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China Banking and Insurance Regulatory Commission (CBIRC) (中国银行保险监督管理委员会)
Practical Law UK Glossary w-015-0554 (Approx. 3 pages)
Glossary
China Banking and Insurance Regulatory Commission (CBIRC) (中国银行保险监督管理委员会)
A former government institution sitting under the State Council.
The CBIRC was primarily responsible for:
- Supervising the establishment and ongoing business activities of banking and insurance institutions.
- Taking enforcement actions against regulatory violations.
The CBIRC was established in April 2018 by a merger of China's banking and insurance regulators, namely, the China Banking Regulatory Commission and China Insurance Regulatory Commission, which were dismantled in China's massive government institutional reform in 2018 (see Article, Understanding the 2018 government institutional reform: China: Banking and insurance).
After five years in operation, the CBIRC was dismantled and replaced by the National Financial Regulatory Administration according to the State Council Institutional Reform Plan in 2023. For more information, see Legal Update, NPC Approves State Council Institutional Reform Plan.