On 8 April 2018, China Banking and Insurance Regulatory Commission (CBIRC) was formally unveiled in Beijing, marking the official launch of the new regulatory authority into operation. This merger of the former China Banking Regulatory Commission (CBRC) and the former China Insurance Regulatory Commission (CIRC) is considered the biggest reform of China’s financial regulatory system in over fifteen years, bringing an end to the “One Bank, Three Commissions” (一行三会) regulation framework, and marking the start of the “One Committee, One Bank, Two Commissions” (一委一行两会) regulation framework (referring to the Financial Stability and Development Committee, PBOC, CBIRC and CSRC). Since then, Chinese insurance market has the new regulator. This huge change has not been completed because it not only brought the reorganization to CBRC and CIRC, but also to the local bureaus (branches) of CBRC and CIRC, and the latter should cost more time.
Authored by Zhan Hao <email@example.com> , Zhou Yanghui <firstname.lastname@example.org>, Liao Lilin<email@example.com> at AnJie Law Firm