BEIJING -- Wang Bin, former Party chief and chairman of China Life Insurance (Group) Company, has been expelled from the Communist Party of China (CPC) and dismissed from public office over serious violations of Party discipline and laws, the country's top anti-graft body announced Thursday.

The punishment was handed down following an investigation by the CPC Central Commission for Discipline Inspection and the National Supervisory Commission upon the approval of the CPC Central Committee.

The investigation found that he had defied and refused to implement the CPC Central Committee's major decisions and plans on forestalling and defusing financial risks. He had caused and magnified financial risks, and was deeply engaged in financial corruption. In addition, he had also appointed officials based on cronyism, favoritism and the seeking of personal gains, and had resisted supervision.

Wang's other misdeeds include accepting money and valuables in disregard of regulations, interfering in market economic activities, and tolerating and even assisting relatives in conducting illegal activities. He had also taken advantage of his positions to help others in matters such as financing and project cooperation, and profited from it, the investigation found.

Wang had severely violated the Party's discipline and committed serious duty-related offenses. He is suspected of taking bribes, the top anti-graft body said.

In line with Party regulations and laws, a decision has been made to expel him from the Party and dismiss him from public office, confiscate his illicit gains, and hand over his case for judicial proceedings.