business leaders and rolling up their powerful networks of relatives and allies.
(Reporting by Kevin Yao; Editing by Michael Perry)
Tags: Agricultural Bank of China, chairman of China Insurance Regulatory Commission, China, China Insurance Regulatory Commission, Chinese President Xi Jinping, CIRC, Communist Party, Communist Party's anti-corruption, corruption, financial market speculation, graft, insurance sector, Xiang Junbo