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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 Regarding Implementation of WTO Accession Commitments
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| 2005-12-22 |
Pursuant to China’s WTO accession commitments, as of today, foreign-funded life insurance companies are permitted to be engaged in health insurance, group insurance, and pension/annuity business; geographical limitations on establishment of foreign-funded insurance institutions are removed; and shares controlled by foreign equity-holders can be as high as 51% for joint ventures of insurance brokerage companies.
Foreign-funded life insurance companies may apply for adjustments to “Insurance Institutional Legal Person License” and “Insurance Business License” as per relevant rules.
China Insurance Regulatory Commission
December 11, 2004 |
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