The China Insurance Regulatory Commission (CIRC) was an agency of China authorized by the

State Council State Council may refer to: Government * State Council of the Republic of Korea, the national cabinet of South Korea, headed by the President * State Council of the People's Republic of China, the national cabinet and chief administrative auth ...

to regulate the Chinese

insurance Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

products and services market and maintain legal and stable operations of insurance industry. 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 The National People's Congress of the People's Republic of China (NPC; ), or simply the National People's Congress, is constitutionally the supreme state authority and the national legislature of the People's Republic of China. With 2,9 ...

announced a plan to overhaul China's financial regulatory system. The China Insurance Regulatory Commission (CIRC), and the banking regulator, the

China Banking Regulatory Commission The China Banking Regulatory Commission (CBRC) was an agency of the People's Republic of China (PRC) authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are spe ...

(CBRC), were merged into the

China Banking and Insurance Regulatory Commission The China Banking and Insurance Regulatory Commission (CBIRC) is an agency of the People's Republic of China China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's List of countries and depend ...

(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:

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 A corporation is an organization—usually a group of people or a company—authorized by the state to act as a single entity (a legal entity recognized by private and public law "born out of statute"; a legal person in legal context) and ...

China Insurance Security Fund Co., Ltd. () with a registered capital of 100 million yuan to manage its

insurance protection fund Insurance is a means of protection from financial loss in which, in exchange for a fee, a party agrees to compensate another party in the event of a certain loss, damage, or injury. It is a form of risk management, primarily used to hedge ...

, 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 of the Communist Party of China 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 CPC and dismissed from public office, the CCDI said.

References

External links