China Insurance Regulatory Commission
| 中国保险监督管理委员会 | |
| Agency overview | |
|---|---|
| Formed | 1998 |
| Jurisdiction | National |
| Headquarters | Beijing |
| Agency executive |
|
| Parent agency | State Council |
| Website | http://www.circ.gov.cn/ |
The China Insurance Regulatory Commission (CIRC) is an agency of China authorized by the State Council to regulate the Chinese insurance products and services market and maintain legal and stable operations of insurance industry. It was founded on November 18, 1998, upgraded from a semi-ministerial to a ministerial institution in 2003, and currently has 31 local offices in every province.
The main functions of the CIRC are:
Internal Setup of the CIRC is:
In September 2008, CIRC set up a nonprofit state-owned corporation China Insurance Security Fund Co., Ltd. (Chinese: 中国保险保障基金有限责任公司) with a registered capital of 100 million yuan to manage its insurance protection fund, amounting to at least 7 billion yuan (about US$1 billion).
The chief of the agency, Xiang Junbo, was appointed in October 2011 and has laid plans to introduce pricing and other market reforms.
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