On 8 April 2018, the CBRC and the China Insurance Regulatory Commission (CIRC) officially merged into a new regulator, the China Banking and Insurance Regulatory Commission (CBIRC). The merger follows the State Council Institutional Reform Plan issued in March this year which was passed by the 13th National People’s Congress.
The CBIRC’s responsibilities primarily consist of supervising the establishment and ongoing business activities of banking and insurance institutions, and taking enforcement actions against violators. However, the power to adopt major regulations and rules will be reserved by the People’s Bank of China.
The creation of the CBIRC should help streamline supervision of various types of financial institutions in the PRC.