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Responsibilities and Internal Setup
    The China Insurance Regulatory Commission (the “CIRC”), established on November 18, 1998, is authorized by the State Council to conduct administration, supervision and regulation of the Chinese insurance market, and to ensure that the insurance industry operates stably in compliance with law. 
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Message from the Chairman

    Insurance is the integral part of the financial system, and it plays very important roles in the development of reform, protection of economy, social stability and welfare of the public. 
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Regulatory Measures
    As the administrative and regulatory authority of China’s commercial insurance, which is still in the primary stage of development, the CIRC considers the development of insurance industry as its most important task and strives to make China insurance industry big and strong. 
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CIRC Gazette No.6 Regarding Prohibition of Illegal Operational Activities of Overseas Insurance Institutions in insurance and Intermediary business
　　2005-12-22

 

 

Our investigations show that few alien insurers, insurance institutions located in Hongkong, Macau, and Taiwan, and their representative offices in China are now illegally hiring staffs or agents and engaged in insurance business or intermediary services in the Chinese territory. To safeguard the order of the insurance market in the Chinese territory and the interests of policyholders, the CIRC issues the following gazette:

(I) without the approval of the CIRC, alien insurers and insurance institutions, and insurer and insurance institutions from Hongkong, Macau, and Taiwan that have set up operational institutions in the Chinese territory are prohibited from recruiting staffs or hiring agents or brokers to be engaged in insurance.

(II) representative offices of overseas insurers should not be engaged in insurance, reinsurance, and insurance intermediary business that are not within their scope of business. Illegal activities will be handled seriously to the extent of permanent cancellation of qualifications to set up representative offices in China once discovered.

Indigenous units and residents can report to the CIRC once they discover aforementioned illegal activities. The CIRC will conduct investigation and punishment together will relevant authorities.

China Insurance Regulatory Commission

March 30, 1999

 
 
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