Category: Global regulation · Reviewed by Amy Price, Account Executive · Last reviewed 2026-06-05
The China Banking and Insurance Regulatory Commission (CBIRC) was the integrated banking and insurance regulator of the People’s Republic of China from April 2018 until May 2023, when it was abolished and its functions transferred to the National Financial Regulatory Administration (NFRA). CBIRC itself was formed by the merger of the predecessor China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC).
Category: Global insurance regulation Also known as: CBIRC, NFRA, National Financial Regulatory Administration Jurisdiction: People’s Republic of China Founding instrument: State Council Plan for Institutional Reform (March 2018); abolished and succeeded by NFRA (March 2023) Related concepts: Insurance Authority Hong Kong, MAS Singapore
CBIRC was a ministry-level agency of the State Council reporting to the State Council and (in policy terms) to the Communist Party of China Central Financial and Economic Affairs Commission. It supervised approximately 4,000 banking institutions and 230 insurance companies with collective assets exceeding RMB 350 trillion. Its successor, the NFRA, took office on 18 May 2023 and inherited substantially all of CBIRC’s functions, plus additional consumer protection functions transferred from other agencies.
The Insurance Law of the People’s Republic of China (insurance contracts and supervision) provides the substantive insurance statute, last substantially amended in 2015. The Commercial Bank Law provides the banking framework. CBIRC’s institutional charter was the State Council institutional reform plan of March 2018; NFRA’s is the March 2023 reform plan. Detailed prudential rules — the China Risk Oriented Solvency System (C-ROSS), now C-ROSS Phase II in force since 2022 — are issued by the regulator in the form of measures and notices.
The Chinese insurance market is the second-largest in the world by premium volume after the United States, with strong domestic life and non-life sectors and a controlled but growing foreign-invested segment (notably HSBC Insurance, Generali, AIA, Manulife, Sun Life, Allianz and others). C-ROSS Phase II tightens capital requirements and introduces enhanced solvency reporting. NFRA continues CBIRC’s supervisory approach with strengthened consumer protection and behavioural conduct supervision.
The NFRA model — integrated prudential and conduct supervision of insurance and banking, with policy direction from a Party-led Central Financial Commission — is structurally different from the UK twin-peaks regime. C-ROSS Phase II is, however, conceptually similar to Solvency II/UK in being a risk-based capital framework with Pillar 1 (capital), Pillar 2 (governance and ORSA-analogue), and Pillar 3 (disclosure) structure.
This entry is part of the Apex Insurance Wiki. Last reviewed by Matt Bartlett on 2026-06-05. Next review: 2026-12-05.
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