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China Insurance Regulatory Commission

Former Chinese regulatory agency

Summary

Former Chinese regulatory agency

Field	Value
agency_name	China Insurance Regulatory Commission
nativename_a	中国保险监督管理委员会
formed
preceding1	Insurance Department of the People's Bank of China
dissolved
superseding	China Banking and Insurance Regulatory Commission
jurisdiction	National
headquarters	Beijing
chief1_name	Xiang Junbo
chief1_position	Chairman
parent_agency	State Council
website

The China Insurance Regulatory Commission (CIRC) was an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry.

History

It was founded on November 18, 1998, upgraded from a semi-ministerial to a ministerial institution in 2003, and currently has 31 local offices in every province.

On 17 March 2018, the 13th National People's Congress announced a plan to overhaul China's financial regulatory system as part of the deepening the reform of the Party and state institutions. The China Insurance Regulatory Commission (CIRC), and the banking regulator, the China Banking Regulatory Commission (CBRC), were merged into the China Banking and Insurance Regulatory Commission (CBIRC) with an aim to resolve problems such as unclear responsibilities and cross-regulation. The CBIRC was officially established on 8 April 2018.

Functions

The main functions of the CIRC were:

#	Functions	Descriptions
1.	Formulate policies for developing the insurance industry	Create laws, rules and regulations to supervise the industry
2.	Scrutinise and approval of insurance companies, subsidiaries, insurance holding companies	Approve and examine incorporation of insurance entities, merge, split, change or dissolve
3.	Examine and approve the qualifications of managers of various insurance companies	Accreditation, regulate the hiring of senior managers in various insurance companies
4.	Pricing regulation, insurance schemes	Regulate premiums, new insurance products and categories
5.	Supervise the financial health of insurance companies	Ensure payment ability, insurance deposit, insurance guarantee fund
6.	Supervise policy-oriented insurance and compulsory insurance	Regulate self-insurance and mutual insurance, insurance trade associations
7.	Supervise fair competition in industry	To investigate and punish unfair competition and illegal conduct, non compliance of registration
8.	Supervise insurance companies with overseas operations	Regulate overseas operations of domestic insurance firms
9.	Create framework for insurance industry for information, risk, forecast, supervision.	Create standards for risk, forecast, profitability and report to the People's Bank of China.
10.	To undertake other jobs delegated by the State Council	Subordinate to State Council directives

Structure

Internal Setup of the CIRC is:

General Office
Development and Reform Department
Finance and Accounting Department
Property Insurance Regulatory Department
Personal Insurance Regulatory Department
Insurance Intermediaries Regulatory Department
Insurance Fund Management Regulatory Department
International Department
Legal Affairs Department
Statistics and IT Department
Local Offices Administration Department
Personnel and Education Department
Disciplinary Inspection Department

Funds

In September 2008, CIRC set up a nonprofit state-owned corporation China Insurance Security Fund Co., Ltd. () with a registered capital of 100 million yuan to manage its insurance protection fund, amounting to at least 7 billion yuan (about US$1 billion).

Management

The chief of the agency, Xiang Junbo, was appointed in October 2011 and has laid plans to introduce pricing and other market reforms.

In April 2017, the Central Commission for Discipline Inspection (CCDI) of the Chinese Communist Party (CCP) announced online that Xiang was being investigated for suspected serious violation of the Party's code of conduct. In early September, Xiang was expelled from the CCP and dismissed from public office, the CCDI said.

List of presidents

Name (English)	Name (Chinese)	Tenure begins	Tenure ends
Ma Yongwei	马永伟	November 1998	October 2002
	吴定富	October 2002	October 2011
Xiang Junbo	项俊波	October 2011	April 2017

References

"China Insurance Regulatory Commission".
"Responsibilities and Internal Setup of the CIRC".
"Firm set up to manage CIRC fund_English_Xinhua".
[http://english.caixin.com/print/print_en.jsp Breaking the Mold]. Caixin.
刘小卓. "Insurance regulator chief Xiang Junbo under probe - China - Chinadaily.com.cn".
"Anti-graft stress turns to finance - Chinadaily.com.cn".
zh. 王建亮 ). link. thepaper. (9 October 2024)
(14 June 2018). "China's ex-insurance chief pleads guilty to taking US$3 million in bribes".

Wikipedia Source

This article was imported from Wikipedia and is available under the Creative Commons Attribution-ShareAlike 4.0 License. Content has been adapted to SurfDoc format. Original contributors can be found on the article history page.

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