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Former Head of China Insurance Regulatory Commission Xiang Junbo Investigated for Possible Corruption

Former Head of China Insurance Regulatory Commission Xiang Junbo Investigated for Possible Corruption

Former Head of China Insurance Regulatory Commission (CIRC) Xiang Junbo is being investigated for possible corruption by Chinese authority.  The Central Commission for Discipline Inspection (CCDI) had released an official statement that he is being investigated for serious violations of (Communist) party discipline, an announcement that is usually associated with a government official being investigated for corruption.

” Former Head of China Insurance Regulatory Commission Xiang Junbo Investigated for Possible Corruption ”

In 2012, Xiang Junbo was named in an investigation by U.S. Securities and Exchange Commission (SEC) on JPMorgan Chase, where the bank had offered jobs to relatives of high-ranking officials in China, in exchange for business opportunities.  In 2017, JPMorgan paid more than $250 million for violation of anti-bribery laws in the United States, without admission of any wrongdoings.

He became the Head of China Insurance Regulatory Commission (CIRC) in 2011, and oversaw the transformation of China’s insurance sector.  He liberalised the insurance sector, lifting the cap on equity investment that saw an acquisition spree, growing their assets in 8 years from CNY 6 trillion ($950 billion) in 2011 to CNY 6 trillion ($2.54 trillion) in 2017, more than 2.5 times increase.  Small insurers had also sold controversial insurance products, including short-term products promising high returns with minimal insurance benefits to raise large amount of cash to fund investments in bonds, equities, companies and properties.

Xiang Junbo, aged 61, was a former Deputy Governor of China’s central bank, the People’s Bank of China and former Chairman of one of China’s largest bank, Agricultural Bank of China.  He was born in 1957 in Chongqing, China, and had fought in the 1979 Vietnamese border war.  Thereafter, he went to Renmin University in Beijing and later, received his doctorate in law from Peking University.  He was an auditor at the National Audit Office for 20 years, and in 2004 became the Deputy Governor of the People’s Bank of China.  In 2007, he became the Chairman of China’s  bank, Agricultural Bank of China.  In 2011, he became the Head of China Insurance Regulatory Commission (CIRC).

Sources: SCMP, Bloomberg, Caixin Global

 

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About The China Insurance Regulatory Commission (CIRC)

The China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision and regulation of the Chinese insurance market, and to ensure that the insurance industry operates stably in compliance with law.

Visit: CIRC

 

 


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