China Insurance Regulatory Commission (hereinafter referred to as CIRC) was established on June 20 14, 5438+0998165438+10/8. It is a ministerial-level institution directly under the State Council, performing the administrative functions authorized by the State Council, conducting unified supervision and management of the national insurance market and safeguarding the insurance industry according to law.
The main responsibilities of China Insurance Regulatory Commission are as follows:
1. Formulate policies and policies for the development of the insurance industry, and formulate industry development strategies and plans;
2. Drafting insurance supervision laws and regulations;
3. Formulate industry regulations. To examine and approve the establishment of insurance companies and their branches, insurance group companies, insurance holding companies and other institutions;
4, review and identify the qualifications of senior managers of various insurance institutions, and formulate basic qualification standards for insurance practitioners;
5. Supervise the solvency and market behavior of insurance companies according to law;
6, responsible for the management of insurance funds, supervision of insurance deposits;
7, the policy insurance and compulsory insurance business supervision;
8. Supervise insurance institutions established overseas by domestic insurance and non-insurance institutions according to law.
An insurance company is an insurer in the form of company organization, which deals in insurance business. Insurance companies have the right to collect insurance premiums and establish insurance premium funds. At the same time, in the event of an insured accident, it is obliged to compensate the insured for economic losses. The main types of insurance companies are stock insurance companies, mutual insurance companies and exclusive insurance companies.
The business of insurance companies mainly includes three aspects: insurance business classification, property insurance business type and life insurance business type.
Property insurance refers to the insurance in which the applicant pays the insurance premium to the insurer according to the contract, and the insurer is liable for the loss of the insured property and its related interests caused by natural disasters or accidents according to the insurance contract. Property insurance includes property insurance, agricultural insurance, liability insurance, guarantee insurance, credit insurance and other insurance with property or interests as the subject matter of insurance.
legal ground
People's Republic of China (PRC) Insurance Law:
Article 67
The establishment of an insurance company shall be approved by the the State Council Insurance Regulatory Authority.
When examining the application for the establishment of an insurance company, the insurance regulatory agency of the State Council shall consider the development of the insurance industry and the need for fair competition.
Article 69
The minimum registered capital for the establishment of an insurance company is RMB 200 million.
The insurance regulatory agency of the State Council may adjust the minimum registered capital of an insurance company according to its business scope and scale, but it shall not be lower than the limit specified in the first paragraph of this article.
The registered capital of an insurance company must be paid-in monetary capital.