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Report: China's top insurance regulator under investigation for graft

The Central Commission for Discipline Inspection has announced that the chairman of the China Insurance Regulatory Commission, Xiang Junbo, is under investigation for suspected "serious disciplinary violations," Reuters reported April 9.

According to Reuters, the use of phrases such as "serious disciplinary violations" generally indicates that a probe's target is suspected of graft.

Xiang, who also is a member of the central bank's monetary policy committee, took over as head of the CIRC in 2011, Reuters said. In a media briefing in February, Xiang announced that his agency would take action against insurers that are not working in the best interests of their policyholders.

"The insurance industry can't be a club for tycoons and can't be a place for financial predators to make use of and hide in," Xiang said.

In recent years, the CCDI has stepped up efforts to stamp out government corruption. Reuters noted that Xiang "would be the most senior regulator hauled in during the anti-graft campaign" since Chinese authorities in November 2015 opened an investigation into Yao Gang, a former vice chairman with the China Securities Regulatory Commission, for alleged "serious breaches of discipline."