I. Responsibilities of China Banking Regulatory Commission
China Banking Insurance Regulatory Commission, referred to as "China Banking Insurance Regulatory Commission", is a institution directly under 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 establishment of China Banking and Insurance Regulatory Commission has further improved the supervision system of China's financial industry, which is of great significance for ensuring the healthy and stable development of the financial industry.
II. Supervision Contents of CBRC
The supervision of the insurance industry by the CBRC mainly includes market access, corporate governance, product design, rate determination, capital utilization and solvency. Through these regulatory measures, the CBRC can ensure that insurance companies operate in compliance, prevent vicious competition, protect consumers' rights and interests and maintain market order.
For example, in terms of market access, the CBRC will review the application for the establishment of insurance companies to ensure that they have sufficient capital strength, perfect corporate governance structure and feasible business model. In terms of product design, the CBRC will require insurance companies to ensure that their products comply with laws, regulations and regulatory requirements and do not harm the interests of consumers. In terms of solvency, the CBRC will regularly evaluate the solvency of insurance companies to ensure that they have sufficient solvency to deal with possible insurance accidents.
Third, the supervision mode of the CBRC.
The supervision methods of CBRC mainly include on-site inspection, off-site supervision and administrative punishment. On-site inspection refers to the inspection team sent by China Banking Regulatory Commission to conduct on-site inspection on the operation and management of insurance companies. Off-site supervision means that China Banking Regulatory Commission supervises and evaluates the operation and management of insurance companies by collecting and analyzing the statements and data of insurance companies. Administrative punishment refers to the penalties imposed by China Banking Regulatory Commission on insurance companies that violate laws, regulations and regulatory requirements, including fines, orders to make corrections, and revocation of business licenses.
Through these regulatory means, the CBRC can find and correct the problems existing in insurance companies in time, ensure their compliance operation and maintain market order. At the same time, the CBRC also actively promotes the innovation and development of the insurance industry, supports insurance companies to carry out scientific and technological innovation, product innovation and service innovation, and meets the growing insurance demand of the people.