Xiang Junbo, chairman of the China Insurance Regulatory Commission, is under investigation by the Communist party's anti-corruption unit.
The Central Commission for Discipline Inspection suspects Junbo of “severe disciplinary violations” without giving further details. A sustained anti-corruption campaign has been one of the hallmarks of President Xi Jinping’s time in office.
Junbo has been in his role since 2011 and previously was chairman of the Agricultural Bank of China and deputy governor of the People’s Bank of China.
The CIRC has recently been cracking down on life insurers who have been criticised for using insurance premiums to make aggressive and expensive purchases rather than investing them for the long term to support policyholders. One example is the CIRC banning China’s fourth richest man Yao Zhenhua from insurance for 10 years.
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