Suvarna Garge (Editor)

China Insurance Regulatory Commission

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Formed
  
1998

Agency executive
  
Xiang Junbo, Chairman

Headquarters
  
Beijing

Jurisdiction
  
National

Parent agency
  
State Council

Founded
  
1998

China Insurance Regulatory Commission wwwnetlawcoiluploadslogoinsurancetopcircg

Website
  
http://www.circ.gov.cn/

The China Insurance Regulatory Commission (CIRC) is 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. 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.

Contents

Functions

The main functions of the CIRC are:

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. (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).

    Management

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

    References

    China Insurance Regulatory Commission Wikipedia
    (Text) CC BY-SA