Ex-Chinese insurance regulator expelled
The former head of the China Insurance Regulatory Commission (CIRC), Xiang Junbo, has been expelled from the country’s ruling Communist Party of China (CPC) and removed from public office by the Central Commission for Discipline Inspection (CCDI) for alleged ‘severe disciplinary violations’.
Junbo has been under investigation since April. He has also been accused of ‘serious violations of political discipline and rules’ in order to serve personal political interests, and of suspected bribery.
Junbo oversaw the rapid growth of the insurance sector during his time as head of insurance regulation, along with liberalisation of investment rules.
According to Reuters, Junbo is the most senior financial official to be accused of grafting by the CPC.