Former China Continent Property & Casualty Insurance vice chairman and president Chen Yong has had his corruption case referred to the procuratorate for investigation and possible prosecution.
Following the conclusion of their investigation, the Guizhou Provincial Supervisory Committee made their findings public on the 30th of November through the Guizhou Provincial People's Procuratorate.
A few days ago, the People's Procuratorate of Zunyi City (in Guizhou Province) decided to arrest Chen on suspicion of corruption and receiving bribes, following orders from the Supreme People's Procuratorate. Chen, at 58 years old, has been the business supervisor of China Reinsurance in the past (Group). There has been no further information released about the case.
Chen spent a good portion of his career—17 years to be exact—in the insurance industry, primarily at China Continent. In June of 2014, he was designated a director, and in April of 2015, he was promoted to president of China Continent. In January of 2017, he was elevated to the position of vice chairman at the corporation. China Continent announced in March 2021 that Chen would be promoted to vice chairman of the company and business supervisor of China Re Group.
In October of 2003, China Continent opened for business in Shanghai. It is a China Reinsurance Group subsidiary that specializes in property insurance. The Group has a 64.30 percent share in the P&C insurer.
Chen was the subject of a disciplinary investigation by the Central Commission for Discipline Inspection (CCDI) and the State Supervisory Commission in May of 2022.
As part of the central government's anti-graft operation, numerous insurance industry cadres have been demoted or investigated thus far in 2018.
Wang Bin, a former chairman and Party chief of China Life, the largest insurer in the country, stands out among them. The CCDI said in January that it will be investigating Wang. He was fired from his government position and expelled from the Communist Party in September due to allegations of bribery and corruption.
