File photo of Xiang Junbo

Xiang Junbo, former chairman of China Insurance Regulatory Commission (CIRC), has been expelled from the Communist Party of China (CPC) and removed from public office for severe disciplinary violations, according to the Central Commission for Discipline Inspection (CCDI), China's top disciplinary watchdog, announced on Saturday.

The CIRC regulates Chinese insurance products and services market, and oversees the insurance industry.

Mo Jiancheng, head of the disciplinary team deployed by the CCDI to Chinese Ministry of Finance, has also been expelled from the CPC and removed from public office for severe disciplinary violations, CCDI said in a statement on the same day.