China Insurance Regulatory Commission

Former Chinese regulatory agency

China Insurance Regulatory Commission中国保险监督管理委员会

Agency overview
Formed| November 8, 1998 (1998-11-08)
Preceding agency|

* Insurance Department of the People's Bank of China

Dissolved| November 26, 2018 (2018-11-26)
Superseding agency|

* China Banking and Insurance Regulatory Commission

Jurisdiction| National
Headquarters| Beijing
Agency executive|

* Xiang Junbo, Chairman

Parent agency| State Council
Website| circ.gov.cn
China Insurance Regulatory Commission

Simplified Chinese| 中国保险监督管理委员会
Traditional Chinese| 中國保險監督管理委員會
| Transcriptions

Standard Mandarin
Hanyu Pinyin| Zhōngguó Bǎoxiǎn Jiāndū Guǎnlǐ Wěiyuánhuì

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

[edit]

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

[edit]

The main functions of the CIRC were:[1]

#  | 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

[edit]

Internal Setup of the CIRC is:[2]

* 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

[edit]

In September 2008, CIRC set up a nonprofit state-owned corporation China Insurance Security Fund Co., Ltd. (Chinese: 中国保险保障基金有限责任公司) 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).[3]

## Management

[edit]

The chief of the agency, Xiang Junbo, was appointed in October 2011 and has laid plans to introduce pricing and other market reforms.[4]

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.[5] In early September, Xiang was expelled from the CCP and dismissed from public office, the CCDI said.[6]

## List of presidents

[edit]

Name (English) | Name (Chinese) | Tenure begins | Tenure ends | Note

|
|
|
|

Ma Yongwei | 马永伟 | November 1998 | October 2002 | [7]
Wu Dingfu [zh] | 吴定富 | October 2002 | October 2011 |
Xiang Junbo | 项俊波 | October 2011 | April 2017 | [8]

## See also

[edit]

* China Securities Journal
* List of financial regulatory authorities by jurisdiction

## References

[edit]

1. ^ "China Insurance Regulatory Commission". www.china.org.cn.
2. ^ "Responsibilities and Internal Setup of the CIRC". Archived from the original on 2008-09-18. Retrieved 2008-08-20.
3. ^ "Firm set up to manage CIRC fund_English_Xinhua". Archived from the original on 2008-11-08. Retrieved 2008-10-26.
4. ^ Breaking the Mold. Caixin.
5. ^ 刘小卓. "Insurance regulator chief Xiang Junbo under probe - China - Chinadaily.com.cn". www.chinadaily.com.cn.
6. ^ "Anti-graft stress turns to finance - Chinadaily.com.cn". africa.chinadaily.com.cn.
7. ^ Wang Jianliang (王建亮) (9 October 2024). 媒体：原中国保监会首任主席马永伟在京逝世，享年82岁. thepaper (in Chinese). Retrieved 18 October 2024.王建亮Category:Articles+containing+Chinese-language+text)&rft_id=https://www.thepaper.cn/newsDetail_forward_28972091&rfr_id=info:sid/en.wikipedia.org:China+Insurance+Regulatory+Commission" class="Z3988">
8. ^ "China's ex-insurance chief pleads guilty to taking US$3 million in bribes". South China Morning Post. 14 June 2018. Retrieved 18 October 2024.

## External links

[edit]

* China Insurance Regulatory Commission Official site at archive.today (archived August 11, 2007)

* v
* t
* e

Insurance industry in China

Companies|

* AIA Group
* Anbang
* Bank of China Insurance
* China Export & Credit Insurance Corporation (SINOSURE)
* China Re
* China Taiping
* China Life Insurance
* China Pacific Insurance
* China United SME Guarantee Corporation
* FTLife
* HSBC Life
* Huaxia Life Insurance
* Manulife
* Minsheng Life Insurance
* New China Life Insurance
* People's Insurance Company of China
* PICC Property and Casualty
* Ping An Insurance
* Prudential plc
* Sun Life Financial
* Taikang Life
* Tianan Insurance
* Tokio Marine Nichido
* Union Insurance Society of Canton

Regulatory Authority|

* National Financial Regulatory Administration
* C-ROSS
* ~~China Banking and Insurance Regulatory Commission~~
* ~~China Insurance Regulatory Commission~~

* See also: Category:Insurance companies of China
* List of insurance companies in Hong Kong

* v
* t
* e

Economy of China

Companies of China

History|

* History (Republican Premodern)
* Reform and opening up
* Five-year plans
* Industrial Revolution
* Iron rice bowl
* Three-anti and Five-anti Campaigns
* Great Leap Forward
* Four Modernizations
* Socialist market economy
* Deng Xiaoping's southern tour
* "Grasping the large, letting go of the small"
* Scientific Outlook on Development
* Historical GDP
* Population history
* 1949–1976 wage reform

Industries|

* Industry
* history
* Advanced materials
* Aquaculture
* Automotive
* Aviation
* Aircraft
* Aerospace
* Beer
* Biotechnology
* Business process outsourcing
* Cement
* Coffee
* Container
* Cotton
* Electric motor
* Electric power
* Electronics
* Film
* Fishing
* Gambling
* Hedge fund
* Internet
* Media
* Mining
* gold mining
* Mobile phone
* Online gaming
* Pearl farming
* Pharmaceuticals and pharmacy
* Publishing and academic publishing
* Radio
* Railway
* equipment industry
* Rare earth
* Real estate
* Renewable energy
* Securities
* Semiconductor
* Sex toys
* Shipping
* Silk
* Software
* Steel
* Telecommunications
* Television
* digital
* Tourism
* Textiles
* Video gaming
* Wine

Development Zones|

* Dalian Software Park
* Megalopolises in China
* Special Economic Zones
* Suzhou Industrial Park
* Zhangjiang Hi-Tech Park

Energy|

* Energy policy
* Coal
* Oil
* Oil shale
* Oil refineries
* Nuclear
* Renewable
* Wind
* Solar
* Geothermal

Trade and infrastructure|

* Trade history
* World Trade Center
* Transport
* Communications
* Postal history
* Tourism
* Shipping
* Illegal drug trade
* Hong Kong Trade Development Council
* Ports
* Water supply and sanitation
* Exports
* Trading partners

Law and regulations|

* Tax system
* Labor contract law
* Labor relations
* Food safety
* Intellectual property

Finance and banking|

* Accounting
* Banking
* History
* Central bank
* Other banks
* Beijing Financial Street
* Financial system
* China Banknote Printing and Minting Corporation
* China Chengtong Holdings Group
* China Government Guidance Fund
* China-Africa Development Fund
* China Integrated Circuit Industry Investment Fund
* China Internet Investment Fund
* China Reform Holdings Corporation
* National Fund for Technology Transfer and Commercialisation
* China Investment Corporation
* CITIC Group
* Financial services
* Renminbi
* Foreign exchange reserve
* Hedge fund industry
* Stock Exchanges
* Dalian Commodity Exchange
* National Equities Exchange and Quotations
* Beijing Stock Exchange
* Shanghai Stock Exchange
* SSE Composite Index
* Shanghai Metal Exchange
* Stock Exchange Executive Council
* Shenzhen Stock Exchange
* SZSE Component Index
* Zhengzhou Commodity Exchange

Government institutions|

* All-China Federation of Industry and Commerce
* All-China Federation of Trade Unions
* China Council for the Promotion of International Trade
* China Securities Regulatory Commission
* General Administration of Customs
* Ministry of Commerce
* Ministry of Finance
* Ministry of Industry and Information Technology
* National Financial Regulatory Administration
* National Bureau of Statistics of China
* National Development and Reform Commission
* National Energy Commission
* State-owned Assets Supervision and Administration Commission
* State Administration for Market Regulation
* State Administration of Foreign Exchange
* SAFE Investment Company
* State Administration of Taxation

Development|

* International rankings
* Provinces by GDP
* per capita
* Social welfare
* Poverty
* Corruption
* Income inequality
* Standard of living
* Foreign aid
* Urbanization
* Internal migration
* Emigration
* Rural credit cooperative

National economic initiatives|

* Beijing Consensus
* Belt and Road Initiative
* Common prosperity
* Dual circulation
* Go Out policy
* Made in China 2025
* Youth Business China

Regional economic initiatives|

* Asian Infrastructure Investment Bank
* Beibu Gulf Economic Rim
* Bohai Economic Rim
* China Western Development
* Coordinated Development of the Beijing-Tianjin-Hebei Region
* Guangdong–Hong Kong–Macau Greater Bay Area
* Mainland and Hong Kong Closer Economic Partnership Arrangement
* Mainland and Macau Closer Economic Partnership Arrangement
* Northeast China Revitalization
* Pearl River Delta Economic Zone
* Regional Comprehensive Economic Partnership
* Rise of Central China Plan
* Western Taiwan Straits Economic Zone
* Yangtze River Delta Economic Zone
* Strategy for Integrated Development of the Yangtze River Delta
* Zhongyuan Economic Zone

Events|

* 2005–2011 property bubble
* 2007 export / pet food recalls
* 2007 stock bubble
* 2007 slave scandal
* 2008–2009 economic stimulus plan
* 2010 Expo
* 2015–16 stock market turbulence
* Protein export contamination
* China–United States trade war
* 2020–2021 reform spree
* 2020–present property sector crisis

Related topics|

* Agriculture
* Bankruptcy
* Companies
* Largest
* Top 500
* Largest SOEs
* The Hongs
* Demographics
* Globalization
* Globalization and women
* National Standards
* China Compulsory Certificate
* Made in China
* Mingong
* List of Chinese by net worth
* Chinese economists
* Science and technology

* See also: Category
* Outline of China
* Economy of East Asia

* v
* t
* e

State Council of China

Incumbent (14th): Li Qiang Cabinet

State Council|

| Members|

| Executive
meeting|

* Premier
* Vice Premiers
* State Councilors
* Secretary-General

|

* Ministers in charge of ministries/commissions
* Auditor-General

Departments|

* Foreign
* Defense
* Development
* Education
* Science
* Industry and Information Tech
* Ethnic
* Public Security
* State Security
* Civil
* Justice
* Finance
* Human Resources and Social Security
* Natural Resources
* Ecology and Environment
* Housing
* Transport
* Water
* Agriculture
* Commerce
* Culture and Tourism
* Health
* Veterans
* Emergency
* People's Bank
* Audit Office

Agencies|

| General Office|

* Secretary-General
* Deputy Secretaries-General

|

Special|

State Assets

Affiliated|

* Customs
* Taxation
* Market Regulation
* Anti-Monopoly
* Standardization
* Cert. & Accred.
* Financial Regulation
* Securities
* Radio and TV
* Sport
* Complaints & Proposals
* Statistics
* Intellectual Property
* International Development
* Healthcare Security
* Counsellors
* Government Offices
* Press and Publication (☭ Publicity Dept.)
* Religious (☭ United Front Dept.)

Offices|

* Research
* Hong Kong and Macao (☭ Leading Group)
* Overseas Chinese (☭ United Front Dept.)
* Taiwan (☭ Leading Group)
* Cyberspace (☭ Cyberspace)
* Information (☭ Publicity)

Institutions|

* Xinhua News Agency
* Development Research
* China Media Group
* Meteorology

| Academies|

* Sciences
* Engineering
* Social Sciences
* Governance (a.k.a. ☭ Central Party School)

|

Bureaus|

* Food and Strategic Reserves
* Energy
* Data
* Defense Industry
* Tobacco
* Immigration
* Forestry and Grassland
* Railway
* Civil Aviation
* Post
* Cultural Heritage
* Traditional Medicine
* Disease Control
* Mine Safety
* Fire & Rescue
* Foreign Exchange
* Medical Products
* State Secrets (☭ Secrecy Comm.)
* National Archives (a.k.a. ☭ Central Archives)
* Civil Service (☭ Org. Dept.)
* Cryptography (☭ Leading Group)

* State Council = Central People's Government (constitutionally since 1954)
* ☭ denotes name reserved by Communist Party agencies.

*[v]: View this template
*[t]: Discuss this template
*[e]: Edit this template
*[a.k.a.]: also known as