China's State Council announced on Friday the removal of Xiang Junbo from the post of chairman of the China Insurance Regulatory Commission (CIRC), according to a statement posted on the website of China's Resources and Social Security.

Xiang was placed under investigation, suspected of severe disciplinary violations by the CPC Central Commission for Discipline Inspection on April 9.

Xiang took office at the CIRC in October 2011 after serving as chairman of the Agricultural Bank of China Ltd, one of the four biggest state banks.

‍China top insurance regulator removed for violation of discipline‍