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China Insurance Regulatory Commission

Updated: Sep 12,2014 2:44 PM     english.gov.cn

The China Insurance Regulatory Commission, a ministerial institution directly under the State Council, supervises and manages the insurance market and maintains the legal and stable operation of insurance operations around the country, in accordance with the functions of administrative management authorized by the State Council and relevant laws, rules and regulations. Its main duties are:

To formulate guidelines and policies to develop insurance business, to draw up development strategies and plans for the industry; to formulate laws, rules and regulations for insurance supervision; and to introduce rules and regulations for the insurance industry;

To examine and approve the establishment of insurance companies and their subsidiaries, insurance group companies, and insurance holding companies; to examine and approve - together with other related departments - the establishment of insurance assets management companies; to examine and approve the establishment of representative offices of overseas insurance institutions in China, insurance intermediary institutions such as insurance agencies, broker companies, appraisal companies and their subsidiaries; to examine and approve insurance agencies to be established overseas by Chinese insurance and non-insurance institutions; to examine and approve the merger, split, transformation and dissolution of insurance institutions; to decide whether to take over or reallocate assets; and to organize the bankruptcy and clearance of insurance companies;

To examine and approve the qualifications of senior managers of various types of insurance institutions; and to formulate basic standards for the qualifications of staff engaged in insurance;

To examine and approve the categories of insurance plans in the public interest; to impose insurance articles and rates of premium for compulsory insurance plans and newly developed life insurance plans; and to accept filing for the record of articles and premium rates of other insurance schemes according to the law;

To supervise the paying ability and market conduct of insurance companies; to be responsible for the management of insurance guarantee funds, and supervise insurance payments; to formulate regulations according to the law and state policies regarding the operation of insurance funds; and to supervise the operation of funds of insurance companies according to the law;

To supervise the operation of policy-oriented insurance and compulsory insurance; to supervise business operations such as special self-insurance and mutual insurance; and to oversee organizations such as insurance trade associations and societies;

To investigate and prosecute insurance institutions and individuals suspected of unfair competition and illegal conduct, as well as non-insurance institutions and disguised insurance operations;

To supervise and oversee - according to the law - organizations stationed overseas by domestic insurance and non-insurance institutions;

To draw up standards for the insurance industry concerning personal financial information; to establish insurance risk appraisal, forecast and supervision systems; to trace, monitor and forecast operations in the insurance market; to take charge of compiling data and statements of the national insurance industry, share this data with the People’s Bank of China and promulgate according to relevant regulations of the state;

To undertake other tasks as required by the State Council.