News eDaily10 Apr 2017

China:CIRC head Xiang Junbo under investigation

10 Apr 2017

The head of China's insurance regulator is under investigation for suspected disciplinary violations, the ruling Communist Party's anti-corruption watchdog announced yesterday, using phrasing that usually refers to graft, reported Reuters.

In a one-line statement, the Central Commission for Discipline Inspection said that Mr Xiang Junbo, CIRC Chairman, is suspected of "serious disciplinary violations". It gave no further details.

According to the financial publication Caixin, Mr Xiang's last public appearance was on 6 April when he officiated at a signing ceremony between CIRC and China Earthquake Administration to promote and establish an earthquake catastrophe insurance system.

Mr Xiang, who turned 60 in January this year, was appointed as CIRC Chairman in 2011.

In mid-February, China-watching media were rife with reports that Mr Xiang might be under investigation by the authorities. The speculation quietened down after he appeared on 22 February at a televised press conference in Beijing in which he vowed to impose stringent rules and “severely” punish short-term speculation by insurers. CIRC since last year has tightened curbs on investment-type policies and restricted insurers’ acquisitions of listed companies, seeking to rein in systemic risk.

Chinese President Xi Jinping is leading a campaign against official corruption that is tearing down once-untouchable party, military and business leaders.

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