In order to strengthen and improve supervision work for insurance market, and to promote rapid and healthy development of insurance industry in a persistent and concerted way, the State Council authorized China Insurance Regulatory Commission (CIRC) to set up Insurance Supervisory Management Bureau at each province, municipality, autonomous region and planned city throughout the country. Meanwhile, former representative agencies at all places sent by China Insurance Regulatory Commission rename as Insurance Supervisory Management Bureau since February 6,2004.

It is learned that Insurance Supervisory Management Bureau has such responsibilities as follows: authorized by China Insurance Regulatory Commission, the Supervisory Management Bureau have a responsibility to supervise and manage the business operations of insurance agencies within its precinct；to investigate and deal with illegal activities of insurance industry, to maintain insurance market, to protect the rights of insurant according to law; to monitor and analyses the operational aspect of insurance market, to predict and prevent the risk, and, if necessary, further to report some important events to leadership. In addition to 31 renamed representative agencies, there newly established Insurance Supervisory Management Bureau in four cities directly under State planning, such as DaLian, QingDao, NingBo, XiaMen, and Tibet autonomous region.

China Insurance Regulatory Commission was founded in November of 1998; afterwards, the Commission established 31 representative agencies in many provinces, municipalities, municipalities directly under the Central Government, and ShenZhen city. China Insurance Regulatory Commission and its agencies can fully implement the important concept of “Three Representatives”, strengthen and improve the supervision on insurance industry, fulfill its supervision obligations seriously and improve the ability of supervision. The commotion and its agencies played a very positive role in cultivating insurance market, encouraging reform and innovation on insurance industry, promoting the opening of China insurance industry, preventing and settling insurance risk, protecting the rights of insurant, improving service level of insurance, expand and strengthen insurance industry, serving and supporting the economic development.
According to statistics, from 1999 to 2003, the earning of insurance premium increased by 29.19% annually, the number of Insurance Corporation extended from 25 in 1998 to 61, among them there were 37 foreign-funded insurance corporations, cumulative repayment and payment reached RMB318.35 billion Yuan, obviously, insurance industry have made great contribution to stabilize society, resume production and safeguard people’s life.

WuDingFu, the chairman of China Insurance Regulatory Commission, commented that the establishment of Insurance Supervisory Management Bureau indicated the Party Central Committee and The State Council have attached great importance to improve insurance market system and strengthen our insurance industry. And the establishment of Insurance Supervisory Management Bureau will play a very important role in strengthening insurance supervision, improving supervision level, consolidating the authority of supervision, maintaining insurance market, promoting healthy development of insurance industry and protecting lawful rights and interests of insurants. He hoped that Insurance Supervisory Management Bureau at all places should enhance their sense of responsibility and of mission, fulfill each responsibility according to law, and make great positive contribution to construct well-off and affluent society.