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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 |
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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.59 Regarding Implementation of WTO Accession Commitments
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| 2005-12-22 |
Pursuant to China’s WTO accession commitments, foreign-funded P&C insurance companies are permitted to be engaged in non-life insurance business, excluding mandatory insurance, as of today. Foreign-funded P&C insurance companies may apply for adjustments to their “Insurance Business License” as per this gazette. At the same time, insurance institutions are permitted to provide services in five additional cities including Fuzhou, Xiamen, Ningbo, Shenyang, and Wuhan.
China Insurance Regulatory Commission
December 11, 2003 |
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