The top regulator for China’s banking and insurance sectors plans to launch major internal adjustments involving the merger of key departments for dealing with risk and illegal activity.
Nanfang Caijing reports that the internal restructuring of the China Banking and Insurance Regulatory Commission (CBIRC) involves the establishment of a new “Internal Audit Department” (内审部), as well as the merger of the Risk Disposal Bureau (风险处置局) and the Anti-Crime Bureau (打非局) into a new Risk Disposal Bureau.
According to CBIRC’s official website, the Anti-Crime Bureau is currently responsible for “striking against illegal financial institutions and [those who] covertly engage in legally defined financial activities,” with an especial focus on illegal fund-raising.
The Risk Disposal Bureau is responsible for the inspection of cases involving legal or regulatory breaches by banking and insurance sector financial institutions, as well as coordinating investigation and handling of major risk incidents and illegal cases across multiple jurisdictions.
He Guofeng (何国锋), former deputy-head of the Political Research Bureau (政研局) is tipped to head the Risk Disposal Bureau following the merger, while Zhu Yansheng (朱衍生), current head of the Risk Disposal Bureau, will be appointed head of the Non-bank Inspection Bureau (非银检查局).
Xiang Dong (向东), current head of the Anti-Crime Department, will assume the position of CBIRC’s Chief of Staff.
Nanfang Caijing also reports that Yuan Xucheng (袁序成) is tipped to head the Internal Audit Department. 55 year-old Yuan is a veteran of the Chinese insurance sector, having previously held positions with the People’s Insurance Company of China as well as insurance regulators in Guangdong and Guangxi province.
CBIRC itself has yet to officially release any information on the internal restructuring