What unit is the Banking Insurance Regulatory Bureau?

The full name of China Banking Regulatory Commission is Bank of China Insurance Regulatory Commission, which is directly affiliated to the State Council. Its main duties are to conduct unified supervision and management of the banking and insurance industries in accordance with the law, safeguard their lawful and steady operations, prevent and resolve financial risks, protect the legitimate rights and interests of financial consumers and maintain financial stability. The Insurance Regulatory Commission of the Bank of China is a directly affiliated institution of the State Council, and it is a ministerial-level institution.

In order to deepen the reform of the financial supervision system, solve the problems existing in the current system, such as unclear supervision responsibilities, cross-supervision and blank supervision, strengthen comprehensive supervision, optimize the allocation of supervision resources, better coordinate the supervision of systemically important financial institutions, and gradually establish a powerful and effective modern financial supervision framework that conforms to the characteristics of modern finance.

Keeping the bottom line that systemic financial risks will not occur, the State Council's institutional reform plan proposes to integrate the responsibilities of CBRC and CIRC, and set up the Insurance Regulatory Commission of Bank of China as a directly affiliated institution of the State Council.