Wang Yincheng, former president of a state-owned insurance company, has been expelled from the Communist Party of China (CPC) and dismissed from public office for violating the Party's code of conduct and corruption.

The CPC Central Commission for Discipline Inspection (CCDI) made the announcement Wednesday following an investigation authorized by the CPC Central Committee.

Wang was former deputy secretary of the CPC Committee of the People's Insurance Company (Group) of China Ltd. (PICC), vice chairman of the company's board of directors. and president of the company.

Wang was found to have interfered with the Party's inspection and audit, as well as resisting investigation, according to the CCDI.

The CCDI said that Wang had lost his belief in communism and had practiced "superstitious activities" against the Party requirement for atheism.

The investigation found that Wang had flouted frugality rules by frequenting golf clubs and allowing subsidiary companies to pay for his personal travel fees.

He had even changed the route of an overseas business trip just to play golf, said the CCDI statement.

Wang was also found to have traded power for money, inserted relatives into the PICC against the rules, allowed them to use his influence to seek profits, according to the CCDI.

The statement said that as a senior official of the CPC, Wang had lost his values, seriously violated the Party's code of conduct, and did not cease his inappropriate behavior after the CPC 18th National Congress in 2012 when the new leadership launched the anti-corruption campaign.

The CPC Central Committee has approved his expulsion from the Party and the State Council has confirmed his removal from public office.

His illegal gains will be confiscated and the case will be transferred to judicial organs for investigation, the CCDI statement said.

The CCDI announced an investigation into Wang in February.