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China Insurance Regulatory Commission (CIRC) *

Chair: Wu Dingfu
Vice Chairs: Li Kemu
Wei Yingning
Zhou Yanli
Yang Mingsheng
 
Address: 15 Financial Street
Xicheng District, Beijing 100032
Telephone: 86-10-6628-6688
Fascimile: 86-10-6601-8871
Website: www.circ.gov.cn
 
Departments:
 General Office; Development and Reform; Policy Research; Finance and Accounting; Property Insurance Supervision; Life Insurance Supervision; Insurance Brokerage Supervision; Insurance Fund Operation and Supervision Department; International Cooperation; Policy and Regulations; Statistics and Information; Agencies Management Department; Personnel and Education; Party Commission; Inspection


Responsibilities
  • Research and draft policies, regulations, development strategies, and industrial plans for the insurance sector, including supervision and management of the sector;
  • Examine and approve the establishment of insurance companies and their branches including joint-venture insurance companies and representative offices of overseas insurance institutions;
  • Establish basic qualification standards for insurance sector employees including the supervision of senior managerial staff;
  • Handle complaints from and regarding the insurance sector.

    • The State Council established CIRC in 1998 to separate the regulation of the insurance and banking industries. PBOC had previously regulated both. CIRC was upgraded to a ministry-level office in March 2003.

    CIRC's duties include drafting and implementing policies, legislation, and plans for the commercial insurance industry. It also prosecutes firms in violation of PRC insurance law and seeks to protect the interests of the insured. One of CIRC's more important priorities is to establish a security system to regulate collection and dissemination of financial information within industry and reduce risks.

    CIRC has also worked to establish branch supervisory organizations in each of China's 31 provincial-level administrative regions (excluding Tibet). The branch offices are responsible for supervising local insurance operations to insure compliance with CIRC regulations and help prevent pyramid schemes and other questionable practices. (Full contact information for the regional offices is available upon request from the USCBC).

    Return to PART VI: State Council Directly Administered Offices