March 13 01:18
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- China to Merge Banking, Insurance Regulators: Document
China plans to merge its banking and insurance regulators, according to an official document viewed by Caixin.
The China Banking Regulatory Commission (CBRC) and China Insurance Regulatory Commission (CIRC) will be combined into a single commission overseeing both sectors, under the direct control of the State Council, China's cabinet, the document showed.
Established in 1998, CIRC conducts administration, supervision and regulatory functions over the Chinese insurance market. Founded in 2003, CBRC regulates China's banking sector.
China’s central bank will take over the functions of drafting important laws and regulations for the banking and insurance industries, which are now assumed by CIRC and CBRC.
The combination of some of China's financial regulators has been a regular topic of discussion in recent months, as the nation attempts to better control risks arising from an increasingly overlapping and sophisticated yet opaque financial industry.