Wang Yincheng, vice chairman of the People's Insurance Company (Group) of China (1339), was reportedly been taken away by authorities "for investigation" on Monday.
It capped reports going back a year that Wang was being probed, Caixin magazine reported.
But Wang had gone about his duties right up to the time he was taken away, which coincided with an inspection team finishing work at PICC and supposedly finding some decisions at PICC had been made without accepted business norms being followed.
It was noted by Caixin that Wang was a regular at certain banquets in Beijing. So was Ling Jihua, a top aide to Hu Jintao when he was president, and he was sentenced to life in prison last year for corruption and abuse of power.