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China Insurance Regulatory Commission (CIRC) is a public institution of the ministry level directly under the State Council, who shall, according to the power authorized by the State Council, exercise the administration functions, supervise and manage the national insurance market uniformly in accordance with laws and regulations, and ensure the lawful and sound operations of the insurance industry. According to the decision of the Central Committee of the Communist Party of China (CCCPC), a Party Committee shall be established for CIRC to perform the duties and functions prescribed by the CCCPC. I. MAIN FUNCTIONS 1. It shall draw up the guidelines and policies on the development of insurance industry, formulate the development strategies and programs for the industry, draft laws and regulations on the supervision over the insurance, and make regulations for the industry. 2. It shall be responsible for the examination and approval of the establishment of the insurance companies and the branches thereof, the establish of the insurance group corporations, and insurance holding companies, make examination and approval on the establishment of the insurance capital management companies together with the relevant departments, make examination and approval on the establishment of the representative offices of the foreign insurance institutions, and of insurance intermediary institutions such as the insurance agencies, insurance broker companies, insurance assessment companies and the branches thereof, and the insurance institutions established overseas by the domestic insurance institutions and non-insurance institutions, be responsible for the examination and approval of the merger, division, alteration and dissolution of an insurance institution, deciding on its taken-over and designating its taken-up, and take part in and take charge of the bankruptcy and liquidation of an insurance company. 3. It shall examine and determine the qualifications of the superior managerial personnel of the insurance institutions of all kinds; and shall formulate the basic qualification standards for the insurance practicing personnel. 4. It shall be responsible for the examination and approval of the insurance clauses and the premium rates of kinds of insurances such as those relating to the public interests, the compulsory insurance prescribed by law, the newly developed life insurance, etc.; shall manage the insurance clauses and the premium rates of other kinds of insurances by putting them on record. 5. It shall supervise over the solvency and market acts of an insurance company according to law; shall be responsible for the management of insurance protection fund, and supervise the insurance guarantee; and shall, in accordance with the laws and the State's policies on the use of insurance fund, formulate the relative rules and regulations, and make supervision over the use of the capitals of the insurance companies. 6. It shall make business supervision over the policy-oriented insurance and compulsory insurance, and supervise over organizational forms such as the exclusive self-insurance and mutual insurance and their business activities. It shall make centralized administration on public organizations of the industry such as the insurance associations, insurance institutes by specialized government departments 7. It shall investigate into and impose punishment on such acts in violation of laws and regulations of the insurance institutions and the insurance practicing personnel, as the unfair competition, and the undertaking of the insurance businesses by non-insurance institutions directly or in disguised form. 8. It shall, according to law, make supervision over the insurance institutions established overseas by the domestic insurance and non-insurance institutions. 9. It shall formulate information standards for the insurance industry. It shall establish the systems of insurance risk evaluation, early warning and monitoring so as to make following-up analysis on, monitor and predict the insurance market operation. It shall be responsible for establishing uniformly the national insurance industry data and statements and send a copy to the People's Bank of China, and make announcements in accordance with the relevant requirements of the State. 10. It shall, in accordance with the relevant provisions of the Central Committee and the purview of cadre administration, be responsible for the work of the Party construction, discipline inspection, and the cadre administration of this Commission. It shall be responsible for the routine work of the board of supervisors of the state-owned insurance companies. 11. It shall complete other tasks assigned by the State Council. II. INTERIOR INSTITUTIONS According to the main functions mentioned above, 15 functional institutions shall be established under CIRC. 1. General Office (The Office of the Party Committee, the Working Department of the Board of Supervisors) It shall draw up the working rules and regulations of CIRC, organize and coordinate the routine work of this Commission. It shall be responsible for the drafting of the relevant documents, the organization of important meetings, confidentiality of the important internal work, secretary, complaint letters and visits, secrecy, information synthesis, news release, and security. It shall be responsible for the work of the complaint letters and visits and prosecution on insurance, and for the relevant work assigned by the Party Committee of CIRC. It shall take charge of the routine work of the board of the supervisors of the state-owned insurance companies. 2. Department of Development and Reform (Office of Policy Research) It shall draw up the development strategies, industry programs, policies of the insurance industry, guidelines and policies on insurance supervision, and the measures for preventing and solving the risks. It shall make research on the major issues in relation to the insurance development and reform, and propose suggestions on the policies and put them into practice. It shall be responsible for regulating the stock rights structure and the legal entity control structure, and give instructions and make supervisions over activities such as the establishment, regrouping and listing of an insurance company. It shall be responsible for drafting the documents and manuscripts of important meetings. 3. Department of Financial and Accounting It shall draw up the measures for the implementation of the financial and accounting management of the insurance enterprises and the insurance supervision. It shall establish solvency supervision indexes system of an insurance company. It shall make the annual financial budget and financial statement of CIRC, audit the financial budget and financial statement, and the income and expenses of the organ and the detached offices, and conduct supervision and inspection on them. It shall examine and verify the relevant financial provisions of the business regulations of all the departments of CIRC. It shall be responsible for the financial management of this Commission. 4. Department of Property Insurance Supervision It is responsible for the work of supervision over the property insurance companies. It shall draw up the supervision rules and regulations, and the property insurance adjustment regulations. It shall monitor the capital quality and solvency of an insurance company, inspect and regulate market acts, and investigate into and impose punishment on the acts in violation of laws and regulations. It shall examine and put on record the insurance clauses and premium rates. It shall be responsible for the examination of the establishment, alteration, termination and the scope of business of an insurance company; and examine the qualifications of the senior managerial personnel. 5. Department of Personal Insurance Supervision It is responsible for the work of supervision over the personal insurance companies. It shall draw up the supervision rules and regulations, and the personal insurance adjustment regulations. It shall monitor the capital quality and solvency of an insurance company. It shall inspect and regulate market acts, and investigate into and impose punishment on the acts in violation of laws and regulations. It shall examine and put on record the insurance clauses and the premium rates. It shall check and verify the establishment, alteration, termination and the scope of business of an insurance company, and examine the qualifications of senior managerial personnel. 6. Department of Reinsurance Supervision It is responsible for the work of supervision over reinsurance companies. It shall draw up the supervision rules and regulations, and monitor the quality of the capitals and solvency of an insurance company. It shall inspect and regulate market acts, and investigate into and impose punishment on the acts in violation of laws and regulations. It shall check and verify the establishment, alteration, termination and the scope of business of an insurance company, and examine the qualifications of senior managerial personnel. 7. Department of Insurance Agency Supervision It is responsible for the work of supervision over insurance agencies. It shall draw up the supervision rules and regulations, inspect and regulate market acts of the insurance agencies, and investigate into and impose punishment on the acts in violation of laws and regulations. It shall check and verify the establishment, alteration, termination and the scope of business of the insurance agencies. It shall examine the qualifications of senior managerial personnel, and formulate the basic standards on qualifications of the practicing personnel of the insurance agencies. 8. Department for the Supervision over the Use of Insurance Capital It is responsible for the work of supervision over insurance capitals. It shall draw up the supervision rules and regulations, and establish the systems of the risk evaluation, early warning and monitoring on the use of insurance capitals. It shall investigate into and impose punishment on the acts in violation of laws and regulations. It shall examine and verify the establishment, alteration, termination and the scope of business of institutions managing the use of the insurance capitals. It shall examine the qualifications of senior managerial personnel. It shall draw up the measures for the use of insurance protection fund, and be responsible for the collection and management of the insurance protection funds. 9. International Department It is responsible for the contacts and co-operations between CIRC and the relevant international organizations, supervision institutions and insurance institutions of relative countries and districts. It shall be responsible for the management of foreign affairs of CIRC. It shall examine and verify the establishment of insurance institutions by foreign insurance institutions within the territory of China, and the establishment of insurance institutions overseas by the domestic insurance or non-insurance institutions and the relevant alteration matters. It shall be responsible for the examination and verification and management of the establishment of representative offices within the territory of China by foreign insurance institutions. It shall make supervisions over the insurance institutions established overseas by the domestic insurance or non-insurance institutions. 10. Department of Laws and Regulations It shall draw up the relevant rules and regulations on insurance supervision. It shall draft the relevant laws and administrative regulations, and propose suggestions on their formulation or modification. It shall examine and verify the supervision regulations drawn up by all the departments of CIRC. It shall supervise over and coordinate in the enforcement of the relative laws and regulations. It shall carry out services on consultation of insurance laws, and organize legal education and publicity. It shall be responsible for the work of the administrative review and response to the administrative prosecution. 11. Department of Statistics and Information It shall draw up the statistics system of the insurance industry, establish and maintain the database of the insurance industry. It shall be responsible for compiling uniformly the data and statements of the national insurance industry and send a copy to the People's Bank of China, and make announcement according to the relevant requirements of the State. It shall be responsible for the analysis of the statistics data. It shall draw up the information standards of the insurance industry, establish and perfect the information security system. It shall be responsible for planning the information construction of the insurance industry and its implementation. It shall be responsible for the establishment and maintenance of information systems on business supervision such as the solvency and for the construction and management of the information equipment. 12. Department of Dispatched Offices Administration It is responsible for drawing up the rules and regulations on the management and coordination of the dispatched offices. It shall inspect the fulfillment of the work by the dispatched offices, supervise over and assist in the handling of major events approved by the leaders of CIRC. It shall, together with the relative departments, put forward the evaluation opinions on the annual outstanding achievements of the dispatched offices. It shall study and analyze the major problems in the management and coordination of the dispatched offices, and put forward the suggestions and solutions. It shall periodically collect and reorganize the opinions and suggestions of the dispatched offices on the operation of insurance market and their supervision. 13. Department of Personnel and Education (Organization Department of the Party Committee) It shall draw up the rules and regulations concerning the management of human resources of this CIRC and the dispatched offices of CIRC. It shall conduct the personnel management of CIRC and its dispatched offices. It shall be responsible for the routine management of the leading groups and the leaders of the relevant insurance institutions according to the provisions. It shall be responsible for guiding the organization construction of the Party and the education and management of party members of the whole Commission, and for the training and education of the cadres of CIRC and this department. 14. Supervision Bureau (Discipline Inspection Commission) It shall supervise and inspect the implementation of the State's laws, regulations and policies by the entities in the whole Commission. It shall investigate into and impose punishment on the acts in violation of the State's laws, regulations and the political disciplines according to laws and disciplines. It shall accept the accusations and complaints against the parties to be supervised and inspected. It shall lead the supervision and inspection (discipline inspection) of entities in the whole Commission. 15. Publicity Department of the Party Committee (Department of the Party Committee on Mass Work and the United Front) It shall be responsible for the ideological construction and publicity of the Party and shall take charge of the ideological and political work and the construction of spiritual civilization. It shall be responsible for the guidance and coordination of the work of the united front, the masses and the intellectuals of the whole Commission. The Department Party Committee shall be responsible for the work between the Party and the masses of the departments of CIRC and the entities directly under CIRC located in Beijing. III. STAFFING CIRC shall have 400 personnel, among which the positions for the leaders on the bureau level shall be 56 (including 2 assistants of chairman, 1 vice president of the Discipline Commission, 1 vice president of the Department Party Commission, 1 president of the Discipline Commission of the Commission, 1 presiding actuary, 1 presiding lawyer and 1 presiding accountant). IV. OTHER MATTERS 1. CIRC shall, together with the People's Bank of China and the banking and securities supervision institutions, establish the working mechanism of cooperation with each other through dividing the work to exchange the relative information and coordinate the relevant policies. 2. CIRC shall set up supervision bureaus at all provinces, autonomous regions, municipalities directly under the Central Government, and cities directly under state planning. CIRC shall directly manage the institutions it assigned to other places. These institutions and their staffing shall be separately determined. 3. The information center, training center, the government service center and other institutions of the public institutions directly under CIRC and their staffing shall be separately determined. |
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