The China Banking and Insurance Regulatory Commission (CBIRC) has released a reform plan of its functional allocation, internal departments and staffing requirements, The Paper reported.

The new plan adds four chief officers, including Chief Risk Officer, Chief Inspector, Chief Counsel and Chief Accountant, and removes the position of Chairman Assistant. The total number of staff was decreased by more than 100 to 925 people.

The plan also merges internal departments with similar functions, so that there will be 26 departments with 15 functions in the commission after the reform.

It is noticeable that there are two new departments, the Corporate Governance and Supervision Department and the Major Risks Disposal Bureau.

The former aims to formulate corporate governance regulatory rules for banking and insurance institutions, and guide them to carry out related work to strengthen equity management, regulate shareholder behaviour and improve corporate governance structure.

The latter department will coordinate with banks and insurance companies to handle major and cross-region risks.