Chairman Of China Life Insurance Under Scrutiny

China’s top anti-graft watchdog said it placed the chairman of China Life Insurance Co. Ltd. - one of the country’s largest insurers, under investigation. Wang Bin is “suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation,” the China Central Commission for Discipline Inspection said in a statement, without disclosing more details.

China Life said it would cooperate with investigations and supports Beijing’s actions to cleanse the country’s political and financial systems. Wang previously held posts in China’s central bank and the Agricultural Development Bank of China before heading the insurance group. He is the first high-level official in China’s finance sector embroiled in an anti-corruption campaign this year.

Beijing’s anti-graft crackdown has taken down more than 20 financial officials so far as authorities step up scrutiny over the nation’s $54 trillion financial system.