Chinese insurance regulator under graft investigation

BEIJING (AP) — China’s top anti-corruption body is investigating the country’s chief insurance regulator, adding to a widening anti-graft crackdown following complaints of misconduct by insurers.

The Central Commission for Discipline Inspection said in a one-sentence statement that Xiang Junbo, chairman of the China Insurance Regulatory Commission, was suspected of unspecified “severe discipline violations,” an official term for corruption.

Thousands of officials and managers at state companies have been snared in an anti-corruption drive launched by President Xi Jinping after he took power in 2013.

The insurance industry has been hit by complaints insurers are making dangerously risky investments in stocks and real estate. One life insurer was prohibited from trading stocks in December and the chairman of another was barred from the industry in February.