China Insurance Regulatory Commission
(circ.gov.cn)Updated: 2006-11-14 13:45
The China Insurance Regulatory Commission (the "CIRC"), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision and regulation of the Chinese insurance market, and to ensure that the insurance industry operates stably in compliance with law. In 2003, the State Council upgraded the CIRC from a semi-ministerial institution to a ministerial institution directly under the State Council, and to expand the size of the CIRC in terms of staff, internal setup, and local offices.
I. Major Responsibilities
(1) The CIRC formulates policies, strategies and plans regarding the development of the insurance industry, drafs relevant laws and regulations regarding insurance supervision ad regulation, and makes relevant rules for the insurance industry.
(2) It examines and approves the establishment of insurance companies and their branches, insurance groups and insurance holding companies; approves in conjunction with relevant authorities the establishment of insurance asset management companies; examines and approves the establishment of representative offices by overseas insurance organizations within the territory of the People’s Republic of China; examines and approves the establishment of insurance intermediaries such as agencies, brokerages, loss-adjusting companies and their branches; examines and approves the establishment of overseas insurance organizations by domestic insurance and non-insurance organizations; examines and approves the merge, split, alteration and dissolution of insurance organizations; decides whether or not to take over an insurance company or designates an organization to take it over; organizes or participates in the bankruptcy and liquidation process of insurance companies.
(3) It examines and confirms the qualifications of the senior managerial personnel in all insurance-related organizations; establishes the basic qualification standards for insurance practitioners.
(4) It examines and approves the clauses and premium rates of insurance lines related to the public interests, statutory insurance lines and newly developed life insurance lines; files the insurance clauses and premium rates of the other insurance lines.
(5) It supervises the solvency and market conduct of insurance companies according to law; manages the insurance security fund, and monitors the insurance guarantee deposits; formulates rules and regulations on insurance fund management on the basis of laws and relevant policies of the State, and supervises insurance fund management according to law.
(6) It supervises the business operation of public-policy-oriented insurance and statutory insurance; supervises organizational forms and operations such as captive insurance and mutual insurance; conducts administration of societies and organizations such as China Insurance Association and China Insurance Society.
(7) It conducts investigation into the following irregularities and imposes penalties accordingly: unfair competition and other irregularities by insurance organizations and practitioners, direct engagement or disguised engagement in insurance business by non-insurance organizations.
(8) It supervises overseas insurance organizations established by domestic insurance and non-insurance organizations according to law.
(9) It lays down standards for the information system of the insurance industry; establishes insurance risk-assessment, risk-warning and risk-monitoring systems; follows, analyzes and predicts the operation of the insurance market; compiles the statistics and report forms of the insurance industry and discloses them in accordance with relevant regulations of the State.
(10) Other duties commissioned by the State Council.
| 1 | 2 |  |
(For more biz stories, please visit Industry Updates)