Is there any way of disabling it? I tried censoring, but it censors mods and admin's html codes as well. I tried looking for the option "mods and admins bypass censoring" but couldnt find it.
It's in the admin CP settings. Beyond that, you'll have to ask at http://www.vbulletin.com/forum/ for help. And I definitely suggest that you turn off every single HTML option in vBulletin because anywhere it can be used, your forum can eventually be hacked.