internal mechanism
China CIRC consists of development and reform department, policy research office, finance and accounting department, property insurance supervision department (reinsurance supervision department), life insurance supervision department, insurance intermediary supervision department, insurance fund utilization supervision department, international department, regulations department, statistics information department, organization management department, personnel education department, supervision bureau and other departments.
agency
As of March, 2006, China Insurance Regulatory Commission has 35 agencies in 26 provinces (autonomous regions), 4 municipalities directly under the Central Government and 5 cities under separate state planning except Tibet. China CIRC shall exercise vertical leadership over the dispatched offices.
The dispatched offices are collectively referred to as "Local Insurance Regulatory Bureau of China Insurance Regulatory Commission" or "Local Insurance Regulatory Bureau" for short. For example, Gansu Insurance Regulatory Bureau of China Insurance Regulatory Commission, referred to as "Gansu Insurance Regulatory Bureau".
major duty
To formulate principles and policies for the development of the insurance industry and formulate industry development strategies and plans; Drafting insurance supervision laws and regulations; Formulate industry regulations.
To examine and approve the establishment of insurance companies and their branches, insurance group companies and insurance holding companies; To examine and approve the establishment of insurance asset management companies in conjunction with relevant departments; Examining and approving the establishment of representative offices of overseas insurance institutions; To examine and approve the establishment of insurance agencies, insurance brokerage companies, insurance assessment companies and other insurance intermediaries and their branches; Examining and approving domestic insurance institutions and non-insurance institutions to set up insurance institutions overseas; To examine and approve the merger, division, change and dissolution of insurance institutions, decide to take over and designate acceptance; Participate in and organize the bankruptcy liquidation of insurance companies.
Examining and determining the qualifications of senior managers of various insurance institutions; Formulate basic qualification standards for insurance practitioners.
To examine and approve the insurance clauses and premium rates of insurance products related to social public interests, insurance products subject to compulsory insurance according to law and newly developed life insurance products, and to put on record the insurance clauses and premium rates of other insurance products.
Supervise the solvency and market behavior of insurance companies according to law; Responsible for the management of the insurance guarantee fund and supervise the insurance deposit; According to the law and the national policy on the use of insurance funds, formulate relevant rules and regulations and supervise the use of funds by insurance companies according to law.
Business supervision of policy insurance and compulsory insurance; Supervise the organizational forms and business activities such as exclusive self-insurance and mutual insurance. Centralized management of insurance industry associations, insurance societies and other industry associations.
Investigate and deal with illegal acts such as unfair competition between insurance institutions and insurance practitioners, as well as illegal acts such as non-insurance institutions operating or operating insurance business in disguised form.
Supervise insurance institutions established overseas by domestic insurance and non-insurance institutions according to law.
Formulate information standards for the insurance industry; Establish an insurance risk assessment, early warning and monitoring system, track, analyze, monitor and predict the operation of the insurance market, be responsible for uniformly compiling national insurance data and statements, and publish them in accordance with relevant state regulations.
Further reading: How to buy insurance, which is good, and teach you how to avoid these "pits" of insurance.