China Insurance Regulatory Commission

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    The China Insurance Regulatory Commission (CIRC) (中国保险监督管理委员会) was the insurance sector regulatory agency of the Chinese central government from 1998 to 2018.

    CIRC was first established on 18 November 1998 as an institution directly under the State Council and authorised by the State Council to act as the national insurance market regulator, as well as responsible for ensuring the lawful and stable operation of the insurance sector.

    In March 2018 the State Council decided to merge CIRC with the China Banking Regulatory Commission (CBRC), leading to the formation of the China Banking and Insurance Regulatory Commission (CBIRC).

    Chief responsibilities 

    1.Plan insurance sector development policies, formulate development strategies and plans for the insurance sector, draft administrative laws and regulations for the insurance sector, formulate industrial regulations.

    2. Approve the establishment of insurance companies and their branch entities, as well as insurance groups and share-controlled insurance companies. CIRC examined and approved the establishment of insurance asset management companies with other related apartments, as well as examined and approved the establishment of overseas insurance organisation representative offices.