PRC Financial Regulation: Annual Report (2024) - Insurance

2023 Regulatory Mainline Review

01 Institutional reforms reshaping the regulatory landscape of the insurance sector

Since the merger of the former China Banking Regulatory Commission ("CBRC") and China Insurance Regulatory Commission ("CIRC") to form the China Banking and Insurance Regulatory Commission ("former CBIRC") in 2018, the regulatory authority has gradually built and strengthened the institutional safeguards for the unified regulation of the banking and insurance sectors through these substantial institutional innovations. Five years later, the CPC Central Committee and the State Council issued the Reform Plan for Party and State Institutions in March 2023, reshaping the financial regulatory framework and the division of labor between central and local supervision. The National Financial Regulatory Administration ("NFRA") was established on the basis of the former CBIRC, and the day-to-day supervisory responsibilities of the People's Bank of