The competent authority of commercial insurance in China is also the institution directly under the State Council. China Insurance Regulatory Commission was established on November 18, 1998. Its basic purpose is to deepen the reform of the financial system, further prevent and resolve financial risks, perform administrative functions as authorized by the State Council, and uniformly supervise and manage the insurance market according to laws and regulations.
The main tasks of China Insurance Regulatory Commission are: to formulate policies, regulations and industry rules related to commercial insurance; To supervise and guide the business activities of insurance enterprises according to law, investigate and deal with illegal acts of insurance enterprises according to law, and protect the interests of the insured; Maintain the order of the insurance market, cultivate and develop the insurance market, improve the insurance market system, promote insurance reform, and promote fair competition among insurance enterprises; Establish an evaluation and early warning system for insurance risks, prevent and resolve insurance risks, and promote the steady operation and healthy development of insurance enterprises.
The establishment of China Insurance Regulatory Commission reflects the importance that our government attaches to insurance supervision. China's insurance industry started late, but its development speed is extremely fast and its market potential is great. In 1997, the premium income exceeded 1 billion yuan, an increase of about 4% over the previous year. This development trend is obviously contrary to the original intention of financial system reform if it leaves the supporting insurance supervision. Previously, China's insurance industry was supervised by the People's Bank of China through the insurance company, which made it impossible for banks and insurance to separate management, and the insurance industry was also accumulating its own risks in the process of rapid development. The establishment of China Insurance Regulatory Commission is conducive to eliminating interference and improving the independence and authority of insurance supervision, which is of great significance to the healthy development of insurance market and fair competition of insurance enterprises.
China Insurance Regulatory Commission has 15 functional institutions and 35 agencies in all provinces, municipalities directly under the Central Government, autonomous regions and cities with separate plans. Among them, 15 internal departments are:
(1) General Office (Party Committee Office, Work Department of Board of Supervisors). To formulate the office rules and regulations of the meeting organs; Organize and coordinate the daily work of organs; To undertake the drafting of relevant documents, the organization of important meetings, confidentiality, secretarial work, letters and visits, confidentiality, information integration, news release, security and other work. Responsible for insurance letters and complaints; To undertake the relevant work assigned by the Party Committee; Responsible for the daily work of the board of supervisors of state-owned insurance companies.
(2)
Development and Reform Department. To formulate development strategies, industry plans and policies for the insurance industry; To formulate the principles and policies of insurance supervision and measures to prevent and resolve risks in conjunction with relevant departments; To study major issues related to the reform and development of the insurance industry in conjunction with relevant departments, put forward policy suggestions and organize their implementation; Analyze the overall operation of the insurance market in conjunction with relevant departments; Check the major policies issued by the CIRC; Centralized management of market access and exit of Chinese-funded insurance legal person institutions and insurance asset management companies; To be responsible for standardizing the ownership structure and corporate governance structure of insurance companies, and to guide and supervise the company's reorganization, restructuring, listing and other activities; Responsible for the coordination of important foreign business work and policies of the CIRC.
(3) Policy Research Office. Responsible for drafting relevant important documents and manuscripts of the CIRC; Check the important documents submitted by the CIRC to the CPC Central Committee and the State Council; To study the opinions on the implementation of national policies in the insurance industry; Study the interaction between macroeconomic policies, related industry policies, financial market development and insurance industry; According to the instructions of the leaders, investigate and study the relevant issues; Carry out insurance theory research, and be responsible for guiding and coordinating the research work in insurance institute of china.
(4) Finance and Accounting Department. To formulate measures for the implementation of accounting management of insurance enterprises and insurance supervision; Establish the solvency supervision index system of insurance companies; Prepare the annual financial budget and final accounts of the CIRC system; To examine the financial budget and final accounts and revenue and expenditure activities of the organs and agencies, and carry out supervision and inspection; Review the relevant financial provisions in the business rules of various departments of the meeting. Responsible for the financial management of institutions.
(5)
Property Insurance Supervision Department (Reinsurance Supervision Department). To undertake the supervision of property insurance companies. To formulate regulatory rules and regulations and actuarial system of property insurance; Monitor the asset quality and solvency of insurance companies; Check and standardize market
behaviors, and investigate and deal with illegal behaviors; Examining and filing insurance clauses and insurance rates; Examining the establishment, alteration, termination and business scope of insurance companies; Review the qualifications of senior managers. To undertake the supervision of reinsurance companies. To formulate regulatory rules and regulations; Monitor the asset quality and solvency of insurance companies; Check and standardize market behaviors, and investigate and deal with violations of laws and regulations; Examining the establishment, alteration, termination and business scope of insurance companies; Review the qualifications of senior managers.
(6) life insurance supervision department. To undertake the supervision of life insurance companies. To formulate regulatory rules and regulations and actuarial system of life insurance; Monitor the asset quality and solvency of insurance companies; Check and standardize market behaviors, and investigate and deal with violations of laws and regulations; Examining and filing insurance clauses and insurance rates; Examining the establishment, alteration, termination and business scope of insurance companies; Review the qualifications of senior managers.
(7) insurance intermediary supervision department. To undertake the supervision of insurance intermediaries. To formulate regulatory rules and regulations; Check and standardize the market behavior of insurance intermediaries, and investigate and deal with illegal acts; Examining the establishment, alteration, termination and business scope of insurance companies; Review the qualifications of senior managers; Formulate basic qualification standards for insurance intermediary employees.
(8) insurance fund utilization management department. To undertake the supervision of the use of insurance funds. To formulate regulatory rules and regulations; Establish a risk assessment, early warning and monitoring system for the use of insurance funds; Investigate and deal with violations of laws and regulations; Examining the establishment, alteration, termination and business scope of insurance fund utilization institutions; Review the qualifications of senior managers; To formulate measures for the management and use of insurance protection funds and be responsible for the collection and management of insurance protection funds.
(9)
International Department. To undertake the contact and cooperation between China Insurance Regulatory Commission and relevant international organizations, relevant national and regional regulatory agencies and insurance institutions. Responsible for the foreign affairs management of China Insurance Regulatory Commission; To undertake the audit of the establishment of insurance institutions in China by overseas insurance institutions, as well as the establishment of insurance institutions abroad by domestic insurance institutions and non-insurance institutions and related changes; To undertake the review and management of the establishment of representative offices in China by overseas insurance institutions; Supervise insurance institutions established overseas by domestic insurance and non-insurance institutions.
(1) regulation department. To formulate relevant insurance regulatory rules and regulations; Drafting relevant laws and administrative regulations, and putting forward suggestions for formulation or revision; To review the regulatory rules drafted by various departments of the audit committee; Supervise and coordinate the implementation of relevant laws and regulations; Carry out insurance legal consulting services and organize legal education and publicity; To undertake administrative reconsideration and administrative litigation.
(11) Statistics and Information Department. To formulate the statistical system of the insurance industry and establish and maintain the insurance industry database; Responsible for the unified compilation of data and statements of the national insurance industry, copied to the People's Bank of China, and published in accordance with the relevant provisions of the state; Responsible for the analysis of statistical data of insurance institutions; To formulate information standards for the insurance industry and establish and improve the information security system; Responsible for the planning and implementation of insurance
industry informatization construction; Responsible for the establishment and maintenance of solvency and other business supervision information systems; Responsible for the construction and management of information equipment.
(12) Agency Management Department. To formulate rules and regulations for the management and coordination of dispatched institutions. Check the implementation of the work of the dispatched office, and
supervise the major issues approved by the leaders of the meeting; In conjunction with the relevant departments, put forward the evaluation opinions on the annual work performance of the dispatched institutions; To study and analyze the major problems in the management and coordination of dispatched institutions, and put forward suggestions and solutions;
regularly collect and sort out the opinions and suggestions of dispatched institutions reflecting the operation and supervision of the insurance market.
(13) Ministry of Personnel and Education (Party Committee Organization Department). To formulate rules and regulations on human resources management of the meeting organs and agencies; To undertake the personnel management work of the organs, agencies and relevant units of the conference; According to the regulations, be responsible for the daily management of the leading bodies and leading cadres of relevant insurance institutions; To be responsible for guiding the Party's organizational construction in this system and the education management in party member; Responsible for the training and education of cadres in the organs and the system.
(14) Supervision Bureau (Commission for Discipline Inspection). Supervise and inspect the implementation of national laws, regulations and policies in this system; Investigate and deal with violations of state laws, regulations and political disciplines according to law; Accepting reports, complaints and appeals against the objects of supervision. Lead the supervision (discipline inspection) work of this system.
(15) Propaganda Department of Party Committee (United Front Work Department of Party Committee). Responsible for the ideological construction and propaganda work of the party in this system; Responsible for ideological and political work and spiritual civilization construction; Responsible for guiding and coordinating the United front work, the masses and intellectuals in this system. Party committees of organs. Responsible for the party-mass work of the conference organs and units directly under Beijing.
Further reading: How to buy insurance, which is better, and teach you how to avoid these "pits" of insurance.