China Banking and Insurance Regulatory Commission Information

Main responsibilities: 1. Regulate and supervise the banking and insurance sectors in China in accordance with laws and regulations; ensure the legal and stable operation of banking and insurance institutions. 2. Conduct systematic research on the reform and opening up as well as supervisory effectiveness of the banking and insurance sectors; engage in strategic planning for financial reform and development, drafting of laws and regulations of the banking and insurance sectors, and the establishment of prudential regulation framework and financial consumer protection framework; formulate relevant rules and regulations of the banking and insurance sectors, and make recommendations for the formulation and amendment of these rules and regulations. 3. Formulate supervisory rules for prudential regulation and financial consumer protection in accordance with the framework of prudential regulation and financial consumer protection; develop operational rules and supervisory rules for microfinance companies, financing guarantee companies, pawnshops, leasing companies, commercial factoring companies, local asset management companies and other institutions; and establish supervisory framework for the business activities of online lending institutions. 4. License banking and insurance institutions and their business scope in accordance with laws and regulations; review and approve the qualification of senior management of relevant institutions; and formulate codes of conduct for banking and insurance employees. 5. Conduct supervision on banking and insurance institutions in terms of corporate governance, risk management, internal control, capital adequacy, solvency, business operation, and information disclosure, etc. 6. Conduct on-site examination and off-site surveillance on banking and insurance institutions, carry out risk and compliance assessment, protect the legitimate rights of financial consumers, and penalize illegal acts and misconducts.