Fired Chinese Insurance Regulator Charged With Bribery, Abuse of Power

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Chinese prosecutors indicted the country’s former chief insurance regulator on charges of abusing his power and taking bribes, a year after he was fired amid concerns the industry’s sizzling expansion had saddled the financial system with risk, The Wall Street Journal reported. Xiang Junbo, whose firing last April underscored the severity of a shake-up in China’s financial sector, faces charges that also include using his positions to promote the interests of others, according to a statement from the nation’s top prosecutors office Monday. Specifics of the allegations against Mr. Xiang, 61 years old, weren’t released, and he hasn’t commented publicly or through a lawyer since his ouster and subsequent notices from Chinese authorities that he was under investigation. China’s insurance industry grew quickly after Mr. Xiang became its chief regulator in 2011. He was a proponent of allowing insurers to expand by harnessing technology including the internet for marketing. Insurers began offering nontraditional policies that were more like savings accounts or high-yield investments. Read more. (Subscription required.)