In order to strengthen the management of regulatory statistics of banking and insurance institutions, regulate the statistical activities, and improve the quality and efficiency of statistics, recently, the CBIRC issued the Rules on Regulatory Statistics of Banking and Insurance Sectors (hereinafter referred to as the “Rules”).

The Rules consists of 33 articles in 6 chapters, including general provisions, authorities in charge of regulatory statistics, management on regulatory statistical investigation, management on regulatory statistical activities of banking and insurance institutions, supervision on regulatory statistics, and supplementary provisions. The main contents are as follows.

First, setting the requirements for unified management. The Rules stipulates the requirements for unified management of regulatory statistics, defines the responsibilities of the CBIRC department in charge of regulatory statistics, clarifies the responsibilities of relevant departments of banking and insurance institutions, and sets the boundaries of responsibilities for relevant parties.

Second, clarifying the responsibility for data quality. In order to urge banking and insurance institutions to attach importance to data quality, the Rules specifies that the legal representatives or principal responsible persons of banking and insurance institutions shall assume the ultimate responsibility for the quality of regulatory statistical data.

Third, emphasizing the protection of data security. According to relevant provisions of the Data Security Law of the People’s Republic of China implemented since September 2021, the Rules adds regulatory contents related to data security protection in the scope of responsibilities, the management system of statistical data, as well as supervision and inspection. It also clearly puts forward confidentiality requirements for regulatory statistical work.

Fourth, meeting the requirements for data governance. The Rules fully absorbs the regulatory requirements of the CBIRC on data governance of banking and insurance institutions in recent years, and stipulates that banking and insurance institutions shall incorporate their regulatory statistical work into data governance.

Fifth, attaching importance to data value. In order to guide banking and insurance institutions to continuously improve their data analysis ability, and fully utilize the value of regulatory statistical data, the Rules stipulates relevant requirements for the analysis and application of regulatory statistical data, and guides banking and insurance institutions to make full use of data analysis measures to carry out data analysis and application, so as to give full play to the value of regulatory statistical data.

The issuance and implementation of the Rules unifies the regulatory statistical system of banking and insurance sectors, provides institutional support for resolving practical problems in the current regulatory statistical work, and further consolidates the foundation of statistical work, which plays a guiding role in the regulatory statistical work of banking and insurance sectors.