17 April 2018Insurance

Ex-CIRC chairman charged with fraud

The former chairman of China Insurance Regulatory Commission (CIRC) Xiang Junbo has been formally charged on suspicion of taking bribes, Reuters reported on April 16.

Xiang, the highest-ranking financial regulator being investigated for graft to date, was expelled from the Communist Party in 2017 after China’s anti-graft watchdog said he had “committed serious violations of political discipline and rules” in order to serve personal political interests, according to the report.

China has recently merged its banking and insurance regulators this year aimed at resolving existing problems such as unclear responsibilities and cross-regulation.

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