Head of China's insurance regulator under investigation

The head of China's insurance regulator is being investigated for suspected disciplinary violations, according to several media publications.

In a brief statement, the Central Commission for Discipline Inspection said Xiang Junbo, head of the China Insurance Regulatory Commission (CIRC) and a member of the central bank's monetary policy committee, was suspected of "serious disciplinary violations" - a phrase that usually refers to graft, according to news agency Reuters.

Xiang's name and position have been removed from the CIRC's website although news about him remains, according to the news agency.

As head of CIRC, Xiang oversaw rapid growth of the insurance industry, along with liberalization of investment rules that provided insurers greater freedom to invest more of their assets at home and overseas.

China's insurance assets nearly doubled over the last three years, reaching 15.1 trillion yuan ($2.19 trillion) at the end of 2016, according to Reuters.

China's President Xi Jinping has launched a campaign against graft, tearing down once-untouchable party, military and business leaders as well as their powerful networks of relatives and allies.

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