Which department is in charge of the Banking Insurance Regulatory Bureau?

Legal Analysis: On March 3, 20 18, the State Council's institutional reform plan was submitted to the First Session of the 13th National People's Congress for deliberation. According to the plan, the Bank of China Insurance Regulatory Commission will be established, and the CBRC and CIRC will no longer be retained. It is a public institution directly under the State Council, and its main responsibilities are to supervise and manage the banking and insurance industries in a unified way according to law, safeguard their lawful and steady operation, guard against and defuse financial risks, protect the legitimate rights and interests of financial consumers and maintain financial stability.

Legal basis: Measures of the People's Republic of China on Banking Supervision and Management Article 2 The banking supervision and management institution of the State Council is responsible for the supervision and management of banking financial institutions and their business activities throughout the country. The banking financial institutions mentioned in this Law refer to commercial banks, urban credit cooperatives, rural credit cooperatives and other financial institutions and policy banks established in People's Republic of China (PRC) to absorb public deposits. The provisions of this Law on the supervision and management of banking financial institutions shall apply to the supervision and management of financial asset management companies, trust and investment companies, finance companies, financial leasing companies and other financial institutions established with the approval of the banking regulatory authority of the State Council. The State Council banking supervision institutions shall, in accordance with the relevant provisions of this Law, supervise and manage the overseas business activities of financial institutions established with their approval and those specified in the preceding two paragraphs.