The China Banking and Insurance Regulatory Commission (CBIRC) issued regulation on the regulatory responsibilities of its "dispatched institutions" for the supervision of banking and insurance institutions. The dispatched agencies/institutions include supervisory bureaus stationed in provinces (autonomous regions and municipalities) and in cities, the supervisory branch of the cities (CBIRC Sub-Bureau), and the supervisory groups set up in counties. The rules stipulate that CBIRC shall exercise vertical leadership over these dispatched offices. The regulation shall be effective from October 01, 2021. CBIRC also published questions and answers related to the regulation.
The "banking insurance financial institutions," as mentioned in these provisions, refer to, among others, commercial banks, policy banks, development banks, rural cooperative banks, rural banks, foreign bank branches, foreign banks representative offices, rural credit cooperatives, rural mutual funds cooperatives, loan companies, insurance group (holding) companies, and insurance companies, which are regulated by the banking insurance regulatory agencies according to law. The rules stipulate that CBIRC Bureau and Sub-Bureau shall be responsible for the direct supervision of banking and insurance financial institutions in their jurisdictions in accordance with laws, administrative regulations, and the provisions of CBIRC. Based on actual needs, CBIRC may specify the institutions it will directly supervise and publish the list on its official website, along with the regulatory responsibility units of legal persons of financial institutions in the banking and insurance industries. According to the regulations, dispatched institutions shall perform their duties of supervision of banking and insurance sectors within their jurisdictions, safeguard the legal rights and interests of the parties, promote the legal and stable operation of the banking and insurance sectors in their jurisdictions, and prevent and resolve financial risks.
Related Links (in Chinese)
Effective Date: October 01, 2021
Keywords: Asia Pacific, China, Banking, Insurance, Dispatched Institutions, Supervisory Bureaus, Banking Supervision, Direct Supervision, CBIRC
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